Northeast China province to ramp up logistics to spur trade, investment
Setting a 1 trillion yuan ($139.8 billion) target each for its foreign trade and investment by 2025, Liaoning province will enhance ties with major economic clusters nationwide and neighboring markets of China by intensifying its efforts in logistics prowess to help the province gain a bigger role in boosting the economy of the Northeast China region, officials said.
"Boasting the advantages of a complete supply chain, the province will strengthen ties with major economic hubs including Beijing, Tianjin, the Yangtze River Delta region and the Guangdong-Hong Kong-Macao Greater Bay Area, and enhance economic relations with overseas markets, such as Southeast Asia, Russia, Mongolia and West Asia," said Hao Peng, Party secretary of Liaoning.
Liaoning will also step up building a cross-border trade corridor covering air, maritime and railway routes to support its role as a key global logistics hub, Hao said.
The province set a target of 1 trillion yuan each for its trade and investment by 2025 and plans to expand the number of China-Europe freight trips to over 1,000 by that year, the local government said.
"The goal is to make Liaoning a crucial player that can contribute to the high-quality development of the Belt and Road Initiative, which is helping China boost its openness to economies to its east and north and a hub for regional cooperation in Northeast Asia. We are determined to develop into a thriving coastal province with our commitment to openness," said Li Lecheng, governor of Liaoning.
According to the local statistics bureau, the province's exports rose 5.3 percent year-on-year in the first half, outpacing the national average by 1.6 percentage points.
A series of world-renowned foreign enterprises, including German carmaker BMW and French tire manufacturer Michelin, have increased investment in Liaoning.
According to Pan Shuang, head of the department of commerce of the province, the province has utilized a total of $16.47 billion in foreign investment in the past five years, with an average annual growth rate of 32 percent.
BMW is one of the leading foreign investors in Liaoning. The company launched in May with new 10 billion yuan its battery project in Shenyang, the provincial capital.
Since 2010, the automaker has invested nearly 100 billion yuan in its Shenyang production base, making it the largest globally — which rolled out approximately one-third of BMW cars around the globe.
"Openness and win-win cooperation have been the foundations of BMW Brilliance's successful development in Liaoning over the past 20 years. We're proud to have contributed to the economic development and prosperity of Liaoning. I'm convinced that openness and cooperation are also the best paths to a prosperous and sustainable future," said Franz Decker, president and CEO of BMW Brilliance Automotive.
BMW Brilliance Automotive is a joint venture between BMW Group and Brilliance China Automotive Holdings Ltd, with branches in both Beijing and Liaoning.
Yu Yue and Zhang Xueqi contributed to this story.