Shandong's investment continues to improve

(| Updated : 2020-07-23

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Driven by major projects, the investment situation in Shandong province continued to improve in the first half of the year, local officials said.

According to the data released by the Shandong Provincial Bureau of Statistics, from January to May this year the province's fixed asset investment, one of the main drivers of economic growth, returned to positive growth.

In the first half of the year, fixed-asset investment rose 1.3 percent, up 5.4 percentage points from the first quarter.

The increase came as the government moved to speed up construction of infrastructure and major projects in recent months against the backdrop of the novel coronavirus pandemic.

According to the Shandong Development and Reform Commission, in the first half of the year 374 key projects with 73.3 billion yuan ($10.45 billion) in investment and 4,623 new projects started construction.

The commission said that the increase in high-speed railways and urban rail projects offset the impact of falling investments in the manufacturing and property sectors.

The province has also been ramping up efforts in expanding development of new infrastructure, in an effort to boost its industrial and consumer spending upgrades, foster the drivers of economic growth and spur job creation.

Officials said that the activity in new infrastructure is spanning a range of sectors, from fifth-generation telecommunications, the industrial internet and artificial intelligence to blockchain technology, data centers and smart transport and energy infrastructure.

"The construction of new infrastructure contributes more to digital economic development and therefore it will promote high-quality development," a local official said.