Liaoning is to invest 8.5 billion yuan (US$1.6
billion) in its ports this year in connection with its strategy to
develop its coastal region.
Zheng Yuzhuo, the chief of the Liaoning Transportation
Department, said the funds were destined for five major ports,
among them Dalian, Yingkou and Jinzhou.
"Liaoning will continue investing in port construction and build
the coastal region into another economic center," said Zheng. He
said the funds would mainly come from the government's budget,
loans from the China Development Bank and international
investment.
"Each port will take responsibility for raising money, and we
will welcome investment from home and abroad," added Zheng.
Liaoning launched the development strategy for the coastal
region early last year to shake off its status as part of China's
rustbelt. The policy's core is to shake off the lingering legacy of
the state-owned enterprises that have long dominated the province
by making full use of its coastline resources and attracting more
investors.
Li Keqiang, secretary of the Liaoning provincial committee of
the Communist Party of China, said Liaoning would make a concerted
effort to develop its coastal resources.
Liu Wen, vice-director of the province's foreign trade and
economic promotion department, said investment in the province's
ports had hit a record 10.5 billion yuan (US$1.3 billion) last
year.
Dalian Port, the province's largest, has seen its fortunes
improve in recent years. Last year, the amount of cargo shipped
through the port jumped to 145 million tons, representing a 20
percent year-on-year increase, according to figures provided by the
Dalian government.
"Based on the experience of other countries, Liaoning Province
could harvest eight or even 10 times the return on its input," said
Li Xiangping, a researcher at the local Liaoning Social Sciences
Academy.
(China Daily January 23, 2007)