SHENYANG: Encouraged by the economic growth that exceeded expectations last
year, Northeast China's Liaoning Province vows to continue its steady and effective growth
this year. "We have full confidence we will fulfil the targets we have set for
ourselves this year," said Zhang Guoguang, governor of the province.
Liaoning's gross domestic product (GDP), local financial budget and the total retail
volume of consumption commodities increased 8.1 per cent, 10.4 per cent and 8.1 per cent
last year over 1998.
The targets for growth are expected to be about 8 per cent this year, he said.
The reform of State-owned enterprises (SOEs), which has gone well in recent years, will
continue as a major task of the local economy, he said.
The province, which has long been a hub for heavy industry, has more than 1,000 large
and medium-sized SOEs, accounting for more than one-tenth of the country's total.
With the support of overseas capital, advanced technologies and management, SOEs
involved in the machinery, electronics, metallurgical and petrochemical industries,
reported good results with their reform last year.
In 1999, the profits of local SOEs topped 1.3 billion yuan (US$156.6 million), which
brought an end to losses reported since 1995.
Coal mines, non-ferrous metal mills and military projects which have switched their
focus to civilian uses will get preferential support in fund raising, banking and
taxation, Zhang said.
The governor is optimistic about the promotion of relations with foreign counterparts.
More than US$3 billion in foreign funds are expected to be introduced into the province
this year.
Investments will be used in 60 key SOEs, including the Shenyang FAW-Jinbei Ltd Co,
Dalian Iceberg Group, Anshan Steel Group, Fushun Petrochemicals Co and Benxi Steel (Group)
Ltd Co.
France, Japan, Germany, South Korea, Australia and the United States are expected to be
major investors in the renovation and conversion of the province's SOEs, he said.
He pledged the province will provide preferential policies, good services and a
satisfactory investment environment for investors at home and abroad. |
