Business environment

Overview of Liaoning province

Liaoning province, called "Liao" for short, is the southernmost of the three provinces in Northeast China. Liaoning has the largest provincial economy in Northeast China. It registered a GDP of 2.53 trillion yuan ($367 billion) in 2018, an increase of 5.7 percent over the previous year.

Location

Liaoning enjoys an advantageous geographical location. As the only province boasting both land and sea borderlines in Northeast China, it offers great opportunities to accelerate the open economy. Liaoning is a traffic hub on the way from the northeast region to the south of the Shanhaiguan Pass. It is also an important gateway connecting the northeast region and Inner Mongolia with the world and a junction of the Economic Corridor through China, Mongolia and Russia under the Belt and Road Initiative. Making good use of its strategic geographical situation, Liaoning has broad space for attracting overseas investment.

Resource

Extensive natural resources are further foundation for Liaoning's growth. By the end of 2016, the province reported a total of 4.09 million hectares of arable land, 27.65 percent of its total land area. Forest land area reached 6.34 million hectares. It also abounds with mineral resources. More than one hundred types of minerals have been discovered in the province, including 36 crucial to the national economy. Its deposits of boron, iron and diamonds rank first in the country, and its petroleum deposits rank fourth.

Industry

Equipment Manufacturing Industry
Agricultural Product Processing Industry
Metallurgy Industry
Automobile and Parts Industry
Aerospace Industry
IC Equipment Industry
Information Industry
Biomedical Industry

Opening-up (policy)

Opening-up Advantages also make Liaoning a popular destination for overseas investment. Benefiting from reform and innovation initiatives, major cities in the province have emerged as favored business hubs. According to the World Bank's Doing Business Report 2017, the business index of Shenyang ranked 78th in 2017 with 73.86 points. To build a better business environment, the provincial government has stipulated specific rules and regulations to press ahead with a fairer market, more efficient application procedures and a more reasonable supervision system.