More than 300 private businessmen and leaders of the federations of industry and commerce from

Beijing and Tianjin municipalities, Heibei, Shandong, Inner Mongolia, Liaoning and Shanxi

provinces attended the 12th Economic and Trade Cooperation Fair for the Private Economy in the

Bohai Rim in Yingkou city of Liaoning Province between August 27 and 28.

 

In his keynote speech, Huang described the Bohai Rim Economic Zone as one of the country's most

intensive urban, industrial and port clusters, and a new growth point with unique advantages and

competitiveness following the Pearl River Delta and Yangtze River Delta.

 

He said that the Bohai Rim, as northern China's golden coast at the forefront of the country's

cooperation with Northeast Asia, is playing an extremely important role in the open-up and

development strategy for the coastal areas.

 

Currently, the state-owned economy takes up a bigger proportion of the local economy. Therefore,

Huang said it is necessary to expand the channels for private investment, adjust economic

structure, change the patterns of economic growth and strengthen the economic vitality in the

region. "The construction of the Bohai Economic Rim will be favorable to the development of the

private economy," he added.

 

Huang stressed that China's future investment growth will mainly depend on private investment

and that the growth of private economy will effectively facilitate the free flow and optimum

distribution of production factors such as capital and labor. "That's the inherent motive and

greatest source for the sustained growth of Chinese economy," he added.

 

 

Huang called upon the private enterprises to seize the historical opportunities and shoulder

their social responsibilities to achieve fast and good growth.

 

He also urged governments in the Bohai Rim at various levels to further improve their local

investment environment, carry out the existing policies, and support the private enterprises to

participate in the restructuring of state-owned enterprises and encourage private investment in

the revitalization of the old industrial bases in the Northeast and the development of the Bohai

Rim. 

 

The Fair, a platform for high-end regional economic cooperation and communication led by private

enterprises and federations of industry and commerce in the Bohai Rim, has been held every year

since 1999.