Shenyang
Economy

Shenyang is an important industrial center in China and is the core city of the Shenyang Economic Zone, a New Special Reform Zone. It has been focused on heavy industry, particularly aerospace, machine tools, heavy equipment and defence, and recently on software, automotive and electronics. The heavy industry started in the 1920s and was well developed before the second world war. During the first five-year plan (1951–1956) many factories were built in Tiexi district. At its peak in the 1970s, Shenyang was one of the top three industrial centers in China alongside Shanghai and Tianjin, and was at one time being considered for upgrading to a direct-controlled municipality. However, as the planned economy fell out of favor after the 1980s, the heavy industry had declined gradually and the city became a rust belt city, with hundreds of thousands of people laid off from bankrupted state-owned factories. Nonetheless, the economy of the city has revived significantly in recent years, thanks to the central government 's " Revitalize Northeast China " campaign and the rapid development of software and auto manufacture industries. Investment subsidies are granted to multinational corporations (MNCs) that set up offices or headquarters in Shenyang.

The services sector—especially banking—has been developing in Shenyang. Shenyang has several foreign banks, such as South Korea's Hana Bank, Japan's Bank of Tokyo-Mitsubishi UFJ, Hong Kong's Bank of East Asia, Singapore's United Overseas Bank and the Britain-based HSBC. In 2006, the city hosted a total of 1,063 banks and bank branches and 144 insurance-related companies. By 2010, it aims to attract 30 foreign banks and 60 non-bank financial institutions.

The city has been identified by the Economist Intelligence Unit in the November 2010 Access China White Paper as a member of the CHAMPS (C hongqing, H efei, A nshan, M aanshan, P ingdingshan and S henyang), an economic profile of the top 20 emerging cities in China.

Shenyang has three development zones:

Numerous major industrial companies have their headquarters in Shenyang. Brilliance Auto is a major Chinese automobile manufacturer, and most of its production plants are also located in Shenyang. Shenyang Aircraft Corporation produces airplanes for civilian use as well as for the PLAAF. Neusoft Group is the biggest software company in China. Shenyang Machine Tool Group is the largest machine tool manufacturer in China. Tyco International, General Motors and Michelin Shenyang Tyre Corporation are expanding their operations in Shenyang.

The GDP per capita of the city of Shenyang is 78,490 yuan in 2009 (ranked 3rd out of all 58 cities and counties in Liaoning province).
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