Shanghai govt boosts stimulus plan

SHANGHAI: The municipal government here will launch a 160-billion-yuan ($23.4 billion) economic stimulus package, adding to the 500-billion-yuan plan introduced last Friday to boost the slowing economy, officials have said.

The plan, which Shanghai Mayor Han Zheng approved on Monday, will involve spending in the next two years on areas such as transportation, scientific innovation, industrial upgrading, environmental protection and projects related to the 2010 Shanghai World Expo.

Last week, the city's urban construction and communications bureau announced plans to spend 500 billion yuan on a wide range of infrastructure projects, such as the improvement of affordable and low-rent housing, building projects in the suburbs, constructing an international shipping center and investment in urban transportation facilities.