(Photo 1: This is a machine tool manufacturing workshop in Shenyang Machine Tool Co. Ltd. The Communist Party of China (CPC) Central Committee and the State Council jointly published a document called "Certain Opinions Regarding the Comprehensive Revival of Old Industrial Bases Including the Northeast" on April 26, expediting the revitalization of the northeast at the beginning of the 13th Five-Year Plan period (2016-2020).)
BEIJING -- China will rejuvenate its northeast rustbelt region through more reforms and economic restructuring, according to a policy document called "Certain Opinions Regarding the Comprehensive Revival of Old Industrial Bases Including the Northeast" released April 26.
Upon the document, the central government has further clarified the position of northeast region in the Belt and Road Initiative and proposed new targets in a bid to make the initiative add impetus to the region's comprehensive revival.
To achieve the goal, the document has put forward to promote the alignment of China's Belt and Road Initiative with Russia-led Eurasian Economic Union, construction of China-Mongolia-Russia economic corridor, and integration of China's northeast revival with Russian Far East Development.
Insiders came up with several concrete measures in these aspects. Firstly, China should accelerate the interconnection projects between China's northeast region and Northeast Asia. Experts held that infrastructure construction like international transportation corridor and natural gas pipeline is still the key area for bilateral cooperation.
Secondly, China's northeast region should actively engage in the Russian Far East Development. Chinese enterprises are encouraged to participate in the exploration of energy and mineral resources in Russian Far East and infrastructure projects like road, bridge and port construction, according to an expert from Heilongjiang Province.
Thirdly, a high-level coordination mechanism should be established so as to upgrade the whole efficiency.
Fourthly, China's northeast region should take the opportunity to promote industrial upgrading under the Belt and Road Initiative. Lin Boqiang, director at the Energy Economics Research Center at Xiamen University, advised Chinese enterprises to actively take part in the supply-side reform, commit in industrial upgrading, and engage in the construction of overseas consumption industrial parks so as to improve competitiveness.
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