Baoshan sets sights on emerging sectors
Print Edition
SHANGHAI’S Baoshan District yesterday signed a series of financial agreements which will help the district government restructure its older industries and develop emerging ones.
The deals were signed with venture capital and private equity firms, China Construction Bank and the Shanghai Financial Services Office. The district will set up a fund of 1 billion yuan (US$160 million) to attract investment companies to invest in private equity firms.
The district government hopes to develop strategic emerging industries, a modern service industry and other major projects in Baoshan.
“Building Wusongkou International Cruise Terminal was a major strategy for Shanghai,” Wang Hong, Party chief of the district, said yesterday. “With the support from the Shanghai Financial Service Office, we hope to let Shanghai Wusongkou International Cruise Terminal Development Co go public.”
The company, which operates the cruise terminal, is a joint venture between the district government and Shanghai Yangtze Shipping Corp. The terminal will also help the city build itself into a global shipping hub, the district government said.
The financial industry in Baoshan accounted for 8.2 percent of the district’s output and 14.4 percent of the service sector last year, according to the district government.
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