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China to soon issue new policies to revitalize northeast

2015-09-22 14:40

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Chinese central government will soon release a set of new policies to revitalize the country's northeast region, according to a report by the Securities Daily on Tuesday citing Bing Zhigang, vice governor of China's northeast Liaoning province.

Last August, the State Council, China's cabinet, announced an action plan containing a list of 35 measures to bail out the northeast region's staggering economy.

Under the plan, China would free up private businesses, deepen reform of state-owned enterprises, develop modern agriculture, renovate urban rundown areas and launch dozens of infrastructure projects in China's northeast provinces of Liaoning, Jilin and Heilongjiang.

Chen Shaoqiang, a researcher with the Research Institute for Fiscal Science under the Ministry of Finance, said in an interview with the Securities Daily on Tuesday that there would be some big moves in the region's state-owned assets reform following the soon-to-be-released policies.

Once China's industrial base, the northeast region has been hit hard by economic slowdown. In the first half of 2015, the three northeast provinces posted a stunningly-low growth of 2.6 percent, compared with the national average of 7 percent.

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