China economy 2016 in ten key phrases
Updated : 2017-01-03
Northeast rejuvenation
 |
|
Workers at Shenyang Blower Works Group in Shenyang, Northeast China's Liaoning province, Feb 21, 2011. [Photo/VCG] |
The northeast, including Liaoning, Jilin and Heilongjiang provinces, was one of the first regions in China to industrialize. Its traditional industries include steel, automobiles, shipbuilding, aircraft manufacturing and petroleum refining.
However, this once-robust industrial base is bearing the brunt of the country's slowdown, trailing well behind other regions in terms of GDP growth.
China is determined to rejuvenate its northeast "Rust Belt" through reforms and economic restructuring. State-owned enterprises (SOEs) will be restructured, private firms will receive more support, and the region's equipment manufacturing sector will be modernized.