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Shanghai to Build 25 Major Industrial Projects
Shanghai will start 25 major industrial projects this year with a total investment of 61.26 billion yuan, three times the amount spent in the previous year.
This means that 94 percent of this year's total input in industry, around 65 billion yuan, will concentrate on major projects. Of these projects, three involve investment of over 10 billion yuan, in two micro-electronics plants and one on steel and iron works.
The remaining projects are mainly in six sectors, including electronic information, automobile, power station equipment and large machining and electric products, petrochemical and precise chemical products, refined steel products, and bio-medical manufacturing.
Upon completion, these projects are expected to bring in sales revenue of 69.8 billion yuan and a tax income of 14.2 billion yuan.
In the coming five years, Shanghai will invest 400 billion to 450 billion yuan in industry, 80 percent of which will be put into pillar industries.
With this preferential policy, the six industries mentioned above will account for over 70 percent of the city's total industrial output value by year 2005.
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