The Liaoning Economy

1 min read

As tourism is slated to reach up to 20 percent of the province’s economy, there is still a strong market economy in Liaoning to support development. Liaoning’s GDP has grown 13 percent recently and was a major center of direct foreign investment of over $15 billion in 2009. These other industries include high-tech development, agriculture and heavy industry and manufacturing. To support this growing economy transportation and conservation are also being improved. As a major contributor to the Bohai Economic Rim,Liaoning offers many investment opportunities.

Heavy industry and manufacturing account for nearly 80 percent of the economy of Liaoning. The province is the main source for iron, boron, magnesite, talcum, and jade in China with over 100 other large mineral deposits. Steel and coal production are also two of Liaoning’s core industries since the founding of modern China. Additionally, petrochemicaland petroleum production are very high with the third largest crude oil reserve in China located in Liaoning.

The first Chinese-made vehicle was built in the province in 1931 and the automotive industry has become one of Liaoning’s fastest rising industries. Chinese brands such asBrilliance and Jinbei are built here and many foreign brands including Volkswagen have factories related to automotive manufacturing in the province. Manufacturing is not only limited to cars as Liaoning is also a major ship building hub along with aviation engine production.