Deal to stimulate Tumen River economy

08:53, March 10, 2010      

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Eight firms from home and aboard announced Tuesday plans to invest a total of 10.2 billion yuan in Changchun National High-Technology Industry Development Area (CHIDA) in Northeast China's Jilin province.

The plan was developed in response to the country's recent efforts to promote economic development in the Tumen River area.

Companies including China Minmetals Corporation and China National Machinery Industry Corporation on Tuesday signed an agreement with CHIDA inking the investment deal, which is one of the biggest since the high-tech area was established in 1991.

"We are positioned at the center of the Tumen River area, so this will play a major role in stimulating the local economy," said Liu Zechen, the head of CHIDA.

Liu said gross domestic production of CHIDA has risen 20 percent to 44.5 billion yuan last year since the Chinese government announced plans to boost the economic development in the area.

The Tuman River is a 521 km-long river that serves as part of the boundary between China, the Democratic People's Republic of Korea (DPRK) and Russia. In 1991, with support from the United Nations Development Program, China, Russia and DPRK initialized the Tumen River Area Development Program, which was designed to boost the local economy. The program was later renamed the Greater Tumen Initiative and joined by Mongolia.

Liu said China's efforts to stimulate development in the Tumen River area has encouraged more firms to invest in the region. As a result, the Changchun National High-technology Industry Development Area continues to generate robust growth, despite the severe economic crisis has swept the global economy last year.

He said fixed asset investment in CHIDA increased 39.4 percent last year to 30.5 billion yuan.

Since its founding in 1991, the first national development area in Northeast China's Jilin province has grown to include 11 State-level industrial parks and zones for sectors including automobiles, auto parts, biomedicine, software, optoelectronics, information technology, new materials and clean energy.

Source: China Daily

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