DALIAN'S hopes of becoming the 'Hong Kong of the North' hinge on the success of its port development plans, according to the city's mayor.
Bo Xilai said yesterday his city, in Liaoning province, planned to spend 1.4 billion yuan (about HK$1.26 billion) to increase its port's handling capacity for grain, as well as another unspecified amount to construct berths capable of handling oil tankers, in order to create north China's largest port facility.
He said the new berths for grain shipment would be financed with bank loans, but the city was looking for foreign participation to help build the oil facilities.
'Our logic is to invest a great sum of money and then do great things,' he told 500 Hong Kong business leaders at a lunch before the start of the three-day Dalian/Hong Kong Economic Co-operation Conference.
Mr Bo's delegation of city officials and economic planners have brought a list of 333 projects worth more than US$3 billion which they will offer to Hong Kong and overseas businessmen.
Chief among those is expansion of the new port at Dayao Bay, which will have 90 berths, adding an additional 100 million tonnes of handling capacity to the current 60 million tonnes at Dalian port. Construction cost is estimated at US$300 million.