Shanghai is expected to invest 240 billion yuan ($32.74 billion) in major construction projects in 2025, according to the Shanghai Municipal Government Work Report delivered by Mayor Gong Zheng.

He made the remarks during the third Session of the 16th Shanghai Municipal People's Congress which opened on Jan 15 at the Shanghai Expo Center.

The mayor emphasized the need to improve the efficiency of the investment and take advantage of the newly issued ultra-long-term special government bonds as well as local government special-purpose bonds.

He said that Shanghai should speed up the ongoing major metro projects including the Chongming Line, Jiamin Line, and Metro Line 20. Besides, it should advance key infrastructure projects such as the Shanghai Section of the Shanghai-Chongqing-Chengdu high-speed railway and Youdungang Waterway.

The goal is to complete the construction of the westward extension of Metro Line 2 and second phase of Metro Line 18 this year.

Additionally, the city could improve the mechanism where government investment effectively drives social investment, Gong said. It could also implement a new land reserve mechanism to align land supply and demand and precise allocation of resources.

Shanghai has invested 238.3 billion yuan in key infrastructure projects in 2024, a year-on-year increase of 5.6 percent. It has completed a number of major construction projects such as Shanghai Airport Link Line and westward extension of Metro Line 17.