Page 82 - 2019 Special Report on the State of Business in South China
P. 82
ian Province
The Economy The Fujian government focuses its effort on attracting
foreign investment in 13 industries, namely electronics
Fujian is located in the south-eastern coast and information technology, machinery equipment,
of the Mainland, opposite to Taiwan. petrochemicals, metal processing, shipbuilding, new
It has a total area of 124,000 square kilometers. Total energy, pharmaceutical (traditional Chinese medicine),
population stood at 39.11 million in 2017. The Southeast logistics, new material, construction material and textile.
Fujian area which comprises five cities and counties – Tourism development is also a focus in the government’s
Fuzhou, Xiamen, Putian, Quanzhou and Zhangzhou, is work report, with emphasis on its natural and relatively
the economic hub of Fujian, accounting for 76.5% of the unpolluted environment such as Wuyi Mountain,
province’s GDP in 2017. Gulangyu Isle, and Taining Golden Lake. In 2017, Fujian
received 375 million (+21.6%) domestic tourists with
In 2017, Fujian ranked 10th out of China’s 31 tourism receipts of 457.1 billion yuan (+30.8%) and 7.8
provinces by size of economy. Up from 22nd in 1978, million (+13.9%) non-Mainland tourists with foreign
Fujian has been one of the fastest growing provinces exchange income of US$7.6 billion (+14.5%).
since China’s economic reform. In particular, Fujian’s
economy maintained steady growth relative to the Similar to Guangdong, its coastal position and strong
other provinces since the 18th National Party Congress connections to Taiwan made Fujian an export-facing
in 2012, indicating that the significant contribution that province. In 2017, merchandize exports amounted to
comes from infrastructure upgrade, service sector and 22.1% of Fujian’s GDP, below only Guangdong and the
technology advancement to the provincial economy. Yangtze delta provinces. Major export markets included
the US, Hong Kong, Japan, the Philippines, Taiwan
By industry, Fujian’s economy is dominated by the and Germany. Fujian’s major export items included
industrial sector which accounted for close to half of the machinery and transport equipment, clothing and
economy. It includes traditional industries such as leather accessories and footwear. Thanks in part to its proximity
products, mineral products, agricultural non-staple food and historical connections with Taiwan, Fujian is also
processing, and textile. The role of traditional industries one of the leading recipients in terms of foreign direct
such as petrochemicals and machinery production investments.
(including automobiles and sea vessels), as well as
ferrous and non-ferrous metal, textiles, and garment Recent Policies and Reforms
production remains strong. In the service sector, finance
and logistics were the fast-growing industries in terms of Plan for Further Promoting the Reform
value-added in 2017, recording an increase of 11% and and Opening-up of the China (Fujian) Pilot
8.9% respectively. Free Trade Zone
Meanwhile, new industries are fast catching up, The construction of the China (Fujian) Pilot Free
especially for high value-added manufacturing, under Trade Zone (the “pilot FTZ”) has made phased progress
the direct support of favorable government policy. In and realized expected goals in general since its
2017, Fujian’s value-added of hi-tech industries increased operation. The Plan is formulated to implement the
by 12.5% Year-on-year, up 0.8% from the previous year. decisions and plans of the Central Committee of the
The electronic industry is particularly concentrated at Communist Party of China (CPC) and the State Council,
Fuzhou, which as one of the world’s largest production further deepen the reform and opening-up of the
base for LCD display screens, is also home to world pilot FTZ and enhance the cross-Straits economic and
famous tech enterprises including TPV Technology, cultural exchange and cooperation.
Castech, and Rockchip Semiconductors.
82
The Economy The Fujian government focuses its effort on attracting
foreign investment in 13 industries, namely electronics
Fujian is located in the south-eastern coast and information technology, machinery equipment,
of the Mainland, opposite to Taiwan. petrochemicals, metal processing, shipbuilding, new
It has a total area of 124,000 square kilometers. Total energy, pharmaceutical (traditional Chinese medicine),
population stood at 39.11 million in 2017. The Southeast logistics, new material, construction material and textile.
Fujian area which comprises five cities and counties – Tourism development is also a focus in the government’s
Fuzhou, Xiamen, Putian, Quanzhou and Zhangzhou, is work report, with emphasis on its natural and relatively
the economic hub of Fujian, accounting for 76.5% of the unpolluted environment such as Wuyi Mountain,
province’s GDP in 2017. Gulangyu Isle, and Taining Golden Lake. In 2017, Fujian
received 375 million (+21.6%) domestic tourists with
In 2017, Fujian ranked 10th out of China’s 31 tourism receipts of 457.1 billion yuan (+30.8%) and 7.8
provinces by size of economy. Up from 22nd in 1978, million (+13.9%) non-Mainland tourists with foreign
Fujian has been one of the fastest growing provinces exchange income of US$7.6 billion (+14.5%).
since China’s economic reform. In particular, Fujian’s
economy maintained steady growth relative to the Similar to Guangdong, its coastal position and strong
other provinces since the 18th National Party Congress connections to Taiwan made Fujian an export-facing
in 2012, indicating that the significant contribution that province. In 2017, merchandize exports amounted to
comes from infrastructure upgrade, service sector and 22.1% of Fujian’s GDP, below only Guangdong and the
technology advancement to the provincial economy. Yangtze delta provinces. Major export markets included
the US, Hong Kong, Japan, the Philippines, Taiwan
By industry, Fujian’s economy is dominated by the and Germany. Fujian’s major export items included
industrial sector which accounted for close to half of the machinery and transport equipment, clothing and
economy. It includes traditional industries such as leather accessories and footwear. Thanks in part to its proximity
products, mineral products, agricultural non-staple food and historical connections with Taiwan, Fujian is also
processing, and textile. The role of traditional industries one of the leading recipients in terms of foreign direct
such as petrochemicals and machinery production investments.
(including automobiles and sea vessels), as well as
ferrous and non-ferrous metal, textiles, and garment Recent Policies and Reforms
production remains strong. In the service sector, finance
and logistics were the fast-growing industries in terms of Plan for Further Promoting the Reform
value-added in 2017, recording an increase of 11% and and Opening-up of the China (Fujian) Pilot
8.9% respectively. Free Trade Zone
Meanwhile, new industries are fast catching up, The construction of the China (Fujian) Pilot Free
especially for high value-added manufacturing, under Trade Zone (the “pilot FTZ”) has made phased progress
the direct support of favorable government policy. In and realized expected goals in general since its
2017, Fujian’s value-added of hi-tech industries increased operation. The Plan is formulated to implement the
by 12.5% Year-on-year, up 0.8% from the previous year. decisions and plans of the Central Committee of the
The electronic industry is particularly concentrated at Communist Party of China (CPC) and the State Council,
Fuzhou, which as one of the world’s largest production further deepen the reform and opening-up of the
base for LCD display screens, is also home to world pilot FTZ and enhance the cross-Straits economic and
famous tech enterprises including TPV Technology, cultural exchange and cooperation.
Castech, and Rockchip Semiconductors.
82
