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|Tuesday, October 16, 2001, updated at 23:35(GMT+8)|
New Development Area in China's Old Industrial BaseConstruction of seven key projects in the Hunnan New Area in Shenyang, capital of northeast China's Liaoning Province, began Tuesday.
Chen Zhenggao, mayor of the old industrial base, said that the area, focused on high-tech development, will play an important role in the city's modernization.
According to a blueprint of the Hunnan New Area approved by the State Council, the construction of the area will take at least 10 years.
Covering an area of 120 square meters, the Hunnan New Area is located on the southern bank of the Hunhe River, which runs across the city and separates the city into two parts. The northern part is the city's current economic and political center.
The first-phase of the area's construction will involve a total investment of 22 billion yuan (about 2.6 billion US dollars).
By the end of 2002, the city will revamp 12 highways, build five bridges and cloverleaf junctions, construct two sewage treatment plants and two water supply plants, and plant two million square meters of grass and trees in the Hunnan New Area.
Meanwhile, a digital and broad-band telecommunication network, a telephone system, and media facilities will also be available in the area.
In addition, dozens of high-tech research and development projects such as software zones and industrial parks will be set up in the area.
Many world famous multinationals have shown interest in investing in the area, the mayor said, and the city government has given much more autonomy and favorable policies to Hunnan in finance, taxation, industrial management, foreign trade, and reform of enterprises.
Bo Xilai, governor of Liaoning Province, said that the area will spur the industrial and economic development of the city.
"With the combination of old industrial base and new high-tech progress, it is a must to attract domestic and overseas investors to set up enterprises in the Hunnan New Area," the official said.
The development of Hunnan will keep pace with the Pudong New Area, a new and prosperous economic zone in east China's metropolis Shanghai, he added.
The city has unveiled 105 construction projects aiming to attract domestic and overseas investment in the fields of electronic information, biological engineering, environment protection, energy-saving, new materials and infrastructure facilities.
So far, the new area has carried out abundant cooperation and exchange programs with enterprises and trade organizations in 22 countries and regions worldwide.
Over 480 overseas enterprises including General Motors of the United States, Toshiba of Japan and LG of the Republic of Korea, have set up offices or companies in the area.
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