{"id":1648074,"date":"2022-09-20T06:04:57","date_gmt":"2022-09-20T10:04:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1648074"},"modified":"2022-09-20T06:05:26","modified_gmt":"2022-09-20T10:05:26","slug":"covid-hit-shanghai-unveils-257-billion-in-projects-in-infrastructure-push","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/covid-hit-shanghai-unveils-257-billion-in-projects-in-infrastructure-push\/","title":{"rendered":"COVID-hit Shanghai unveils $257 billion in projects in infrastructure push"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcovid-hit-shanghai-unveils-257-billion-in-projects-in-infrastructure-push%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1648074&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>BEIJING (Reuters) -China\u2019s commercial hub of Shanghai on Tuesday announced eight infrastructure projects with total investment of 1.8 trillion yuan ($257 billion), after the city was hit hard by COVID-19 lockdowns in April and May.<\/p>\n<p>The economy of China\u2019s biggest city slumped 13.7% in the second quarter, the worst performance among all 31 of China\u2019s province-level regions.<\/p>\n<p>In the first eight months of the year, Shanghai\u2019s infrastructure investment fell 27.4% versus an 8.3% gain nationwide, data from local statistics bureaus showed on Monday.<\/p>\n<p>Shanghai\u2019s infrastructure push echoed national policymakers\u2019 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.<\/p>\n<p>To spur growth, authorities have also dusted off an old playbook, issuing debt to fund big public works projects.<\/p>\n<p>The eight projects include a transport hub in eastern Shanghai\u2019s Pudong area, urban railways and housing improvement, as well as offshore wind power demonstration projects and a nature park, according to the Shanghai municipal government\u2019s Tuesday announcement.<\/p>\n<p>Recent months have seen a pick-up in infrastructure investment in Shangahi, the municipal government said, with contracts signed for 597 big projects from mid-June to mid-September, and investment of 941 billion yuan, while 296 of those have begun construction.<\/p>\n<p>Policymakers have announced more than 50 economy-supporting measures since late May and stressed that this quarter was a critical time for policy action. <\/p>\n<p>The cabinet told local governments to complete selling more than 500 billion yuan in special bonds by the end of October under carryover quotas from 2019.<\/p>\n<p>Such bonds, on top of the annual quota of 3.65 trillion yuan, will help to fund infrastructure projects.<\/p>\n<p>\u201cChina\u2019s infrastructure investment will in the coming years bolster its slowing economy,\u201d Moody\u2019s analysts wrote in a recent note.<\/p>\n<p>($1=7.0086 Chinese yuan renminbi)<\/p>\n<p> (Reporting by Ellen Zhang, Albee Zhang and Ryan Woo; Editing by Clarence Fernandez and Edmund Klamann)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/covid-hit-shanghai-unveils-257\/frugal-is-the-new-cool-among-young-chinese-facing-uncertain\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8J06P-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8J06P-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BEIJING (Reuters) -China\u2019s commercial hub of Shanghai on Tuesday announced eight infrastructure projects with total investment of 1.8 trillion yuan ($257 billion), after the city was hit hard by COVID-19<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1648074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1648074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1648074"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1648074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1648074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1648074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1648074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}