China sets up platform to revitalize rust belt

BEIJING - China established an open financial cooperation platform Friday to help revitalize the country's rust belt.

More than 40 financial institutions are involved in the platform, including the China Development Bank and the State Development and Investment Corp. It aims to bridge government agencies, financial institutions and local governments and enterprises in northeast China to help boost the traditional industrial zone.

The rust belt's economy is stabilizing and is ready for investment, said Lin Nianxiu, deputy head with the National Development and Reform Commission (NDRC), adding that the platform should help prevent financial risks and facilitate economic transition.

The region's Heilongjiang, Jilin and Liaoning provinces expanded 6.3 percent, 5.7 percent and 2.5 percent, respectively, in the first three quarters of last year, posting signs of economic recovery.

The platform is open to all financial institutions, according to Zhou Jianping, a senior NDRC official who oversees the revitalization of traditional industrial bases.