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City earmarks 100b yuan to develop Lingang

Shanghai will invest 100 billion yuan (US$15.66 billion) in the next three years to upgrade public facilities and build high-tech and service-related projects in coastal Lingang area in an attempt to stimulate economic growth, officials said today.

Public facilities and commercial establishments in Lingang, Pudong New Area, are expected to greatly improve people's life and the planned three-year investment is more than the total spent in the past nine years to develop the seaside town, said Shanghai Party Secretary Yu Zhengsheng.

Pudong government officials said Lingang is poised to become the city's prime area for advanced manufacturing and services industries with lowest business costs.

Mayor Han Zheng also pledged that the city will work out new policies to boost business and investment by simplifying government approval procedures. The 10 new policies are likely to launch in the second half this year.

Officials said the city's GDP growth in the first half of this year is expected to slow down. The actual data would be released by the statistics bureau soon. The growth of the city's exports and fiscal income is expected to dip as well.


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