SHANGHAI, Jun 17 (SMM) – More than 100 billion yuan will be invested in provincial and municipal key projects in China’s southern city—Foshan—in 2020, according to the government work report delivered by Zhu Wei, mayor of the city, on Wednesday.

On the back of the issue of local government special bonds and other stimulus policies, funds will be encouraged to flow to the construction of new infrastructure, new urbanisation and key projects, which “not only boost consumption and benefit the people, but also facilitate structural adjustments and enhance the sustainability of growth.”

The 2020 National People’s Congress Work Report said that priority should be given to new infrastructure, new urbanisation initiatives and key projects.

Foshan will build more than 7,000 5G base stations this year. It will also facilitate the construction of new infrastructure such as Industrial Internet, data centres, hydrogen refueling stations and charging piles, and promote new energy vehicles, in a bid to further stimulate new consumer demand and help industrial upgrading.

Foshan’s gross domestic product (GDP) crossed 1 trillion yuan in 2019, is the third city in Guangdong province which has become a member of the “Trillion GDP Club,” following Shenzhen and Guangzhou.