Coastal development makes headway

Since the implementation of the Coastal Economic Corridor development program in Liaoning province in 2005, the program has seen fruitful achievements.

By the end of 2007, about 121.2 sq km of land had been developed in the key development areas, accounting for 62 percent of the area of the first-stage development plan. Last year alone, the developed land area reached 43.95 sq km.

In addition, a total of 12.76 billion yuan was invested in infrastructure construction, with 8.98 billion yuan being invested in 2007 alone.

Foreign and domestic investors also flocked to the region to seek investment opportunities.

By the end of 2007, a total of 546 investment projects, involving a total investment of 224.81 billion yuan, were signed for the Coastal Economic Corridor program. These include 135 foreign-funded projects, with a combined contractual investment of $4.76 billion.

A total of 437 projects were registered in the key development areas in the region in the past two years, with a total investment of 126.53 billion yuan. And the number of foreign-funded projects was 117, involving a combined investment of $3.56 billion.

In 2007 alone, the number of projects signed was 319, with a total investment of 139.35 billion yuan, including 86 foreign-invested projects, with a combined investment of $4.39 billion. In addition, the number of registered projects reached 290, with a total investment of 77.12 billion yuan, including 65 foreign-funded projects, with a combined investment of $502 million.

Also, the region's key development areas are negotiating with foreign and domestic investors on 220 projects, involving a total investment of 174.8 billion yuan.

To date, famous domestic and international companies, including the Singapore-based IMC Group, the South Korea-based STX Group, the Taiwan-based Foxconn Group, China Metallurgical Group and China Minmetals Group, have established operations in the areas.

With some of the projects becoming operational in the key development areas, the development program has already seen economic returns.

By the end of 2007, these areas realized a gross domestic product (GDP) of 17.41 billion yuan. In addition, the industrial output value and export value reached 27.15 billion yuan and $432 million respectively.

Last year, the areas' GDP, industrial output value and export value reached 8.11 billion yuan, 13.09 billion yuan and $304 million respectively. In addition, the areas newly created 34,567 job opportunities last year.

The China Development Bank is a major institution financing the program's infrastructure construction.

By the end of 2007, the bank lent a total of 17.41 billion yuan to the five key development areas, accounting for 56.55 percent of the total investment in infrastructure construction.

(China Daily 03/05/2008 page26)