Shanghai's Pudong to invest more to improve residents' life

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State assets are reaping benefits in the Pudong New Area.

The Pudong State-owned Assets Supervision and Administration Commission rolled out its 14th Five-Year Plan (2021-2025) on Wednesday. Large investments in people's livelihood are a highlight of the plan.

Each year over the following five years, Pudong will use one-third of the revenue generated from state assets to improve the livelihood of Pudong residents. Notably, instead of focusing on basic supplies such as water, electricity and transportation, it will turn its eye toward improving people's lifestyle by satisfying their cultural, sports and entertainment needs.

"This year, the Pudong Museum of Art, invested in and operated by a state-owned business, emerged as a new cultural landmark. Soon, Taikoo Li Qiantan and the Zhangjiang Science Hall, another two projects backed by state-owned assets, will join Pudong's dazzling array of public venues and further enhance its soft power," said Yin Lu, deputy director of the commission's office.

She said, "Additionally, community-based wet markets will be upgraded, housing to accommodate talent will be improved, and a smarter public transportation system will be built."

Under the plan, over the following five years, Pudong's state assets will be invested to the tune of about 100 billion yuan (US$15.5 billion) every year. By the end of 2025, it aims to foster 10 "urban comprehensive operators" with strong market competitive power, five leisure service providers, and three strategic fund groups.

According to Li Yumin, director of the planning and development department of the commission, the "urban comprehensive operators" are not new business entities.

"We hope to help big development companies grow into urban comprehensive operators," he said, giving the examples of the Lujiazui Group and Zhangjiang High-tech Park.

"They are well on the way to transformation. The Lujiazui Group just recently built the Pudong Museum of Art. For Zhangjiang, it not only introduces major technology companies to the fray but also works to foster startups," he said.