Liaoning seeks US$24b in investment ( 2003-11-18 15:55) (China Daily HK Edition)
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 centres, 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.
