Continuous optimization of its business environment has made Shenyang – capital and biggest city in northeastern Liaoning province – a hot place for investment, according to analysts.
Statistics from the government work report of Shenyang released recently revealed that 1,016 projects with total investment of over 100 million yuan ($14.4 million) each were signed in Shenyang in 2019, an increase of 449 over the previous year.
Total investment volume came in at 119.7 billion yuan ($17.24 billion), a year-on-year increase of 28.5 percent.
In addition, a total of 204 foreign-funded companies were established in Shenyang last year, seeing an increase of 55.7 percent. The city’s foreign investment reached $1.65 billion, an increase of 15 percent on the previous year.
The city's investment in fixed assets increased by 11 percent compared with that in 2018; and the number of newly registered enterprises was 61,000, an increase of 11 percent.
Among last year's fixed asset investment, industrial technological transformation investment increased by 77.7 percent; investment in software and information technology industries increased by 83 percent; and fixed investment in the cultural sports and entertainment industries increased by a whopping 123.7 percent.
Additionally, Shenyang achieved 8 percent growth in the annual output value of its high-tech manufacturing industries and 9.6 percent growth in the value of strategic emerging industries in 2019.
Aviation, biomedicines, new energy vehicles, new materials and other emerging industries achieved double-digit growth in output value during the same period.
Observers said that the improving economic data not only reflects Shenyang's good development momentum, but also shows that the city’s industrial transformation is accelerating, and its economic structure is being optimized.
