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Rejuvenation of Northeast China's Industrial Bases
  10:32, September 30, 2007 [Font big medium small] [BBS] [Print] [Close]
Northeast China's Heilongjiang, Jilin and Liaoning provinces used to be the cradle of New China's heavy industrial bases, and had made great historic contributions in helping build up the nation's independent and complete industrial system as well as its economic system.

However, these bases established in the 1950's based upon the planned economy gradually lost their luster as the country began its market-oriented reforms in the late 1970s, with the government gradually retreating from economic activity. The competitiveness of the region kept decreasing, especially for some resources-based cities. Against the backdrop of the rapid economic growth in the eastern and southern coastal regions, the struggling northeast became much lagged behind.

In response to these problems, the 16th National Congress of the Communist Party of China, which was held in 2002, made a historic decision to both support and speed up the transformation and rejuvenation of the northeast industrial bases.

To date, a batch of large and medium state-owned enterprises in the region have successfully finished their reforms of asset restructuring and re-financing through the stock market. Some resources-based cities have also achieved their industrial transitions and realized an initial sustainable development. The whole region has gradually got out of its over-two-decade-long dilemma, and is now back onto the fast national development track since the revival strategy was initiated.

Source: CRIENGLISH.com


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