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Liaoning Looks to Boost Low Exports
Northeast China's Liaoning Province is preparing to take hefty measures to encourage its enterprises to tap markets in Russia, the Demoratic People's Republic of Korea (DPRK), Latin America and Africa in an effort to stem a slowdown in the province's exports this year.
Among the efforts Lianoning plans is the establishment of venture funds for enterprises to explore Latin American and African markets. The funds aim to reduce export exchange settlement risks in these markets.
Efforts will also be made to increase railway traffic between border city Dandong and DPRK to stimulate the bilateral economic trade activities.
The province will encourage its enterprises to participate in a number of textile, auto and machinery fairs held abroad to promote their products and increase market share.
Exports from Liaoning in the first seven months of this year were valued at US$6.07 billion, a scant increase of 5.4 per cent, three points lower than the national average. Exports to the United States have experienced negative growth since February.
The slump has been mostly blamed on economic dowturns in the United States, Japan and many European countries. Export volume to these countries generally makes up 70 per cent of the provincial total.
"We must try all possible means to promote exports in the remaining several months so as to reach our goal of US$12 billion for exports this year, " said Xia Deren, vice-governor of Liaoning.
Besides trying to open up new markets, Xia added the province will strive to optimize its export products structure to increase its global competitiveness.
"More than 27 per cent of our export products are traditional light textiles, which are labour-intensive and low value-added products. High-tech products only make up 17 per cent. This has greatly hindered export growth, " explained Fu Wanzhong, director of the Liaoning Foreign Trade and Economic Commission.
Sources: China Daily
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