On the right track

Much progress has been made on the "Five Points Along One Line" Coastal Economic Belt in Liaoning province after two years of construction, say the local authorities.

By the end of 2007, 121.2 sq km of land had been developed, and 54.74 sq km utilized.

Investment in infrastructure stands at 12.76 billion yuan so far.

The authorities in the coastal economic area give primary priority to investment attraction and attach importance to building sound investment environment.

Many multinational companies have moved in with some of the big names including the Republic of Korea-based STX Group, Singapore-based IMC Group, Taiwan-based FOXCONN Group, China Minmetals Group Corporation and the Capital Engineering & Research Incorporation Ltd.

By last December, 546 projects worth 224.8 billion yuan were on stream in five investment destinations.

Of these, 135 of them have overseas investments totalling US$4.76 billion.

The local government said another 220 projects with a total contractual investment value of 174.8 billion yuan are under negotiation.

As the emphasis of China's growth shifts from the south to the north, for instance, from the Pearl River Delta to the Yangtze River Delta, the Bohai Bay Rim has come under the spotlight of China's development plans.

It is expected that over the next decade or so, the coastal economic belt in the province will power the revitalization of Northeast China and help Liaoning become one of the most dynamic economies in Northeast Asia.

(China Daily 03/05/2008 page25)