China
Revitalization of Northeast China
Northeast China's economy shows signs of recovery
  ·  2019-08-12  ·   Source: NO. 33 AUGUST 15, 2019

Hongqi, the most famous car marque headquartered in northeast China, increased sales in the first half of the year by 255 percent year on year, exceeding its entire annual sales for 2018 and reflecting the recovery of northeast China's economy.

In the first quarter of 2019, the economies of Liaoning, Heilongjiang and Jilin provinces increased 6.1 percent, 5.3 percent and 2.4 percent, respectively, indicating a steady recovery compared to the cliff-like drop three years ago.

A large number of multinational enterprises, such as Bavarian Motor Works, Saudi Aramco and Intel Corp., have all increased their investment in northeast China. The industrial structure of the region has transformed from resources-reliant to technology-oriented, resulting in a stronger economic resilience and a significant growth in both traditional and hi-tech industries.

Moreover, the income growth of urban and rural residents in these three provinces has been faster than the growth of the national GDP for successive years, with a higher employment rate, less poverty-stricken people and a stronger sense of gain among the population.

In 2016, revitalization was launched after the Revitalization of the Old Industrial Bases in Northeast China was issued by the State Council and the Communist Party of China Central Committee. In 2018, President Xi Jinping visited the northeast and made arrangements for its all-around revitalization. Since then, the region has deepened reform and opening up and achieved recovery through tenacious efforts.

However, revitalization can't be accomplished in one stroke. It's still necessary for the region to promote the reform of state-owned enterprises, strengthen supervision of state-owned resources, make up the deficiency in development, prevent secondary risks, optimize the market environment and a service-oriented government and emancipate the mind continuously to make gains with a high sense of responsibility and initiative.

(This is an edited excerpt of an article originally published in Outlook Weekly on August 5  

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