Steps planned to boost econ­omy in the north­east

China Daily (USA) - - TOP NEWS - By HU YONG QI huy­ongqi@chi­nadaily.com.cn

Aseries of ma­jor mea­sures will be adopted in an ef­fort to fur­ther re­vi­tal­ize the slow­ing econ­omy in North­east China, es­pe­cially as the re­gion’s pil­lar in­dus­tries are cut­ting pro­duc­tion ca­pac­ity and pri­vate in­vest­ment has dropped.

The mea­sures were in two sup­port doc­u­ments, in­clud­ing the 13th Five-Year Plan for Re­vi­tal­iz­ing North­east China, ap­proved by the cen­tral govern­ment on Tues­day at the sec­ond meet­ing of the Lead­ing Group for Re­vi­tal­iz­ing North­east China and Other Old In­dus­trial Bases. The meet­ing was presided over by Pre­mier Li Ke­qiang.

The doc­u­ments aim to boost lo­cal economies and pri­vate in­vest­ment in Liaon­ing, Jilin and Hei­longjiang prov­inces and the east­ern part of the In­ner Mon­go­lia au­ton­o­mous re­gion. De­tails of the doc­u­ments were not im­me­di­ately avail­able.

The re­gion was vi­tal to the coun­try’s es­tab­lish­ment of a com­plete in­dus­trial sys­tem, but it has re­lied on heavy in­dus­tries such as steel and coal min­ing, ac­cord­ing to the Na­tional Bureau of Sta­tis­tics.

As the coun­try cuts over­ca­pac­ity in in­dus­tries that pol­lute heav­ily, GDP growth in Liaon­ing and Hei­longjiang dur­ing the first eight months has been be­low the na­tional av­er­age.

The Na­tional De­vel­op­ment and Re­form Com­mis­sion has an­nounced plans for 127 ma­jor projects for the re­gion, at a cost of 1.6 tril­lion yuan ($237.3 bil­lion), to boost lo­cal economies.

Pre­mier Li urged lo­cal gov­ern­ments to sta­bi­lize in­vest­ment and con­sump­tion. The re­gion should also pro­mote the ser­vice sec­tor, in­clud­ing tourism and cul­tural events, to cul­ti­vate new ar­eas for growth, he said.

Neg­a­tive lists for cor­po­rate in­vest­ment and mar­ket ac­cess will be es­tab­lished in the re­gion, while re­forms of State-owned en­ter­prises will be con­ducted to boost pri­vate in­vest­ment and raise con­fi­dence in a vig­or­ous re­cov­ery of the lo­cal econ­omy, Li added.

The Na­tional De­vel­op­ment and Re­form Com­mis­sion has an­nounced plans for 127 ma­jor projects for the re­gion.

To at­tract and keep pri­vate in­vest­ment, Li also called on lo­cal gov­ern­ments to make fur­ther ef­forts to im­prove the busi­ness en­vi­ron­ment by stream­lin­ing ad­min­is­tra­tive pro­ce­dures and strength­en­ing gov­ern­men­tal ser­vices.

Pri­vate in­vest­ment in North­east China has de­clined sharply, with that in Liaon­ing de­creas­ing by 58 per­cent in the first half of the year.

At the meet­ing, the pre­mier pledged sup­port for re­source-ex­hausted cities to up­grade lo­cal economies, and he en­cour­aged the re­gion to co­op­er­ate with rapidly grow­ing prov­inces in south­ern China.

The re­gion’s eco­nomic slow­down stems from a wors­en­ing busi­ness en­vi­ron­ment and a lack of vi­tal­ity for en­ter­prises, said Nie Hui­hua, vice-pres­i­dent of the Na­tional Academy of De­vel­op­ment and Strat­egy at Ren­min Univer­sity of China.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.