Shanghai plans to invest $127b into 100 major projects

Shanghai Tower (the highest in the picture), a new landmark of Shanghai's financial hub Lujiazui.[Provided to China Daily]

Shanghai plans to launch 100 major projects this year, with a total investment of 835.52 billion yuan ($127 billion), China Securities Journal reported online on Monday.

These projects include 22 industrial projects, 16 society projects, 55 infrastructure projects, and seven projects involved in promoting integrated urban and rural development, the website said, citing the annual local "two sessions", which opened on Sunday.

The two sessions refer to meetings of the Municipal People's Congress, the local legislature, and the Municipal Committee of the Chinese People's Political Consultative Conference, a local political advisory body.

According to the draft of Shanghai's 13th five-year plan, over the next five years, the value added output of strategic emerging industry will account for 20 percent of Shanghai's total output value, while the share of the manufacturing industry is 25 percent.

The city's total output value exceeded 2.49 trillion yuan last year, with a year-on-year growth of 6.9 percent, according to a report released by the Shanghai Municipal Statistics Bureau.

In particular, the tertiary industry experienced growth of 10.6 percent with a total value added output of 1.69 trillion yuan, accounting for 67.8 percent of the city's total output value, up 3 percentage points year-on-year.