High growth in investment predicted
By Bian Yi (China Daily)
Updated: 2006-06-29 11:16 Energy resources and raw materials from Russia are playing an important role
in meeting the demand to develop this old industry base.
"Based on rapid
progress in the past and the opportunities presented due to the 'Year of
Russia in China' in 2006, we will speed up the pace of border trade," he
said.
The province has set a goal that its trade volume with Russia will
reach US$14 billion by the year 2010, which means an average annual increase of
26 per cent, according to the official.
"Thus, the next five years are
the crucial period for realizing this goal and will see a great leap in our
efforts to upgrade our trade and economic co-operation with Russia," he
said.
With the advantages of abundant resources, a unique geological
position, a well-developed industrial foundation and rich human resources in the
largest farming province of the country, Heilongjiang not only sees great
achievements in foreign trade and co-operation, but is also making
impressive progress in attracting domestic funds.
Statistics show that
the total import and export volume of Heilongjiang broke through US$9 billion at
the end of 2005, four times that of 2000, with an annual growth rate of 26.2 per
cent.
The growth rate of Heilongjiang's foreign trade is 17.7 percentage
points higher than the average increase rate in the country, ranking third last
year.
A modern circulation industry has begun to take shape in
Heilongjiang, more than 10 large enterprises featuring wholesale and retail
operations, transportation and storage have been set up during the 10th
Five-Year Plan period (2001-2005).
The booming retail sector is becoming
one of the most important driving forces for the province's economic growth, Ye
said.
Total retail sales of consumer goods reached 176 billion yuan (US$
22 billion) in the 10th Five-Year Plan period, up 11.2 per cent annually from
the previous five years.
It also provided more than 810,000 jobs in the
province, which contributed to a reduction in the unemployment rate, due to the
reform or regrouping of the province's large and medium-sized State-owned
enterprises.
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