Off the wire
• Guinea eyes exporting 40 mln tons of bauxite by 2024  • Xinhua Asia-Pacific News Summary at 1000GMT, July 2  • Weather forecast for world cities -- July 2  • Three Gorges Dam coping with flood  • Weather forecast for major Chinese cities, regions -- July 2  • Roundup: Forum sparks discussions on accelerated investment, industrialization in Africa  • 2nd LD: 2 killed, 80 injured as train falls into canal in E. Pakistan  • Shinkansen suicide caused by gasoline: report  • 1st LD: 80 injured, many missing as train falls into canal in E. Pakistan  • China's Africa equity fund to reach 5 bln USD in 2015  
You are here: 　 Home

New industrial policies to revive ailing northeast

Xinhua, July 2, 2015 Adjust font size:

China announced measures on Thursday to revive growth in its northeast, an old industrial base suffering a deepening economic malaise due to a decline in heavy industry.

A guideline released by the National Development and Reform Commission, the country's top economic planner, promised the regional market for research, production and maintenance of military products will be opened to more private investment, and encouraged equipment manufacturers to acquire foreign high-tech firms and set up overseas research institutes.

It also encouraged state firms headquartered in the northeast to direct state assets away from traditional sectors plagued by overcapacity and towards "crucial and strategic industries". It did not specify which industries would fall into this bracket.

The northeastern provinces of Heilongjiang, Jilin and Liaoning ranked in the bottom five of the 31 provincial regions on the Chinese mainland for GDP growth in 2014. Their average growth of 6 percent was 1.4 percentage points lower than the national rate. Endi