Economy
Liaoning has the largest economy of Northeast China. Its nominal GDP for 2011 was 2.20 trillion yuan (ca. US$348 billion) making it the 7th largest in China. Its per capita GDP was 41,782 yuan (US$6,172). Among the three provinces of Northeast China, Liaoning is the largest in terms of GDP.
In 2008, Liaoning was the region with the highest GDP growth among global G8x8, the eight provinces or states below national level with the highest GDP of the top eight GDP nations. According to preliminary statistics, Liaoning maintained its GDP growth rate of 13.1 percent in 2009 and held its position as the province with the highest economic growth.
Leading industries include petrochemicals, metallurgy, electronics telecommunications, and machinery. On a national level, Liaoning is a major producer of pig iron, steel and metal-cutting machine tools, all of whose production rank among the top three in the nation. Liaoning is one of the most important raw materials production bases in China. Industries such as mining, quarrying, smelting and pressing of ferrous metals, petroleum and natural gas extraction, are all of great significance.
Meanwhile, Liaoning is an important production base of equipment and machinery manufacturing, with Shenyang and Dalian being the industrial centers. Enterprises such as Shenyang Jinbei Co. Ltd., Daxian Group Co. Ltd., and Shenyang Machine Tool Co. Ltd., are leaders in their sectors. The province’s light industry mainly focuses on textiles and clothing industries which include cotton and wool spinning, chemical fiber production, knitting, silk production, and the manufacturing of both garments and textile machinery.
In 2008, its tertiary industry accounted for 34.5 percent of total GDP. In the future, Liaoning will continue its efforts to restructure large and medium-sized state enterprises. Meanwhile, the province will concentrate in developing its four pillar industries – petrochemicals, metallurgy, machinery and electronics.
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