Shanghai’s government will fast-track the approvals of new manufacturing projects to undergird production, as China’s commercial hub grapples to get economic activity back on track after a two-month lockdown in April and May.
The city, whose economy contracted by an unprecedented 5.7 per cent in the first six months, must convince global investors of its resilience, as it grapples with the consequences of lost production, missed deadlines and supply chain disruptions during the period, said Quan Heng, the Communist Party secretary and a researcher of the Shanghai Academy of Social Sciences (SASS).
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