World Economy

China Promotes Coastal Areas

China Promotes Coastal AreasChina Promotes Coastal Areas

China has approved a plan to attract foreign investment and boost economic growth in cities and provinces linked to the coastal regions of the northern Bohai Sea, according to a statement the State Council posted on the central government’s website Sunday, Xinhua reported. The State Council, the country’s cabinet, called on the governments of the cities of Beijing and Tianjin and the provinces of Hebei, Shanxi, Inner Mongolia, Liaoning and Shandong to increase the efficiency of economic growth and coordinate their efforts, according to the approval notice dated Sept. 15. The governments will aim to open sectors to investment more aggressively, speed up major infrastructure construction, strengthen environmental protection and promote industry cooperation. Northern cities and regions will also eliminate regional policy barriers for businesses and share public service resources. China facing its slowest pace of economic growth in 25 years, has stressed the need to restructure its state-owned enterprises.