Liaoning to splurge on ports

CHINA / Background

(China Daily)

Updated: 2007-01-23 17:48

SHENYANG: Liaoning is to invest 8.5 billion yuan (US$1.6 billion) in its

ports this year in connection with its strategy to develop its coastal

region.

Zheng Yuzhuo, the chief of the Liaoning Transportation Department, said

the funds were destined for five major ports, among them Dalian, Yingkou

and Jinzhou.

"Liaoning will continue investing in port construction and build the

coastal region into another economic center," said Zheng. He said the

funds would mainly come from the government's budget, loans from the

China Development Bank and international investment.

"Each port will take responsibility for raising money, and we will

welcome investment from home and abroad," added Zheng.

Liaoning launched the development strategy for the coastal region early

last year to shake off its status as part of China's rustbelt. The

policy's core is to shake off the lingering legacy of the State-owned

enterprises that have long dominated the province by making full use of

its coastline resources and attracting more investors.

Li Keqiang, secretary of the Liaoning provincial committee of the

Communist Party of China, said Liaoning would make a concerted effort to

develop its coastal resources.

Liu Wen, vice-director of the province's foreign trade and economic

promotion department, said investment in the province's ports had hit a

record 10.5 billion yuan (US$1.3 billion) last year.

Dalian Port, the province's largest, has seen its fortunes improve in

recent years. Last year, the amount of cargo shipped through the port

jumped to 145 million tons, representing a 20 percent year-on-year

increase, according to figures provided by the Dalian government.

"Based on the experience of other countries, Liaoning Province could

harvest eight or even 10 times the return on its input," said Li

Xiangping, a researcher at the local Liaoning Social Sciences Academy.

(China Daily 01/23/2007 page4)

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