Reform policies set to rejuvenate northeast China
Print Edition
CHINA will rejuvenate its northeast rust-belt region through reform and economic restructuring, according to a policy document released yesterday.
State-owned enterprises will be restructured, private firms will receive more support, and regional cooperation will drive development, according to a document published by the Communist Party of China Central Committee and the State Council.
The region’s equipment manufacturing sector will be modernized, and high-end industries, the modern service sector and modern agriculture will all be supported, it said.
The northeast, including Liaoning, Jilin and Heilongjiang provinces, was among the first regions in China to become industrialized. Its traditional industries are steel, shipbuilding, car and aircraft manufacturing, and petroleum refining.
However, this once robust industrial base is bearing the brunt of a more acute slowdown than the rest of the country, trailing well behind in terms of economic growth.
Expediting the revitalization of the northeast is a significant part of the modernization drive, the document added.
The action plan is reminiscent of a revitalization strategy rolled out by the central government in 2003, including a slew of support measures designed for the region.
The document called the new strategy a “major policy for the new century,” adding that the period would be crucial.
The region is experiencing growing downward pressure on growth while SOEs are lacking in vitality, it said.
By 2020, industries in recession and regions with dwindling resources should have transformed their growth patterns.
The region should have achieved medium-high growth, and should have met the target of building a moderately prosperous society by 2020, the document said.
In another 10 years, northeast China should be the manufacturing base for advanced equipment and a strategic base for technological equipment, it said.
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