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Shanghai local authorities are working on an action plan to beef up efforts in boosting the manufacturing sector, a key driving force for the metropolis' development in the long run.
A highlight of the plan, which was initiated by the Shanghai Municipal Economic Commission, is that more than 321.5 billion yuan (US$38.87 billion) will be pumped into a number of local pillar industrial sectors in the next three years, accounting for more than 75 per cent of the city's total industrial investment volume during the period, according to Wang Jian, deputy director of the commission.
Based on opinions collected from involved parties, the plan will be submitted to local decision makers for approval before becoming a guideline for the development of Shanghai's manufacturing sector during the 2005-2010 period.
"Our industrial investment will go in line with the State government's policies to ensure healthy, sustainable and well-balanced social and economic development," said Wang.
The heavy investment will flow to those strategic industrial sectors where Shanghai has established a fairly strong basis in terms of not only market volume but also technology level, according to Wang.
Backed up by a number of prominent players like the Baosteel and Shanghai Automotive Industry Corp (SAIC), the sectors include steel, automobiles, electronics/information technology, petrochemicals, shipbuilding and industrial equipment manufacturing.
The industries are expected to play an essential role in significantly raising Shanghai's overall industrial strength, a realistic need given the fact that the city's service industry, represented by the local financial sector, has not been able to grow as fast as expected.
According to the projected plan, Shanghai's industrial added-value will hopefully hit 600 billion yuan (US$72.55 billion) by 2010, compared with 280 billion yuan (US$33.86 billion) last year.
Meanwhile, the city's total industrial output value is expected to reach 2,700 billion yuan (US$326.5 billion) by that time, in comparison with about 1,100 billion yuan (US$133 billion) in 2003.
For domestic and overseas investors, the action plan implies abundant business opportunities, officials said.
"It tells them the industrial direction that we are focusing upon, which will be quite useful before we reach co-operation with them," said Wang.
He said the major locations where Shanghai wishes to absorb more outside investments include the Lingang Industrial Zone, which is currently under construction and where a few key industrial equipment manufacturing projects will be set up.
Investors are also welcome to pour money into industrial bases in the city's Caohejing area, Songjiang, Jiading and Qingpu districts, involving sectors like petrochemicals, automobiles and microelectronics, he said.
Source: China Daily
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