Industrial economy stabilizing and rising

This year, Changchun took the lead in stabilizing and kick-starting Northeast China's economic rise.

The region's economy has recently experienced difficult times. But Changchun, as the capital of Jilin province, has been active in pushing for-ward its industrial transformation and upgrade.

Strong economic growth is helping the city to regain confidence in its pursuit of happy lives for its citizens.

In the first three quarters of this year, Changchun's GDP increased by 7.3 percent. Among four sub-provincial level cities in Northeast China, Changchun ranks first in the amount of completed industrial investment and in the growth rate of that investment.

China Railway Rolling Stock's subsidiary, Chang-chun Railway Vehicles, is a good example of Changchun's recent economic transformation. According to the city government's information office, it is the world's largest high-speed train manufacturing base. In the first half of this year, the company report-ed pre-tax profit of 3 billion yuan ($434.64 million), an increase of 14.9 percent year-on-year.

The Changchun-Manzhou-li-Germany international freight train route started operation in August last year, establishing a new transportation link to Europe. As a result, in the first half of this year Changchun's exports to the continent increased 20.05 percent year-on-year.

Meanwhile, the successful launch of the Jilin-1 Earth-observing satellites symbolizes Changchun's important advance in commercializing and industrializing space sensing.

Another example of the region's progress can be seen in FAW Group's innovative product, research and development renewal program. In the first half of the year, the company ranked first in speed of growth among the four biggest Chinese automobile groups.

Changchun's equipment manufacturing industry has developed at a steady pace, according to the city government's information office.

The city's economy has three pillar industries: automobiles and auto parts, railway and trains, and agricultural products. It is also working on five emerging industries: biomedicine, photoelectric information, advanced equipment manufacturing, new energy and new materials.

The private economy has been a major contributor to the city's economic transformation and upgrade. In the first half of the year, private investment in the city com-prised 79.8 percent of all investment, 8.8 percentage points higher than the same period last year.

(China Daily 12/16/2016 page10)