(Yicai Global) July 27 -- Shanghai envisions about CNY4.2 trillion (USD620 billion) in investments in major projects in the 14th Five-Year Plan till 2025, according to the vice mayor.

Some CNY2.1 trillion of the headline sum is expected to be realized by 2025, Wu Qing said at an event for financial institutions yesterday. Market-based financing needs are preliminarily estimated to be nearly CNY1 trillion. The first batch of 102 projects has obtained CNY336.6 billion (USD49.8 billion) of credit, Wu revealed.

In the period of five years, Shanghai's key projects involve infrastructure upgrades to advance digital transformation, emerging sectors' industrial systems, as well as important livelihood projects.

The plan was welcomed. Representatives from various financial institutions including China Development Bank, Industrial and Commercial Bank of China, China Pacific Insurance Group, and HSBC said they would support the construction of major projects in the eastern city, deeply interact with key regions and key enterprises, and quickly respond to the financing needs.

Shanghai’s economic recovery has picked up since the lockdown ended on June 1. Resuming activities can be seen in some indicators. For example, industrial electricity consumption climbed 26.8 percent in June from a month earlier, and cargo transportation grew 20.6 percent.

The balance of inclusive bank loans in Shanghai exceeded CNY790 billion as of June 30, up CNY70 billion (USD10.4 billion) from Jan. 1, or up 22 percent from a year earlier, according to data from the local bureau of the China Banking and Insurance Regulatory Commission.

Editor: Emmi Laine, Xiao Yi