Shanghai spending up +10.8%
29 April 2008
China: The municipal government of Shanghai invested CNY 216 billion (US$ 27.1 billion) in fixed assets in the first seven months of 2006, a rise of +10.8% over the same period last year, according to state news agency Xinhua.
Infrastructure construction spending was up +10.3% to CNY 120 billion (US$ 15 billion) and real estate development spending was CNY 72.7 billion (US$ 9.1 billion), up +4.5% in the period.
In the rural areas surrounding the city the authority spent CNY 23.6 billion (US$ 2.9 billion) on improving roads, bridges, water and sewage infrastructure in the first half of the year, a rise of +40.3% over the same period in 2005.
According to Xinhau the Chinese Government is undertaking a second round of “exertions” to cool the overheating national economy. However, fixed asset investment nationally rose +29.8% in H1 2006 to CNY 4.24 trillion (US$ 532 billion), compared to H1 2005.