2018年CRI Financial cooperation mechanism set up to revitalize Northeast economy

 

A new financial mechanism¹ has been established to revitalize the so-called "rust² belt" in the northeast of China which provides information sharing, investment services and the convergence of financial resources.

Supported by China's central authorities, the mechanism has been launched by the China Development Bank, the State Development and Investment Corporation and over 40 other national banks and financial institutes.

Launching the new program, deputy chief of the National Development and Reform Commission, Lin Nianxiu, says the creation of the new program is coming at the right time.

"Compared with the national average level, the development of the northeast's capital market is still behind. It's hard to raise money in the region, which has created various levels of indirect financing. As of the end of last year, only around 5-percent of all the listed companies in China came from the northeast. While this puts the region behind, it also means there is still a lot of market demand and space to grow," Lin said.

Lin Nianxiu says the new program they're launching should also help prevent risks in the region.

"Only by building a good investment environment can we keep capital and talent in the northeast. We hope this cooperation mechanism can make governments and companies pay more attention on financial innovation and take good advantage of the financial tools to rebuild a business status in Northeast. We want to give investors⁴' confidence and attract more financial institutes to the area," Lin said.

Vice³ president of China Development Bank, Zheng Zhijie, says the new program should be able to help rebuild the old industrial base of northeast with local financial resources.

"The focus should be placed on financial support, information sharing, risk control, collaboration⁵, innovation and talent cultivation⁶ to help upgrade of old industrial bases and diversified⁷ development of the local economies. We hope to use multi-level money raising methods by providing more financial products and services to help make new contributions to Northeast revitalization," Zheng said.

Meanwhile, the National Development and Reform Commission has signed cooperation agreements with a number of different national banks to help finance northeast economic projects.

Due to the shrinking of its once-powerful industrial sector⁸ and decline of its economic growth, northeast region has become known as China's 'rust belt.'

To shake this off, the central government has launched revitalization plan for the northeast, which includes consolidating⁹ outdated¹⁰ industrial capasity and pushing the development of other areas, such as services and tourism.

1 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

2 rust   

n.锈；v.生锈；(脑子)衰退

参考例句：

• She scraped the rust off the kitchen knife.她擦掉了菜刀上的锈。
• The rain will rust the iron roof.雨水会使铁皮屋顶生锈。

3 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

4 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

5 collaboration   

n.合作，协作；勾结

参考例句：

• The two companies are working in close collaboration each other.这两家公司密切合作。
• He was shot for collaboration with the enemy.他因通敌而被枪毙了。

6 cultivation   

n.耕作，培养，栽培（法），养成

参考例句：

• The cultivation in good taste is our main objective.培养高雅情趣是我们的主要目标。
• The land is not fertile enough to repay cultivation.这块土地不够肥沃，不值得耕种。

7 diversified   

adj.多样化的，多种经营的v.使多样化，多样化( diversify的过去式和过去分词 )；进入新的商业领域

参考例句：

• The college biology department has diversified by adding new courses in biotechnology. 该学院生物系通过增加生物技术方面的新课程而变得多样化。 来自《简明英汉词典》
• Take grain as the key link, develop a diversified economy and ensure an all-round development. 以粮为纲，多种经营，全面发展。 来自《现代汉英综合大词典》

8 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

9 consolidating   

v.（使）巩固， （使）加强( consolidate的现在分词 )；（使）合并

参考例句：

• These measures are meant for consolidating the system of basic medical care. 这些举措旨在夯实基层医疗体系，让老百姓看大病不必出远门。 来自互联网
• We are consolidating the Chinese and English versions of our homepage. 我们将为您提供中英文版本一起的主页。 来自互联网

10 outdated   

adj.旧式的，落伍的，过时的；v.使过时

参考例句：

• That list of addresses is outdated,many have changed.那个通讯录已经没用了，许多地址已经改了。
• Many of us conform to the outdated customs laid down by our forebears.我们许多人都遵循祖先立下的过时习俗。