CHINA / Investment |
West of Taiwan Strait to witness booming economic growth(Xinhua)Updated: 2007-06-27 20:13 The economic zone on the western side of the Taiwan Strait, with the leading role of Fujian Province, is determined to become the Chinese mainland's fourth engine of economic growth. Deputies to the ongoing fifth session of the tenth Fujian Provincial People's Congress on January 29 adopted strategic policies regarding the construction of an economic zone on the western side of the Taiwan Strait. In accordance with the Outlines of Fujian Province Regarding the Development of an Economic Zone on the Western Side of Taiwan Strait, Fujian is hoping to secure a notable improvement in its overall strength in ten to 15 years. By the year 2010, the province will achieve one trillion yuan (about (125 billion U.S. dollars) in gross domestic product (GDP). It scored 750.1 billion yuan in GDP last year, a rise of 13.4 percent over the previous year. The three existing powerhouses in the Chinese mainland are the Yangtze River Delta in east China, the Pearl River Delta in south China, and Bohai Sea Economic Rim. China included the development of an economic zone on the western side of Taiwan Strait into its 11th five-year plan (2006-2010) last year. "With the state policy in place, we have not only got greater support from governmental departments in aspects such as starting up new projects, but also enjoyed closer cooperation with surrounding areas in fields such as transport, market and customs clearance," said Huang Xiaojing, governor of Fujian. Fujian is now engulfed in a construction craze. More freeways will be constructed to connect Fujian and the Yangtze River and Pearl River deltas, and other interior areas of the country in the years to come. Domestic and overseas financial institutions have been rushing to make presence in the economic zone on the western side of the Taiwan Strait. In the meantime, investors from Taiwan have been increasing stake in this
zone. In 2006, Fujian had an actual influx of 1.4 billion U.S. dollars of
investment from Taiwan. |
|