CRI听力:China's Northeast Growth Drops Sharply

All three provinces in northeast China have recorded first-half economic growth that is below the national rate.

Heilongjiang ranks last among all 31 regions that have released GDP figures, with its economy growing nearly 5 percent in the first half.

 The Chinese economy grew by 7.4 percent during the same period. Also Jilin recorded an nearly 7 percent growth rate while Liaoning's economy expanded 7.2 percent in the first half.

Observers are attributing the below-average growth to the economic structure of the northeast which is still dominated by state-owned businesses.

The State Council has rolled out a slew of measures recently to spur the economy in the northeast, including streamlining administration and supporting the development of the equipment manufacturing industry.

These measures are part of the government's "targeted approach" against the downward pressure.

The People's Bank of China has promised more financial support will be provided to rural areas and small businesses to reduce their financing costs.

The bank also says it will accelerate work to establish a deposit insurance scheme in the coming months.

For more on the "targeted approach", particularly when it comes to the country's monetary policy, CRI' Ding Lulu earlier spoke with Alun John, deputy editor of Shanghai Business Review.