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December 16, 2009

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Home » Business » Economy

Shanghai secures funding

THE Shanghai city government yesterday signed a cooperative memorandum with China Development Bank for 50 billion yuan (US$7.32 billion) of credit which will be used to develop its suburban areas by 2015.

The policy bank will offer the loan to help the city build up transport, environment protection, public facilities and information infrastructure development in its districts.

"The cooperation helps offer a stable financial platform for the urban development of Shanghai's suburbs," said Han Zheng, Shanghai's mayor. "Shanghai will develop more deeply its suburban areas to shift its economic structure and boost the fast and stable development of the city's economy."

The Shanghai branch of the Beijing-based bank yesterday also signed deals with the city's Fengxian, Jiading, Baoshan and Minhang districts to provide funding for their development.

The city government has already signed two cooperative memorandums with the policy bank to boost the development of the city's financial and cultural industries earlier this year.

Shanghai is shifting its reliance on industrial production to other areas such as financial services and also seeks a more balanced growth in developing its suburbs.


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