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Shenyang, capital of Liaoning
Province, used US$1.47 billion worth of foreign funds in the
first 10 months, up 52.9 percent from a year earlier, which the
city authorities attributed to the government policy to rejuvenate
the "rust belt" in northeast China.
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Enterprises of the Republic of Korea led other foreign companies in
investment in the city by putting in US$390 million in the 10
months. Some of the world leading companies such as Philips,
Panasonic, Sanyo and BASF also found foothold in the city.
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Shenyang approved 38 foreign-funded projects each involving more
than US$10 million in investment in 10 months, according to the
bureau of foreign trade and economic cooperation.
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Covering the provinces of Heilongjiang, Jilin and Liaoning, the
northeast China region contributed tremendously to the country's
industrial development in the 1950s to early 1970s. However, many
of the traditional industrial companies founded under the planned
economic system have lost their competitive edge since the country
opened-up. The ratio of the region's industrial output value to the
national total dropped from 17 percent to 9 percent.
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The Chinese government decided in early September last year to turn
those outdated, lagging industrial centers into modern industrial
bases. With the help of foreign investment, China hopes to make
them new and essential growth areas of the national economy.
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Against this backdrop, Shenyang has become a hot spot for business
people from both home and abroad, said Zhen Zhenggao, mayor of
Shenyang. The annual passenger flow through the Shenyang-based
Taoxian International Airport increased rapidly and local hotels
reported occupancy rate of 80 percent.
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The city's export for the first 10 months surged by 18.2 percent
year-on-year to hit US$1.85 billion. Major export markets cover the
Republic of Korea, Japan, Russia, Southeast Asia, the Middle East
and countries in Europe, America and Africa.
(Xinhua News Agency November 27,2 004)