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China spends big reviving northeast

Updated: Feb 27,2015 9:29 AM     Xinhua

BEIJING — China has invested 382 billion yuan ($62.2 billion) in northeast regions since the government announced an action plan to assist the area’s sagging economy last August.

The money has been used on 60 projects, two of which are complete, according to Xu Shaoshi, head of the National Development and Reform Commission.

Another 63 projects are expected to begin this year, he added.

Once China’s industrial base, the northeast is lagging behind now as the old resource dependent mode is unsustainable.

To help revive the region, the State Council unveiled an action plan last August listing 35 measures, including freeing up private businesses, deepen reforms of state-owned enterprises, developing modern agriculture, renovating rundown urban areas and launching dozens of infrastructure projects.