NE China's old industrial base reports upbeat growth in 2018

SHENYANG - Northeast China's Liaoning Province, one of China's old industrial bases, has seen its GDP for up about 5.6 percent in 2018, the provincial governor Tang Yijun said Wednesday.

In 2018, Liaoning's GDP is expected to reach 2.53 trillion yuan ($374 billion). Its economy continued to pick up last year, and the province is now out of their growth predicament, said Tang when delivering the government work report at the annual session of the Liaoning Provincial People's Congress.

The local fiscal revenue totaled 452.5 billion yuan, up 7.8 percent compared to 2017, and the public budget revenue reached 261.6 billion yuan with an increase of 9.3 percent, according to the report.

"Liaoning's industrial growth ranks among the highest in the country and has become one of the major driving forces for the province's economic growth," said Tang.

In 2018, Liaoning saw heavy investment in scientific and technological innovation. The scientific and technological progress contributed 55.5 percent to Liaoning's economic growth. More than 3,700 scientific and technological achievements were adopted for practical use.

"The province has attached more importance to the transformation and upgrading of its traditional industries through scientific and technological innovation, which has contributed significantly to its economic growth," said Guo Zhongxiao, executive deputy director of the Shenyang Sino-German industrial park administration committee.

"In the future, Liaoning should rely on diversified driving engines for its growth. It should not only reinforce and develop its industries with traditional advantages but also vigorously develop the modern service industry and private sector," said Xie Di, dean of the school of economics of Liaoning University.

Liaoning reported its GDP growth at 4.2 percent in 2017, reversing the negative growth in 2016, against the backdrop of huge downward pressure from its traditional coal, steel and equipment manufacturing industries.

In 2016, the province saw GDP growth of minus 2.5 percent, the only region reporting negative growth in China.

The northeast, which consists of Liaoning, Jilin and Heilongjiang provinces, was among the first regions in China to become industrialized. Its traditional industries include steel, automobile, shipbuilding and petroleum refining.

China has pledged to rejuvenate the northeast region through more reforms and economic restructuring.