Shanghai-owned state firms to boost investments in next five years: city government

Shanghai (Reuters) – Shanghai’s locally-owned state firms will invest an “additional” 800 billion yuan ($120.6 billion) annually over the next five years on top of their “regular” investments, mainly for key strategic industries, the city government said on Thursday.

The Shanghai city government announced the extra investment in a statement issued at a news conference.

It did not give details of how much regular investment the locally-owned state firms were planning, or what industries the additional funds would be for.

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