Deals worth US$1.8 Billion in Shanghai Lingang Industrial Park
Lingang New City becoming a major China manufacturing destination
Contracts worth 12 billion yuan (US$1.8 billion) for 24 large-scale projects, which will be set up in Shanghai's Lingang Industrial Park in Yangshan Port, were signed on Saturday.
Shanghai's Communist Party Secretary Yu Zhengsheng, Mayor Han Zheng and business representatives inked the contracts for the projects in the aircraft, machinery, new energy, marine and smart grid sectors.
AVIC Commercial Aircraft Engine Co, the domestic engine supplier for China's jumbo jet, launched the first phase of its 1 billion-yuan project, covering 360,000 square meters, that will see its engineers assemble, test, and repair engines for large passenger planes.
Xuzhou-based Xugong Construction Machinery Group, China's largest construction machinery manufacturer, will invest 3 billion yuan to build the first phase of it manufacturing facility for bulldozers and excavators.
The three-phase project will cost 10 billion yuan and is expected to produce 30 billion yuan worth of products annually, said Wang Min, chairman of the group.
Other projects include Shanghai-based Hu Dong Heavy Machinery Co's 2.3 billion-yuan diesel engine project, and Sany Group's 3.3 billion-yuan machine tool project and a 4 billion-yuan turbine project.
"The Lingang industrial zone will be crucial as Shanghai speeds up strategic planning of the city's new industries and high tech sectors," said Ai Baojun, Shanghai's deputy mayor.
Shanghai will promote investments in information technology, advanced equipment making, biotech, new energy, advanced industrial materials and energy saving.
From: Shanghai Daily