Shandong promotes construction of major projects

Machines operate on a production line of an auto company in Yantai, Shandong province. [Photo provided to chinadaily.com.cn]  

In the first half of the year, Shandong province's fixed asset investment increased by 5.5 percent year-on-year, continuing a steady growth trend made possible by the construction of major projects, said local authorities.

According to the Shandong Development and Reform Commission, 505 of the 602 major projects in the province started construction between January and June. These 505 projects are backed by 305.91 billion yuan ($42.68 billion) in investments.

Shandong has attached great importance to strengthening infrastructure construction, which plays a vital role in stabilizing economic growth.

Shandong authorities said that they will accelerate the construction of infrastructure projects like water conservancy, transportation, underground utility tunnels, and large wind power and photovoltaic bases this year.

Among the 602 provincial major projects are 137 infrastructure-related ones worth 1.3 trillion yuan in investments. Shandong has also issued special-purpose bonds to support the financing of infrastructure projects.

Shandong will make more efforts to expand investment in manufacturing and high-tech industries, boost the transformation and upgrade of traditional industries and enhance the core competitiveness of the manufacturing sector, said local officials.