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Northeast rust belt economy recovering
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CHINA’S northeastern rust belt showed signs of economic recovery with more projects under construction, the country’s top economic planner said yesterday.
A total of 46,240 projects were under construction in northeast China in the first 11 months of this year, 1,083 more than last year and marking the first year-on-year rise this year, according to data released by the National Development and Reform Commission.
Meanwhile, northeast China saw 1,590 more new projects in the period compared with 2015, also increasing for the first time this year.
The provinces of Liaoning, Jilin and Heilongjiang in the northeast were among the first areas in China to be industrialized. However, this industrial base has been hit by a more acute slowdown than the rest of the country, trailing well behind in terms of GDP growth.
China issued guidelines in mid-November to accelerate reforms in administration, state-owned enterprises and the private economy to enhance the region’s vitality.
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