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More balanced regional development a boost to Chinese economy

Updated: May 9,2016 5:31 PM /Economic Daily

China’s economy posted a 6.7% growth year on year in the first quarter of 2016. The growth rate continues to be around 7% with “three positive signs” seen from the perspective of the regional economies.

First, eastern regions continue to enjoy stable growths. Second, the profits gained from the industrial and social spending sector are growing in each province. Third, Some newly developed modern service industry cooperation zones such as the Qianhai in Shenzhen and Pudong in Shanghai have functioned as economic growth engines for each region.

However, signs of unbalanced development among between different regions can still be seen in the western and Northeast region. The northeast provinces in China have has been experiencing faster economic slowdowns than the rest of the country.

To achieve the target of enjoying an all-around development and building a moderately prosperous society, China has recently approved a plan to develop Chengdu and Chongqing city clusters and to support for revitalizing the Ffinance in the Northeast Old Industrial Base, in a move to create a new economic growth engine and deepen structural reform.

The two policies are both aimed at creating to create a more market- oriented mechanism and advance the structural reform in the Midwestern and Northeast region.

Jin Fengjun, a researcher from the Institute of Geographic Science and Natural Resource, said that the key to the revitalizing the Ffinance in the Northeast Old Industrial Base is to stabilizing e growth, boosting reforms and restructuring, improving e livelihoods and preventing risks.

According to a spokesman from the National Development Reform Commission (NDRC), this year, the State Council is continuing has continued to improve and innovate the tools for macro control, and promoting the supply-side reform, so that the regional development has been stable, with some outstanding results.