REGIONAL> Development
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REGIONAL> Development
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Heilongjiang accelerates 8 key economic areas
By Liu Mingtai (China Daily)
Updated: 2009-01-14 07:35
"Three key tasks ahead will be optimizing investment climate, introducing hi-tech projects and speeding up construction," he said. The province will explore the advantages in power, coal chemistry, metallurgy, construction materials, and biochemistry. It will extend the industrial chain in the coal sector, adopt state-of-the-art technology and develop a circular economy. Along with the development in the eight areas, Heilongjiang will push regional trade cooperation, and boost its trade with Northeastern Asia and Europe, he said. It will also spare no efforts to build a modern logistic network. Sun noted, the province has basically controlled the pollution and eco-destruction in the Greater and Lesser Hinggan Mountains, and some eco-industries have seen rapid development there. The industrial structure has been optimized and infrastructure development is on the rise. VC forum During the fair, a high-profile venture capital (VC) forum was held in the Harbin International Convention Center on Jan 7. The forum served as a platform for investment institutions to deepen their understanding of local enterprises. Sun expressed his hopes that enterprises in the province could enhance collaboration with investment institutions, in a bid to quench their thirst for capital and break the bottleneck for fundraising. Li Wanshou, president of the Shenzhen Capital Group, said VC focuses more of their attention on the modern agriculture, service, infrastructure, pharmaceutical, hi-tech and healthcare sectors currently. VC firms bet their money for long term, rather than speculation and embrace on the sectors targeting domestic demand, so the province should enhance its competitive edge in those sectors. Ha Jiming, chief economist of the China International Capital Corporation Limited, suggested the government should give more policy support to the healthcare, education and transportation sectors, and vie for more private investment. Ha stressed that "Heilongjiang is credited with raw materials and equipment manufacturing industries, but the human resource costs will keep rising with the intensified aging problem. However, Vietnam and India have fewer problems in this regard compared with China, so provinces like Heilongjiang will lose their advantages in some low-cost industries". He suggested Heilongjiang as well as other traditional industrial bases attract more investment and vitalize hi-tech industries. "The right direction for the province is to produce more niche products to compete with Japan and South Korea."
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