(Yicai Global) May 7 -- Shanghai plans to invest CNY270 billion (USD38 billion) to build world-class infrastructure that will incorporate the latest technologies and put the city on track to achieve its goal of attaining the highest international standards in the field by the end of 2022.

The 48 new projects will incorporate fifth-generation mobile network capabilities, artificial intelligence and Big Data technologies, the latest facilities such as smart charging stations as well as new energy vehicles, the municipality said in its infrastructure action plan released today.

Shanghai aims to build 34,000 5G base stations, more than 100 automated factories, one municipal-level Big Data resource platform and 100,000 electric vehicle charging stations, Ma Chunlei, director of the Shanghai Development and Reform Commission, said at a press conference. It will also add 50 kilometers of roads for driverless vehicle tests.

The city government will offer support to banks and financial institutions to provide over CNY100 billion (USD14.1 billion) in loans at preferential rates. It will ensure land supply, improve industry standards and stimulate demand for the new infrastructure.

Shanghai leads the nation in technological innovation and smart city building. It already has full 5G coverage over its 16 districts, has set up more than 120,000 internet data centers and has built or is in the process of building 14 large-scale technological infrastructure projects, it said.

Editor: Kim Taylor