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Economy

China's rustbelt shows signs of economic recovery

1
2017-01-22 08:47Xinhua Editor: Gu Liping ECNS App Download

China's northeastern region is showing signs of economic recovery since the traditional heavy industries lost shine, figures released at the annual provincial sessions show.

By seeking new growth engines in services, high-tech manufacturing and other sectors, the economy of Jilin Province expanded 6.9 percent last year, exceeding the national average for the first time since 2014.

Technology was a major engine driving the economy, contributing 53.6 percent of the growth, according to the provincial government report.

A three-year plan that began last year to establish and develop emerging industries helped achieve 7.7 percent growth in those industries, such as high-speed train manufacturing and satellite operations, acting governor Liu Guozhong said in the report.

More revenue was also seen in service sector in 2016. An international ice and snow tourism expo was inaugurated in Jilin Province last year, bringing a 25 percent increase in revenue and 17 percent in raw tourist numbers, he said.

The province set its growth target at 7 percent in 2017.

Neighboring Heilongjiang Province reported 6.1 percent growth in 2016, 0.4 percentage points higher than the year before.

At the provincial legislative session that ended on Friday, Governor Lu Hao said the agricultural and service sectors were expected to secure growth rates higher than national averages.

The "Internet+" concept has stimulated agricultural revenue, with a total of 27,000 rural e-sellers contributing a transaction value of 13.5 billion yuan (2 billion U.S. dollars), double previous years. Online sales of rice, beans and side crops exceeded 3 billion yuan, said Lu.

More than 3,000 hi-tech companies were registered in the province last year, and the total number of hi-tech companies with annual revenue of more than 5 million yuan exceeded 1,000.

Figures of Liaoning have not been released yet, but the province is expected to see an economic rebound in 2017, compared with negative growth in 2016.

  

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