China’s commercial hub of Shanghai on Tuesday announced eight infrastructure projects with total investment of RMB 1.8 trillion ($257 billion), after the city was hit hard by COVID-19 lockdowns in April and May, reports Reuters. The economy of China’s biggest city slumped 13.7% in the second quarter, the worst performance among all 31 of China’s province-level regions.
In the first eight months of the year, Shanghai’s infrastructure investment fell 27.4% versus an 8.3% gain nationwide, data from local statistics bureaus showed on Monday.
Shanghai’s infrastructure push echoed national policymakers’ calls to revive sluggish economic growth, which has been hurt not just by COVID outbreaks and lockdowns, but by a protracted property downturn, sluggish domestic consumption, and a fading trade outlook.
You must log in to post a comment.