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SCMP Reporter

Shanghai, already the world's second-busiest container port, completes the third phase of its deep-water port today  and will spend roughly 20 billion yuan (HK$22.5 billion) on further expansion despite the global economic crisis, according to officials.
With the end of construction of the third phase of the Yangshan Deepwater Port,  its total capacity  would be 9.3 million 20-foot equivalent units (teu) a year, with 16 berths stretching over 5.6km, developer Shanghai Tongsheng Investment Group chairman  Liu Zuoliang   said.
The further expansion, from next year, aims to surpass Singapore to become the world's largest container port. The city overtook Hong Kong last year.
'Yangshan port, as one part of the Shanghai port, must be affected by the financial turmoil. But comparatively speaking, the impact is not that obvious,' Mr Liu said.
The port expansion is just one of the infrastructure projects Shanghai is using to try to spend its way out of slowing economic growth amid the global financial meltdown.
The city would invest more than 122.4 billion yuan on major projects this year, exceeding a target set earlier,  the government said yesterday.
Still, Shanghai has cut its target for container traffic to 28.5 million teu from 30 million as the global crisis has hit the city's shipping industry.
It still expects to retain its position as the world's No 2 container port based on teu.
Shanghai's port handled around 26 million teu of cargo last year, up 20.4 per cent from 2006, official figures showed.
Work on the western part of the Yangshan port, due to start next year, will include 10 to 12 additional berths capable of handling 7 million teu of cargo a year after its completion in 2013. As part of the project, Shanghai will also build a passenger transport hub that will help tourists to visit Zhejiang province .
Shanghai was aiming for Yangshan port to have nearly 30 berths by 2020, almost half of the capacity of the Yangtze Delta area, the government said.  At present, Yangshan contributes around 30 per cent of the city's total port capacity.



Further 20b yuan expansion of Yangshan port in pipeline