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In a bid to promote regional economic development northeast China's Jinlin Province has identified 500 projects in 10 categories for both domestic and overseas investment, Vice Governor Tian Xueren announced on Saturday at an investment promotion conference. The conference, introducing the local investment environment, development plans and preferential policies, is part of the ongoing second Northeast Asia Investment and Trade Expo, which runs from September 2 to 6 in Changchun, capital city of Jilin Province. The province's gross domestic product (GDP) stood at 361.492 billion yuan (US$45.44 billion) last year which is around 2 percent of the country's total. It has set itself the target of doubling the GDP figure to 640 billion yuan (US$ 80.41 billion) in 2010. To achieve that an annual growth rate of over 12 percent is required. "Jilin has to make efforts to catch up with developed areas in China but faces a tough task in industrial structure adjustment," Tian said. "However, a lack of funding causes bottlenecks in economic development with many middle and small sized projects faltering despite their good market prospects and potential of high profitability," Tian said.
Vice Governor Tian Xueren The ten categories identified for investment, all local distinctive industries, are modern manufacturing, petrochemicals, farm produce processing, traditional Chinese medicines, pharmaceutical, photoelectron and high-tech businesses, energy, metallurgy, building materials, light industry, textiles, tourism and urban infrastructure. Last year the province approved 348 foreign-funded enterprises utilizing foreign direct investment of US$661.15 million. According to the local department of commerce foreign investment mainly flowed into food processing, computer and software businesses, natural gas production/supply, real estate and pharmaceuticals. In addition to the preferential policies given by the State Council for revitalizing the old industrial bases of northeast China the province had also identified a number of other measures to assist in opening-up the economy and attracting foreign investment. Examples included redefining foreign-funded enterprises, providing preferential loans for foreign investors in important industries and offering them a one-stop service. To facilitate cooperation between Chinese and foreign enterprises a total of nine industry project recommendation meetings are being held during the five-day conference. Accumulated investment of four neighboring nations in Jilin Province (by the end of 2005)
Country Number of Enterprises Actually utilized capital (million US dollar) 255 360.71 ROK 793 675.02 13 2.62 DPRK 24 6.84 Foreign investment in Jilin Province in 2005
(China.org.cn by staff reporter Tang Fuchun September 3, 2006)
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