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NE China banks on more private investment

(Xinhua)    19:57, July 29, 2016

CHANGCHUN, July 29 -- After 13 years of doing business in Beijing, Yu Fenghai is investing in his hometown in northeast China's Jilin Province, an old industrial base struggling to reinvent itself.

Yu owns a vegetable and fruit wholesale company in Xinfadi, a major produce market in Beijing. Two years ago, he invested 300 million yuan (45.1 million U.S. dollars) in an organic rice project in Jilin.

"Jilin is attaching more importance to private enterprise. Dealing with the government is easier," said Yu, who is optimistic about the northeastern region's economic rejuvenation. The central government has been pushing the strategy to develop the region for the past decade.

Over the past two years, the economy of northeast China, which also includes Heilongjiang and Liaoning provinces, has grown more slowly than the rest of the country.

In the first half of 2016, Jilin's GDP grew 6.7 percent -- the same as the national average, but slower than many other provinces.

On Thursday, the first World Jilin Entrepreneurs Convention opened in the provincial capital of Changchun, attracting nearly 1,000 entrepreneurs from some 30 countries and regions.

The event was intended to bring more private investment to Jilin. Agreements for 11 investment projects worth nearly 50 billion yuan were inked at the event.

Bayanqolu, secretary of the Communist Party of China Provincial Committee of Jilin, said at the opening ceremony of the convention that he hopes entrepreneurs contribute more to Jilin's new stage of development.

Jilin issued regulations in May on improving the investment environment to boost the economy.

"Jilin has great potential for development," said Gao Yingjie, chairman of Shenzhen-based China GrenTech, which provides wireless coverage products and services. Gao, a native of Jilin, founded the firm in 1999.

The company's branch in Jilin brings in annual revenue of 60 million yuan. Gao said he plans to invest more to expand his business in his home province.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor: Kong Defang,Bianji)

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