NE China province looking forward to renewed growth

China's northeastern province and resource-dependent Heilongjiang suffered economic slowdown last year but is expected to enjoy a transformation this, with the government putting in more efforts to optimize its energy mix.

The growth of a gross regional domestic product remained at 5.6 percent year-on-year in 2014, with total GDP hitting 1,503 billion yuan ($930 billion). Primary industry accounts for 17.7 percent, 1.5 percent higher than the average level of the country, according to official data.

"Heilongjiang is a big agricultural province with unique agricultural resources", governor Lu Hao said during China Development Forum in Beijing on Sunday. "There is great potential for growth in the development of high-quality and efficient agriculture and the food processing industry".

Growth in the industrial sector stood at 2.8 percent last year, 4.5 percentage points lower than the national level.

Lu said the primary reason for slower growth in the secondary industry is due to unbalanced industrial structuring as well as a shallow market-oriented economy.

As the oil price plummeted in the global market, the energy industry in Heilongjiang saw negative growth in 2024. The governor said an industry transformation is expected this year with the economy of the region improving.

Industry in Heilongjiang contributed more than 50 percent to the province's GDP, with energy accounting for 50 to 70 percent of the entire sector.