City launches 52 projects in Jiading
Shanghai launched 52 industrial projects in Jiading District this morning with a combined investment of up to 9.6 billion yuan (US$1.4 billion).
The 52 projects cover some high-end manufacturing and service industries including the production of vehicle parts, elevators, photo-electricity technology, mechanical engineering and eco-friendly materials.
Thirty-eight of the projects were carried out by foreign-funded companies with total investment of US$500 million.
Covering 150 hectares, these projects could generate output of nearly 20 billion yuan annually after starting production before 2010.
The Jiading government has streamlined administrative procedures and improved the business environment to attract more investment amid deeper concern over the city’s economy due to the global financial crisis.
Shanghai has unveiled a 160-billion-yuan stimulus package to spend over the next two years to sustain growth.
Although the city still reported a 10.1-percent expansion in its gross domestic product in the first three quarters, major economic data in October showed signs of a sharp slowdown.
The city’s industrial production only grew 3.8 percent last month from a year ago, the slowest pace this year and down from 6.4 percent in September and 9.2 percent in August.
The investment in industrial development also dropped 1 percent to 109.4 billion yuan in October, which raised more concerns of a slowdown in industrial output, according to the Shanghai Statistics Bureau.
To counter the risks, the city’s government has beefed up efforts in attracting investment, especially in the city’s six key industries ¨C electronics, vehicles, steel, petrochemical processing, equipment and biomedicine.
Jiading is a base for the six key industries. In the first 10 months, the district closed more than 260 small and high energy-consuming companies to make way for the introduction of advanced manufacturing and service companies.
Tags: Financial, investment