Author(s)

Yongxin Ren

Corresponding Author

Yongxin Ren

Abstract

Regional economic development is as volatile as tides, often subject to the impacts of financial crises, economic recessions, and various external shocks. These disruptions can not only disrupt a region's economic progress in the short term but also profoundly alter its future development trajectory, either plunging it into a prolonged downturn or presenting opportunities for adjustment and recovery amidst adversity. This paper focuses on the concept of "regional fiscal resilience", taking Liaoning Province as a case study to illuminate how different regions in China respond to challenges such as financial crises and economic recessions. Employing the Driver-Pressure-State-Impact-Response (DPSIR) analytical framework, the paper delves into the current economic predicament of Liaoning and uncovers its structural issues. The research findings indicate that Liaoning's overreliance on traditional industries significantly limits its ability to withstand financial shocks. The path out of this dilemma lies in profound economic restructuring, seeking a more agile and resilient future development trajectory.

Keywords

DPSIR, economic resilience, FDI, GDP, global financial crisis, Liaoning province