(Yicai Global) April 10 -- Shanghai can still achieve this year’s CNY150 billion (USD21.3 billion) investment target despite a first-quarter falloff in major project completions due to the coronavirus lockdown if effort and sensible arrangements are made, a city official said.

Investment in key projects was just CNY21 billion in the first quarter, a big drop from the same period last year, Wang Kouzhu, an official with the Shanghai Municipal Development and Reform Commission, told a press conference today.

The city started getting back to work after the Chinese New Year holiday about a month later than last year. But thanks to joint efforts from all parties, 128 major projects currently under construction have all resumed, Wang said.

Shanghai has issued local special government bonds worth CNY25 billion so far this year, and will issue another CNY10 billion’s worth and use the proceeds on the major works, Wang said.

Shanghai has planned a total of 152 official key projects this year, with a total investment of CNY2 trillion in science and technology, people’s livelihood, ecology, urban infrastructure, urban-rural integration and rural development. Apart from the 128 projects under way, 24 are newly started while another 60 are under consideration.

Editor: Peter Thomas