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Northeast becomes one of China's fastest developing regions
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14:39, August 03, 2009

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Liaoning's coastal economic belt's attracts foreign investment
Coastal economic belt plan gets nod

In the first half of 2009, the three provinces in northeast China was one of the regions with fastest economic growth and the best economic situation in the country. The GDP growth rate of Heilongjiang, Jilin and Liaoning provinces reached 8.9, 11.7 and 11.5 percent respectively, higher than China's average growth rate of 7.1 percent.

In the first half of 2009, investment in northeast China sharply increased and investment in fixed assets in the three provinces all increased by over 40 percent, with Heilongjiang recording an increase of 45 percent, Jilin 42.4 percent and Liaoning 48.9 percent, said Li Dongrong, assistant president of the People's Bank of China.

Consumer demand also maintained rapid growth. Gross retail sales of consumer goods in these three provinces all increased by over 17 percent, with Heilongjiang recording an increase of 18.9 percent, Jilin 18.4 percent and Liaoning 17.5 percent, all of which are significantly higher than China's average growth rate for gross retail sales of consumer goods.

In 2008, foreign capital actually utilized by the three provinces reached 17.58 billion yuan, up 29.9 percent year-on-year, while the growth rate was 14.3 percentage points higher than China's average and 22 percentage points higher than that of the Yangtze River Delta region.

The proportion of foreign capital utilized by northeast China to total foreign capital utilized by China increased from 13.5 percent in 2006 to 20.3 percent in 2008. Although foreign capital utilized by China has sharply decreased in 2009, foreign capital actually utilized by Liaoning Province has increased by 11 percent. In particular, in June this figure for Liaoning Province ranked first in the country for the first time.

Meanwhile in terms of financial institutions, the rate of non-performing loans has significantly dropped, profitability has increased, and financial support for economic development continues to strengthen.

By People's Daily Online

http://paper.people.com.cn/rmrb/html/2009-08/03/content_311209.htm



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