Introduction
The Liaoning Economic and Information Commission (LEIC) is a provincial-level administrative body that functions as the provincial economic planner in Liaoning Province, China. Founded in 1951, the LEICs mission is to formulate economic development plans and coordinate national economic policies, facilitate economic endeavor and strengthen economic planning and management. The LEIC is responsible for issuing policy guidance, implementing legal regulations and supervising the implementation of economic initiatives.
Objectives
The LEIC carries out a variety of initiatives for the purpose of promoting the development of Chinas economy. The four main objectives of the LEIC are:
1. Promote sustained and healthy economic growth for Liaoning Province, and coordinate with other provincial economic entities to ensure the harmonization of economic development within the region.
2. Establish and improve the economic regulatory system and macro-economic control, to ensure the implementation of policies and regulations that promote the development of all enterprises in the province.
3. Formulate development strategies, plans and programs to promote scientific and technological progress and economic adjustment, and to upgrade industries.
4. Undertake research activities and provide timely analysis of economic information and data to assist with the timely adjustment of economic development strategies and measures.
Services Provided
In addition to the development of strategies and programs, the LEIC provides the following services:
1. Facilitate joint venture projects in liaison with the central government and other provincial entities;
2. Provide provisioning and distribution services for resources needed for economic development;
3. Provide general business and financial investment advice to investors;
4. Identify and encourage the growth of small and medium-sized enterprises;
5.Apply for international funding for projects;
6.Initiate agricultural and rural development plans; and
7.Enforce the provincial regulations and policies related to the economy.
Recent Developments
In recent years, the LEIC has implemented several developments to promote economic development within Liaoning Province.
In 2016, the LEIC launched a “One Belt, One Road” development program, which focused on enhancing the trade and economic ties between in Liaoning Province and other provinces and countries.
In 2017, the LEIC launched a project aimed at developing e-commerce in depressed areas of the province. The project expanded the consumer base in areas where traditional service sectors were weak.
The LEIC also implemented a number of fiscal and taxation policies to promote local economic growth, such as the reduction of corporate income tax and value-added tax rates.
Conclusion
The Liaoning Economic and Information Commission has been instrumental in the economic development of Liaoning Province. With the implementation of an effective regulatory system, the LEIC has been able to implement initiatives and plans in favor of local businesses and ensure that within the province, there is sustained economic growth and opportunities.
Though the LEIC faces challenges from the changing global economic environment, it continues to make adjustments and implement policies necessary to ensure that the economy of Liaoning Province continues to grow and prosper.
