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Shenyang Economic Environment-Shenyang Economic Status
Shenyang is an important industrial center in China and is the core city of Shenyang Economic Zone, a New Special Reform Zone. It has been focused on heavy industry, particularly aerospace, machine tools, heavy equipment and defence, and recently on software, automotive and electronics. The heavy industry started in the 1920s and was well developed before the WWII. During the first five-year plan (1951–1956) many factories were built in Tiexi district. At its peak in the 1970s, Shenyang was one of the top three industrial centres in China, alongside Shanghai and Tianjin. After the 1980s, the heavy industry had declined gradually and the city became a rust-belt city. However, the economy of the city has revived significantly in recent years, thanks to the central government's "Revitalize Northeast China" campaign and the rapid development of software and auto manufacture industries. Investment subsidies are granted to multinational corporations (MNCs) that set up offices or headquarters in Shenyang.
Meanwhile, the services sector—especially banking—has been developing in Shenyang. Shenyang has a few foreign banks, such as South Korea's Hana Bank, the Bank of Tokyo-Mitsubishi UFJ of Japan. Hong Kong's Bank of East Asia Ltd., Singapore's United Overseas Bank Ltd., and HSBC Holdings. In 2006, the city hosted a total of 1,063 banks and bank branches and 144 insurance-related companies. By 2010, it aims to attract 30 foreign banks and 60 non-bank financial institutions.
The city has been identified by the Economist Intelligence Unit in the November 2010 Access China White Paper as a member of the CHAMPS (Chongqing, Hefei, Anshan, Maanshan, Pingdingshan and Shenyang), an economic profile of the top 20 emerging cities in China.
Shenyang Economic Environment-Shenyang Finance and Trade Development Zone
Shenyang Finance and Trade Development Zone was founded in 1992. It is the only finance and trade development zone except Lujiazui in Shanghai and is the nucleus zone of Shenyang Central Business Zone. It covers an area of 1.12 million m², among which there is more than 600,000 m² constructable. The total investment planned is more than 20 billion Yuan and more than 60 stories-high international and multifunctional symbol buildings are planned to be built. So far, the zone has transferred more than 400,000 m² ground, introduced over 40 large projects and actually made use of over 200 million USD foreign investment. It has become the sample zone of international finance and modern service trade and the regional finance, trade and information center of Northeast China.
Shenyang Economic Environment-Statistics of Shenyang Economy
According to Shenyang Customs, the total import and export value of Shenyang, capital of Liaoning province, reached $14.33 billion in 2013, a year-on-year increase of 12.4 percent.
Export volume totaled $7 billion, up 17.3 percent, and import volume hit $7.33 billion, up 8.1 percent. The capital's foreign trade deficit was $330 million.
Shenyang foreign trade growth was 2.6 percentage points higher than that of Liaoning province. Exports to the United States, the European Union, the Association of South-East Asian Nations and Korea increased rapidly, with year-on-year increases of 18.7 percent, 8.4 percent, 36 percent and 15.3 percent.
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