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People's Daily Online>>China Business

Entrepreneurs in east China return to real economy

(Xinhua)

16:04, February 04, 2012

SHAOXING, Zhejiang - Ji Guomiao has been busily recruiting factory workers for the past week, hoping to run ranks of textile machines at full blast as soon as possible.

The board chairman of Huatong Color Spun, based in the city of Shaoxing in east China's Zhejiang province, has spent more than 1 billion yuan ($158.7 million) to develop hemp fiber products and apply for related patents.

This wouldn't have been an option for Ji three years ago, when he invested all of his money into cotton futures and made colossal profits.

However, when he lost over 50 million yuan in the futures market last year, the once-major trader of futures decided to return to the manufacturing industry.

Ji's textile enterprise is one of many businesses along the southeast coastline that have responded to the central government's call for a real economy.

According to a statement released at an annual central economic work conference held in December, China will take a firm hold on real economic development and create a social atmosphere that encourages acquiring wealth through entrepreneurship.

"Real economy" refers to the part of the economy associated with the actual production of goods and services, including agriculture,manufacturing and the service trades. It is regarded as the foundation of a country's comprehensive strength and the material basis of people's livelihoods, according to economic analysts.

The real economy, especially the manufacturing sector, is key to Zhejiang's economic transformation and development and an important force for scientific innovation, said Zhao Hongzhu, secretary of the Zhejiang provincial committee of the Communist Party of China (CPC).

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