- Program covers Beijing, Tianjin and northeastern provinces
- Plan includes opening regions to more foreign investment
China has approved a plan to attract foreign investment and boost economic growth in cities and provinces linked to the coastal regions of the northern Bohai Sea, according to a statement the State Council posted on the central government’s website Sunday.
The State Council, the country’s cabinet, called on the governments of the cities of Beijing and Tianjin and the provinces of Hebei, Shanxi, Inner Mongolia, Liaoning and Shandong to increase the efficiency of economic growth and coordinate their efforts, according to the approval notice dated Sept. 15.
The governments will aim to open sectors to investment more aggressively, speed up major infrastructure construction, strengthen environmental protection and promote industry cooperation, the official Xinhua News Agency reported Sunday. Northern cities and regions will also eliminate regional policy barriers for businesses and share public service resources, Xinhua reported.
China facing its slowest pace of economic growth in 25 years, has stressed the need to restructure its state-owned enterprises. Premier Li Keqiang’s growth target of about 7 percent for this year is being challenged by a slowdown in manufacturing and exports even as services and consumption show resilience.
— With assistance by Alfred Cang