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Xinjiang eyes high as core region to build 'Silk Road economic belt'

2015-11-17 16:15

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China's officials, scholars and entrepreneurs gathered in Xinjiang Uygur Autonomous Region to discuss the construction of core region on the 'Silk Road economic belt' with 'Made-in-China 2025' initiative, according to a Shanghai Securities News report on Tuesday.

Experts said at the 2015 Tianshan Economic Forum held in Urumqi that Xinjiang is the core region for the construction of the 'Silk Road economic belt', the transfer station for Chinese companies 'going global', and the 'overseas post' for foreign companies making investment in China.

Fan Gang, a member of the monetary policy committee of People's Bank of China, the central bank, and president of China Development Institute, said 2015 was the first year of China's outward investment as the overseas investment of China outperformed foreign investment to China for the first time, thus marking the coming of a new era.

Xinjiang is vital to Chinese companies' investment in overseas industry parks. Therefore, developing overseas industry parks is a crucial mean for Xinjiang's construction of core region on the 'Silk Road economic belt'. Liu Yilei, vice secretary general of the Xinjiang Production and Construction Corps, said the construction of core region on the 'Silk Road economic belt' is a significant strategy related to international and domestic cooperation, it is crucial to build an open economic mechanism and launch multi-level exchange in all aspects with the other part of China and the central Asian countries.

Hu Kaijiang, director of the Economy and Information Technology Commission of Xinjiang Uygur Autonomous Region, said the autonomous region would make efforts to construct itself into a manufacturing base for westward exports in the core region on the 'Silk Road economic belt' in 10 years via two stages of development.

Specifically, the autonomous region puts forward constructing six manufacturing industrial clusters of different features and each with industry value in excess of 100 billion yuan; and increasing the share of emerging industries with strategic importance in manufacturing by nurturing 10 companies each with annual revenue in excess of 10 billion yuan and 20 companies each with annual revenue in excess of two billion yuan by 2020.

Xinjiang will give priority to develop 10 sectors with strategic significance, namely power transmission and transformation equipment, agricultural and husbandry equipment, petroleum and petrochemical equipment, new energy and environmental protection equipment, mining and engineering machinery, light industry manufacturing, textile and apparel manufacturing, advanced materials, electronics and information, as well as biomedical.

To boost the 'Made-in-China 2025' initiative and the construction of core region on the 'Silk Road economic belt', relevant financial supports are also necessary for Xinjiang, according to Liu. Liu said the construction of regional financial center on the 'Silk Road economic belt' has also been put on the agenda and Urumqi, Kashgar and Horgos are the target cities.

Specifically, Urumqi will be build into a 'regional international financial center', Kashgar will be the 'sub-regional financial center of regional financial and trading center', and Horgos is to be the 'pilot financial harbor of offshore yuan'.

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