S'pore Firms Ink New Deals in Liaoning as China's Rust Belt Seeks Economic Turnaround The recent flurry of new deals between Singapore firms and Liaoning province, China's rust belt, has sparked hopes that a long stalled economic turnaround is finally underway.
The once thriving manufacturing hub is seeking to transform its industrial landscape, and Singapore is positioning itself as a key player in this transformation.
Liaoning's economy had been plagued by severe brain drain and economic stagnation due to its reliance on traditional heavy industries like steel and petrochemicals.