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|Thursday, May 03, 2001, updated at 10:30(GMT+8)|
Daqing looks to expand economyChina's largest petroleum and petrochemical base has vowed to pursue sustainable development by seeking investment from both in and outside the country.
According to China Daily newspaper report, government leaders from Daqing, located in Northeast China's Heilongjiang Province, announced plans to hold a fair in Beijing May 8-14 in a bid to generate investment and explore technical upgrading options.
Led by Mayor of Daqing Wang Zhibin, a delegation of more than 300 officials and business representatives will arrive in Beijing to attend the fair, according to Zhang Fengliang, vice-director of Daqing's economic and technology co-operation committee.
The fair is expected to feature displays and exhibits of products from Daqing, as well as presentations on projects that will require outside investment.
"We hope that, through the fair, the outside world will get a better picture of Daqing, which is now only known for its association with petroleum," Zhang said.
The official explained that the fair was the latest promotional move taken by the city government since it decided to attach greater importance to the introduction of outside investment in 1998.
Too much dependent on the petroleum industry, Daqing's economy has experienced low growth rate in the past decade.
During the 8th Five-Year Plan (1991-95), the average economic growth rate was only 5.3 per cent, much lower than that of many other cities in China.
The city government realizes Daqing must develop its non-petroleum sector if it wants to realize sustainable development, Zhang said, adding that various measures have been taken to draw investment.
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