Shanghai Plans Huge Investment in New Materials Sector

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Last updated at: (Beijing Time) Thursday, December 19, 2002

Shanghai Plans Huge Investment in New Materials Sector

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Shanghai, the biggest industrial and commercial center in China, plans to invest 200 billion yuan (24 billion US dollars) in projects to produce new materials in the next decade, local officials said Wednesday.

Yu Guosheng, vice-director of the Shanghai Municipal Economic and Trade Commission, said the investment would represent one quarter of the overall investment Shanghai planned for its manufacturing sector over the next decade.

Yu said the vast market potential had prompted Shanghai to listthe new materials sector as one of its top three high-tech investment sectors.

The other two high-tech sectors were the electronics and information industry and the biological pharmaceuticals sector.

Two chemical projects launched recently in Shanghai, including one with a designed capacity to produce 900,000 tons of ethene a year, had laid a solid foundation for Shanghai to develop chemicaland new materials industries, said Yu.

The commission recently unveiled its plans for developing the chemical and new materials industries for the coming decade, whichthe municipal government adopted.

The proposal stresses the development of eight categories of products, including synthetic rosin, fiber, and seven commercialization projects for new materials containing fluorine.

Six research and development projects, such as one for planned synthesized bio-degradable materials, were also included in the proposal, said the official.

The official said Shanghai would eventually establish integrated chemical and new materials production chains, consisting of the Shanghai Chemical Engineering Zone, Jinshan, Gaoqiao petrochemical projects, and Wuting clean energy and new materials production centers.

Shanghai's new materials sector is expected to generate 44 billion yuan (5 billion US dollars) by the end of this year, up 18percent over last year, compared with only 6 billion yuan (nearly 800 million US dollars) in 1994.

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