Shanghai has rolled out new measures to promote investment and blunt the economic impact of the COVID-19 pandemic.

“These new measures, based on the experience of Tesla Giga Shanghai project featuring Shanghai speed, aim to duplicate a batch of Tesla-like projects, to develop new momentum industries such as online economy and to build some characteristic industrial parks,” said Wu Jincheng, director of The Shanghai Commission of Economy and Informatization.

The measures focus on industrial planning, industrial land utilization, financial support, and enhanced government services. New industrial space totaling 108 square kilometers in 26 industrial parks, released on March 31st, will be put to use in the short term for high-value new investments.

Of note, major fields of the online economy will be the city’s priority to attract investment and to increase support. Digital infrastructure construction — covering 5G base stations, industrial Internet of Things, artificial intelligence, big data centers, intelligent connected vehicles, and smart grid — will also be enhanced. In the last three years, the city’s investment in digital infrastructure reached about 200 billion yuan (USD 28.12 billion).

As for industrial land utilization, a favorable land leasing term of 50 years will be enjoyed by more enterprises, helping cut down land costs for enterprises of high quality.

As for financial support, the city will issue favorable credit totaling 400 billion yuan to advanced manufacturing involved with integrated circuits, artificial intelligence, biomedicine and to promote the upgrading of industrial parks.

As for government services, the city will further simplify project approvals, planning permissions and checks on completed projects.

It is therefore clear that Shanghai Municipality is willing to go to great lengths to attract relevant new investments and contribute to the city’s economy and overall progress.