|Market Profiles on Chinese Cities and Provinces|
Major Economic Indicators
Notes: 1 In real terms 2 For all state-owned enterprises and other forms with annual sales over RMB 5 million
3 Jan-Aug 2008
Sources: Hunan Statistical Bureau 2008, China's customs statistics 8.2008
Hunan has a total area of 211,800 square kilometers. The total population stood at 68.1 million in 2007. Hunan - abbreviated as Xiang - is laced with lakes, including the Dongting Lake which is the second largest fresh water lake in China.
Blessed with a subtropical temperate climate and abundant rainfall and sunshine, Hunan is the largest producer of rice in China. In particular, Hunan is the third largest producer of tea, and the fourth largest producer of citrus, tobacco and meat. Hunan is also one of southern China's main timber bases.
Hunan has rich reserves of minerals. Its reserve of tungsten, antimony, zinc and bauxite are among the top in China. Other major deposits of minerals include lead, tin, barite and graphite mineral. It is named as the "country of non-ferrous metals" and the "country of non-metal minerals".
Hunan enjoys a favorable geological location: it is situated at the development belt of the middle and lower reaches of the Yangtze River; it is adjacent to Guangdong and container trucks can get to Hong Kong within one day.
The primary sector still accounted for 17.7% of Hunan's GDP in 2007. Among the agricultural sector, animal husbandry accounted for 38.5% of the gross output in 2007, up from 29.5% in 1990. In recent years, Hunan is also developing into a production base of dairy products.
Composition of GDP (%)
Source: Hunan Statistical Yearbook, 2008
Hunan has evolved a complete industrial system, and formed a considerable capacity in the production. Industries are mainly located at Changsha, Yueyang, Zhuzhou and Hengyang, which together accounted for over 53.8% of Hunan's industrial output in 2007.
Major Industry Groups (2007)
Source: Hunan Statistical Yearbook 2008
A large share of Hunan's industrial output is related to its rich mineral deposits. For example, smelting and pressing of ferrous and non-ferrous metals accounted for 20.1% of the total industrial output.
In recent years, Hunan has become a base for relocation of manufacturing industries from such provinces as Guangdong, Zhejiang, Beiing, Fujian and Shanghai etc.
For the tertiary industry of Hunan, the sector of culture, sports and entertainment appears to be "the pearl on the crown". Hunan TV is very popular among domestic TV watchers.
Hunan has rich historical heritages and tourism resources. Historical sites include Yueyang Tower, one of the three historical monuments in South China; Yuelu Academy, one of the top four academies in the Song Dynasty (960-1279A.D.); Aiwan Pavilion, one of top four pavilions in China; tomb of Mawangdui. Natural scenic spots include Mount Hengshan, Dongting Lake and Zhangjiajie. There are 88 revolutionary bases in Hunan Province, including the former home of Mao Zedong.
In 2007, Hunan received 108 million (+18.7%) domestic tourists with the tourism receipts of RMB68.2 billion (+24.5%) and 1¡A206 thousand (+24.2%) overseas tourists with the foreign exchange revenue of US$642 million (+27.6%).
Major export items included rolled steel, textiles, clothing and apparels, porcelain and pottery wares, fireworks and firecrackers etc. Major export markets in 2007 were Hong Kong, the US and Japan.
In 2007, major imports included iron ore, auto parts, rolled steel, and paper pulp etc. Major import sources were Japan, Australia, and Germany.
Hong Kong is the leading export market of Hunan. In 2007, Hunan's exports to Hong Kong stood at US$812 million. Hunan imported US$46 million worth of goods from Hong Kong.
Most of Hunan's utilized FDI went to the secondary industry, but the primary industry recorded rapid growth in 2007 (+102.3%). By the end of 2007, large foreign companies in Hunan included Pepsi, NEC, Hutchison Whampoa, Mitsubishi and Time Warners etc. Changsha, Hengyang and Zhuzhou are major FDI destinations.
Hong Kong is the leading investor in Hunan. In 2007, Hong Kong actual investment amounted to US$1,573 million, accounting for 48.1% of the total. Other major investors were Taiwan, the US and Canada.
In 2007, retail sales of consumer goods in Hunan rose by 18.4% to RMB335.6 billion. Changsha is the largest consumer centre, accounting for 31% of the province's total retail sales.
Major department stores and shopping centres in Hunan include Hunan Changsha Friendship Group, Changsha Department Store and Hengyang Department Store. There are various forms of modern operation such as chain stores, supermarkets and convenience stores in Hunan, represented by Wal-mart from the US, Metro from Germany, Carrefour from France etc.
Economic Indicators of Major Cities (2007)
Source : Hunan Statistical Yearbook, 2008