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Liaoning Province is wooing US$24 billion in foreign investment to help revive the former industrial stronghold in Northeast China.
Giant state-owned enterprises in the province, including Angang Newsteel and Lingyuan Iron & Steel Group, are offering 13 projects - worth US$5.1 billion - for foreign investors, according to Zhang Xiaopu, deputy secretary-general of Liaoning Province.
According to Zhang, Liaoning is going to be the production base of steel plates, a building material, in northern China.
Liaoning was one of China's heavy-industry centers, but is burdened with ageing and inefficient state-owned firms. Attracting foreign investment complements the central government's recent call to rejuvenate the area, said Zhang.
"Northeast China, where Liaoning is, will become the fourth economic growth zone after the Pearl River Delta, the Yangtze River Delta, and the Beijing-Tianjin area," she said.
Zhang is with a delegation led by Governor Bo Xilai on a promotion trip to Hong Kong.
The delegation will launch an investment forum in Hong Kong tomorrow, highlighting 62 key projects to attract foreign investment of US$24.1 billion. On offer will be seven projects, worth US$3.4 billion, from the technology and education sector.
In order to attract more foreign investors, Zhang said the provincial government will offer tax concessions to certain industries; and will simplify application procedures.
(China Daily November 18, 2003)
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