SHANGHAI, China: After its economy slowed due to COVID-19 lockdowns in April and May, Shanghai, China's largest city, announced the launch of eight infrastructure projects, costing US$257 billion.
In the second quarter of this year, Shanghai- China's commercial hub- saw economic activity fall 13.7 percent, the worst performance among China's 31 provinces.
This week, data from local statistics bureaus showed that in the first eight months of 2022, Shanghai's infrastructure investment fell 27.4 percent, compared with an overall 8.3 percent increase nationally.
Shanghai's infrastructure push is in line with the call of national policymakers to revive the country's economic growth, which was harmed by COVID-19 lockdowns, the property downturn and stagnant domestic consumption.
Local authorities are now using debt to fund major public works projects.
In an announcement, the Shanghai municipal government said the eight projects in Shanghai include a transport hub in its eastern Pudong area, urban railways and housing improvements, as well as offshore wind power demonstration projects and a nature park.
Since May, policymakers have announced support for more than 50 economy- supporting measures, stressing that the current quarter is a critical period.