ANI
28 Sep 2023, 08:57 GMT+10
Beijing [China], September 28 (ANI): China is turning to cities like Shenyang to squeeze more productivity and efficiency out of the region's factories, The New York Times reported.
This comes as the government confronts a national economy that has slowed because of the country's real estate crisis.
Shenyang, the capital of Liaoning Province, is one of three large provinces in northeast China. The city constitutes the cradle of China's heavy industry.
Hundreds of workers at a factory in Shenyang weld automated machines, 95 yards long, that are used to bore subway tunnels. At another factory there, employees assemble robots that China's solar panel makers will use to streamline their production.
These factories, however, tell only part of the story of the economy of northeastern China, underlining the challenges facing Beijing policymakers, who are turning to what many economists believe is a tired playbook focused on industrial investments instead of more social benefits for consumers, as per The New York Times.
The region's birthrate is going down. A quarter of the population is 65 or older, and that share is growing about two percentage points a year, while the share of working-age adults is declining by about the same amount. Fewer people are buying new homes, apartment prices are falling and construction cranesare less active.
Northeastern China is heavily in debt. The region faces falling public revenues. Pensions are the responsibility of the region's three provincial governments - Liaoning, Jilin and Heilongjiang - and their cost is soaring.
On a recent evening, Zhang Shaocheng, 70, a retiree from a state-owned paint factory, waited with other seniors for a free outdoor movie at a shuttered Shenyang machinery factory. He appreciates that today's factories emit less pollution than the ones from his working years, but he and other seniors are counting on the government to take care of them.
"The air is good now, and I have a pension," Mr. Zhang said, as per The New York Times.
As the Chinese economy has slowed this year, the northeast is perilously close to tipping into a recession, according to The New York Times. (ANI)Get a daily dose of Entertainment Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Entertainment Sun.
More InformationOMAHA BEACH, France: Eighty-one years after the D-Day landings, a small group of World War II veterans has returned to the beaches...
BEIJING, China: The public security bureau in Guangzhou, a city in China, has announced a secret reward for more than 20 people it...
THE HAGUE - The International Criminal Court (ICC) has strongly condemned the United States for imposing sanctions on four of its judges,...
LOS ANGELES, California: As obesity rates among American teenagers climb to historic levels, more families and doctors are cautiously...
BERLIN, Germany: Germany has taken its first significant fiscal step to jumpstart its slowing economy. This week, the cabinet approved...
ISLAMABAD, Pakistan: Pakistan's army said on June 4 that its security forces raided a militant hideout and killed 14 insurgents during...
BURBANK, California: Walt Disney is laying off several hundred employees across its film, television, and corporate finance departments,...
Washington DC [US], June 8 (ANI): In his trademark flippant delivery, Oscar winner Kieran Culkin recently joked that Hunger Games fans...
California [US], June 8 (ANI): After 20 years, Disneyland is showing the door to one of its most beloved attractions, the 'Monsters,...
Washington DC [US], June 8 (ANI): Actors Ben Stiller, Robert De Niro, Teri Polo and director Jay Roach gathered for the 25th anniversary...
Washington DC [US], June 8 (ANI): Actress-singer Miley Cyrus had to leave the 'Hannah Montana' songs behind after exiting the Disney...
Telangana (Hyderabad) [India], June 8 (ANI): Superstar Nandamuri Balakrishna is set to reunite with director Malineni Gopichand for...