Where is Liaoning Province? It is where business opportunities are! Yes, country data shows that Liaoning Province, Northeast China is now giving the world countless business opportunities for exporting goods and services to this huge region.
Northeast China is densely populated and its land mass is big as well. Still both population and landmass is just a small fraction of the country.
Some facts about Liaoning Province, Northeast China:
- Largest in terms of GDP, approximately 49.7% of NE China in total
- 7th among 23 Chinese Provinces as of 2013
- Boasts a coastline of 2 178 km-- the only one in NE China
- Top 3 trading partners of Japan, Korea and Europe
- Equipment and machinery industry production base
- Rich in natural resources.
- Takes lead in China’s many industries.
- Home to many domestic giants.
- Strong connectivity infrastructures via land, air, and sea.
Liaoning Province is the forerunner of Northeast China and the largest in terms of GDP. It also enjoys trading with Europe, Japan, and Korea. It is also an important production base for equipment and machinery and famous for several others.
Key economic developments
1. Coastal economic belt zone
- A strategy that focuses on several industries in a designated area. Primary industries of focus are on shipbuilding, advanced equipment manufacturing, shipbuilding, agriculture processing, petroleum refining, raw materials and other high tech industries.
2. Greater Shenyang economic zone
- Considered as a national priority to bring about better coordination in intercity development.
Factors that push Liaoning Province
- Strong Bilateral Ties at Provincial and City Level: the Singapore-Liaoning Economic & Trade Council or SLETC promotes economic cooperation and exchanges between the province and Singapore to develop a conducive environment for foreign investments.
- New Trends for Foreign Investments: the One-Belt-One-Road strategy of Liaoning Province aims to support port developments in Dalian, Yingkou, Dandong, Jinzhou, Panjin and Huludao Industrial Development.
- Going Global: as a practical business decision by Chinese businessmen in response to competition and increasing costs.
- Rising Consumerism: consumerism is growing and foreign brands are increasing in demand.
1. Tourism sector
There is always a flock of tourists in Liaoning Province, Northeast China with more domestic ones yet increasing international visitors. The four seasons in China offer a lot of scenery for tourists. Because of this, hotels have sprung almost everywhere and are increasing in number.
2. Professional sector
More SOEs are cooperating with foreign companies in order to enter foreign markets. This could be a promising area, although patience is required. Alliance experts can help with finding the right business partners.
3. Lifestyle sector
Consumers in Northeast China opt for foreign fashion brands the most, and healthier options in eating. They also want quality healthcare for all ages.
4. Automotive sector
One of the world’s main automobile hubs with headquarter of popular brands flocking the province like Samsung, Toshiba, Hyudai, LG, Michelin and many more.
Who would have thought that it was possible to invest in Liaoning Province, Northeast China, let alone have that part of a country offer countless opportunities to engage in business? As these investments take place, the country data of the economy’s status in China will continue to grow and improve. This will probably give you an idea on how to begin your conquest in business in Northeast China.