| Market Profiles on Chinese Cities and Provinces |
|
|
|
10.2008 FUJIAN PROVINCEMajor Economic Indicators
Notes: 1 In real terms 2 For all state-owned enterprises and other forms with annual sales over RMB 5 million 3 First half of 2008 General Background Fujian is located in the south eastern coast, opposite to Taiwan. It has a total area of 124,000 sq.km. Total population stood at 35.8 million in 2007. The Southeast Fujian's area which comprises five cities and counties -- Fuzhou, Xiamen, Putian, Quanzhou and Zhangzhou, is the economic hub of Fujian, accounting for 75.8% of the province's GDP in 2007. In 2004, Fujian proposed a new strategy - "Westbank Economic Zone", a zone along the west coast of the Taiwan Straits (including parts of Guangdong and Zhejiang provinces) for socio-economic development. Industries Agriculture still plays an important role, although the sector's share in GDP has been decreasing over the years. In volume terms, Fujian is the second largest producer of aquatic products in 2007, only after Guangdong. In 2007, heavy industry accounted for 52% of the total industrial value-added while light industry took up the rest. Composition of GDP (%)
Source: Fujian Statistical Yearbook 2008 Value-added Share of Leading Industry Groups (2007)
Source: Fujian Statistical Yearbook 2008 Within the tertiary sector, finance and insurance was the fastest growing industry in terms of value-added in 2007, recording an increase of 19.5%, followed by the wholesale and trade (+13.9%). Tourism Fujian is rich in tourism resources, such as Wuyi Mountain, Gulangyu Isle, Tailing Golden Lake, etc. In 2007, Fujian received 80.4 million (+18.6%) domestic tourists with tourism receipts of RMB83.8 billion (+20.1%) and 2.7 million (+16.9%) overseas tourists with foreign exchange income of US$2,169 million (+47.5%). Visitors from Hong Kong increased by 17.0% to 0.8 million in 2007. Foreign Trade Major export markets included the US, Japan and Hong Kong. Hong Kong was the third major export market of Fujian in 2007. Fujian・s exports to Hong Kong increased by 17.4% in 2007 to US$3.6 billion. Fujian・s major export items included mechanical & electrical products, automatic data processing equipment, clothing and accessories and footwear etc.
Major import goods included mechanical & electrical products, liquid crystal television, integrate circuit etc. Major import sources included Japan, the US and Malaysia. Fujian・s import from Hong Kong stood at US$138 million in 2007. Foreign Investment Fujian recorded continued increase in inflow of FDI in recent years. Hong Kong is the largest source of FDI in Fujian, accounting for 41.9% of the province・s utilized FDI in 2007. Philippines, US and Singapore are other major investment sources.
Many world leading multinationals such as Kodak, Dell, Boeing, Nokia, Siemens, GE, Swire, TDK, ABB and Panasonic have established a presence in Fujian.
Increasing amounts of foreign investments have been channeled into infrastructure, agriculture, capital & technology-intensive projects in recent years. Given China's WTO commitment to further liberalize its services sector, there are signs that more FDI are engaged in services. For example, the amount of contracted FDI going into "wholesale & retail trade and catering services" increased from US$138 million in 2004 to US$365 million in 2007. The amount of contracted FDI going into "real estate, business and social services" increased from US$681 million in 2004 to US$1,539 million in 2007. Consumer Market In 2007, retail sales of consumer goods rose 17.9% to RMB318.8 billion, annual per capita disposal income of urban households reached RMB15,505 (+12.7%).
Fujian・s consumer expenditure pattern is undergoing structural change, their expenditure on services, such as transportation and communications, and recreation, cultural & education have gained in relative share.
The retail landscape in Fujian is also changing. Apart from traditional department stores, various forms of modern operation such as chain stores, supermarkets, warehouse type hypermarkets and convenience stores are popular. Major overseas-invested retail enterprises in Fujian include Wal-mart from the US, Metro from Germany, Carrefour from France, Osun from France and Trust-mart from Taiwan. Composition of Per Capita Consumption of Urban Household (%)
Source: Fujian Statistical Yearbook 2008 Economic Indicators of Major Cities (2007)
Source: Fujian Statistical Yearbook 2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
