Shanghai unveils $257 billion in infrastructure investments

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BEIJING (Reuters) -China's commercial hub of Shanghai on Tuesday launched eight infrastructure projects with total investment of 1.8 trillion yuan ($257 billion), state media said.

The projects involve the development of new energy and securing people's livelihoods, including urban transit, railways and housing improvement, the Shanghai Observer said.

Specific projects include deep-sea offshore wind power demonstration projects, an ecological park, and drinking water safety and improvement.

The economy of Shanghai, China's most populous city, slumped 13.7% in the second quarter when COVID-19 outbreaks led to citywide lockdowns in April and May. It was the biggest economic contraction among all of China's province-level regions.

($1=7.0086 Chinese yuan renminbi)