Governor Li Zhanshu at the local people’s congress said that thanks to its low reliance on the export trade, Heilongjiang province could still record a decent economic growth this year despite the global financial crisis.
He said, ‘The majority of the province’s economy has been left unscathed during the crisis. The momentum of its development will not slow down this year.’
However, Li warned that the province faces a tough challenge to fulfill the target of 11% growth amid the deepening crisis.
The impact had already been felt, he said, with a reported fall in the influx of investment and a sluggish property market since last September. Companies in the province’s backbone sectors of equipment manufacturing and food processing had also been hit hard.
In response to the RMB4 trillion ($585 billion) economic stimulus package the central government , Li explained that the province will also increase its fixed assets investment by a large margin and give a substantial boost to the construction of its transport infrastructure this year.
Source: English People’s Daily Online