Shenyang was a booming industrial city ever since the 1920s. People moved here in the hundreds of thousands for the economic opportunities that Shenyang had to offer. The city was one of the fastest growing in China. Industries were attracted to the area as well. Some industries that have thrived here include aerospace, machine tools, automotive, electronics and software. By the 1970s Shenyang was among Shanghai and Tianjin as one of the top three industrial epicenters in China.
However, after a shift in economic priorities by the central government, the city declined in industry and influence. Hundreds of thousands of people were laid off from factory jobs. The former industrial superpower was reduced to a rust belt city. Shenyang was never the same again.
Ever since those dark economic days in the 1980s, Shenyang has tried to regain past glory through a series of revitalization plans, development projects and foreign investment. Shenyang hosts many foreign banks from countries like South Korea, Japan and Britain. The central government has also come back to Shenyang’s rescue. Through a recent "Revitalize Northeast China" campaign, the government has worked on bringing software and auto manufacturing jobs back to Shenyang.
