“Five Types of Economy,” Shaping New “Growth Poles” for the Economy in Shenyang, China

SHENYANG, China, Nov. 2, 2022 /PRNewswire/ — A news report from CRI Online:

In recent years, Shenyang, a city in Liaoning Province, China, proposed to build “Five Types of Economy,” which refers to the five types of economic formats: innovative economy, service economy, open economy, headquarters economy, and flow economy.

Each type of the “Five Types of Economy” has its own unique ecological development scenarios and enterprise project demonstrations, and together they shape the “growth poles” of Shenyang’s economy by realizing their own potential from different angles. In 2021, Shenyang issued a three-year plan for the development of “Five Types of Economy,” held two conferences on “Five Types of Economy,” and unveiled 1,357 scenario projects. So far, 635 of those projects have been signed, and 293 projects have been initiated.

Among the “Five Types of Economy,” the open economy heavily emphasizes the construction of land, sea, and air networks as an international hub system, in addition to promoting institutional innovation of free trade zones, self-innovation zones, comprehensive bonded zones, and economic and technological development zones of all levels. From January to August, Shenyang Comprehensive Bonded Zone achieved a total import and export volume of 7.73 billion RMB, an increase of 180% over the previous period. Moreover, Shenyang Economic and Technological Development Zone has been ranked among the top 30 national economic and development zones in China for five consecutive years, and the city has taken the lead in piloting the CIPS system in Northeast China to carry out cross-border RMB transactions and settlements. Shenyang has also developed Liaoning Free Trade Global Special Medicine Insurance, covering 70 kinds of special medicines and five kinds of medical devices, in a joint effort with Hainan Le Cheng International Medical Tourism Pilot Zone, and this is the first time when medical devices are included in the scope of insurance coverage in China. Additionally, Shenyang has completed the first round of financing for its “cross-border block chain financial service platform” and initiated a pilot project that aims to reduce the time it takes to process transactions involving foreign currency exchange to five minutes. Last but not least, Shenyang has declared the inclusion of international railroad shipping order financing into the national piloting scope and promoted the innovation of the “one step delivery” for intermodal transport.