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Shanghai's Pudong Wins More Investment
A large amount of investment will arrive at Shanghai's Pudong New District involving 32 key projects this year, according to officials of the district government.
They indicate that the total amount will hit 2.5 billion yuan (301 million US dollars), more than any previous year since 1990.
To rejuvenate Shanghai's status as an international financial and trade center, the Chinese government declared the opening-up and development of Pudong in April 1990. Pudong New Area was then set up in an area of 350 sq km.
After years of joint efforts by the central and local governments, Pudong has become of one of the most attractive foreign investment zones in the country.
"Among these projects, several key ones, including the International Press Center, which will be used for the Asia Pacific Economic Cooperation summit, have been completed or will be completed by October," said Zhuang Shaoqin, deputy director of the Pudong Construction Bureau.
Infrastructure schemes under construction or to be started this year include two tunnels and a bridge connecting Pudong and Puxi, and the third and fourth phases of the Waigaoqiao Deep Water Port as well as the Pudong International Airport.
Zhuang said financing from domestic sources will pay for the majority of infrastructure projects, though the local government is considering carrying on using the BOT (build, operate, transfer) method to introduce international financing.
"The plans for introducing international financing for projects such as the Pudong Processing Plant for Waste Water are still under discussion," Zhuang said. "However, I believe this sector will be more open for foreign funding in the future."
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