China's Northeast set for Economic Take-off

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Last updated at: (Beijing Time) Saturday, September 06, 2003

China's Northeast set for Economic Take-off

China's northeastern traditional industrial base is heading into a boom time for investment and development, a major manufacturing forum has heard.

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China's northeastern traditional industrial base is heading into a boom time for investment and development, a major manufacturing forum has heard.

The northeastern provinces of Liaoning, Jilin and Heilongjiang were working painstakingly to draw overseas and non-governmental investment, said Lu Song, deputy director of Liaoning Provincial Economic Development Research Center.

At the same time, the government was making efforts to divest itself of interests in some state-owned enterprises, Lu said at the Second China International Equipment Manufacturing Exposition,which opened in Shenyang Friday.

Lu noted that the measures were intended to increase the competitiveness of the companies by readjusting their ownership.

The "golden time" for private investors had probably come to Shenyang, said Zou Peilin, vice-president of the Wenzhou Chamber of Commerce in Shenyang.

A Singapore-based company purchased a once-famous tyre manufacturer named "Hualin" in Heilongjiang province in July, becoming the first foreign firm to buy a state-owned company through auction.

The northeast contributed China's first batch of steel, machinetools, locomotives and planes after the founding of new China in 1949 and still had potential in these fields.

Chinese Premier Wen Jiabao's inspection tour last month signified the launch of a new round of development the northeast, which was once dubbed "the industrial cradle for new China", but has fallen behind in economic development in recent years.

The revival of the northeast industrial bas is the third most important long-term strategy after the opening-up in the southeast20 years ago and the western development policy five years ago.

Experts expect the government to be more open to private investment, from home and abroad.

Domestic non-government investors are showing great interest inthe area. Business people from the coastal city of Wenzhou in eastern Zhejiang province, have poured approximately 10 billion yuan (about 1.2 billion US dollars) into purchasing state-owned enterprises in Shenyang, capital of Liaoning province in the northeast.

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