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China to rejuvenate rustbelt region

Updated: Apr 27,2016 9:42 AM

China has released new policies vowing to rejuvenate its northeast “rustbelt region” through more reforms and economic restructuring.

A document says significant progress will have been made in major sectors in the region by 2020. In another ten years, northeast China should become the manufacturing base for advanced equipment and a strategic base for technological equipment. It’s hoped it will become synonymous with new raw materials, modern agriculture and innovation.

The region includes Liaoning, Jilin and Heilongjiang provinces, and was among the first regions of China to become industrialized. Its traditional industries of steel, automobiles, shipbuilding, aircraft manufacturing and petroleum refining have been bearing a downward pressure for decades.