Page 92 - 2022 Special Report on the State of Business in South China
P. 92
billion with 10.3% YoY growth, and it steadily grew Key Economic Targets:
in the first 8 months of 2021, the amount reached
RMB26.7 billion and completed 72.5% of the annual - An annual GDP growth around 6.3% YoY.
target. The high-tech industry showed 41.9% increase
in utilizing foreign investment, among which the - The value-added of service industry
R&D & design service, and the medical equipment accounts for over 50%.
& instrument manufacturing industry registered
1,831.9% and 296% growth respectively. The service - Investment in R&D growth by 18% YoY.
industry, at the same time, also maintained a strong
recovery with 48.5% YoY growth, thanks to the FDI - The value-added of digital economy growth
inflows to the large-scale projects37. In terms of by 3% YoY.
trade, Fujian’s import and export trade total reached
RMB1,403.6 billion with 5.5% YoY growth in 2020, and - The urbanization reaches 71.5%.
recovered rapidly in the first 9 months of 2021 as
well, with the amount reaching RMB1,359.5 billion by - Average annual growth of disposable
33.7% YoY growth38. income per capita reaches over 7%.
Recent Policies and Reforms Nine Priorities40:
The Outline of the 14th Five-Year Plan - Vigorously advance scientific and
(2021-2025) for Fujian Economic and So- technological innovation to speed up Fujian’s
cial Development and the Long-Range transformation into an innovation-driven economy.
Objectives Through the Year 203539.
- Continuously optimize industrial structure
On 2 March 2021, the Outline of the 14th Five- and accelerate the development of modern
Year Plan (2021-2025) for Fujian Economic and industrial systems.
Social Development and the Long-Range Objectives
Through the Year 2035 was released. It reviews - Stay focused on the fundamental strategy
the achievements of the 13th Five-Year Plan and of expanding domestic demand to continuously
sets main targets and specific strategies for the stimulate endogenous economic growth.
economic and social development of the whole
province. Specifically: - Pursue further reform and opening-up in
all respects and facilitate the concentration of high-
Main Objectives: quality production factors.
Fujian aims to deliver high-quality leapfrog - Redress development imbalances and
development on all fronts when China realizes inadequacies and redouble efforts to advance
socialist modernization by 2035. Particularly, coordinated urban-rural development.
Fujian will accelerate the shift of economic
growth models and drivers, as well as expand - Build Fujian into an eco-province and
its lead in overall economy size and further contribute more to the Beautiful China initiative.
strengthen efficient, equitable, sustainable, and
secure development. - Ensure and improve people’s wellbeing
and open new prospects for social development.
37 Invest Fujian, https://fdi.swt.fujian.gov.cn/
show-11734.html 40 Government site of Fujian, https://www.
38 Fuzhou Customs District, http://fu- fujian.gov.cn/english/FujianInfo/FujianNews/202102/
zhou.customs.gov.cn/fuzhou_customs/zfxx t20210210_5534940.htm
gk19/2963574/2963954/484131/3950330/index.html
39 Government site of Fujian, https://fu-
jian.gov.cn/zwgk/zfxxgk/szfwj/szfgz/202103/
t20210319_5552893.htm
92
in the first 8 months of 2021, the amount reached
RMB26.7 billion and completed 72.5% of the annual - An annual GDP growth around 6.3% YoY.
target. The high-tech industry showed 41.9% increase
in utilizing foreign investment, among which the - The value-added of service industry
R&D & design service, and the medical equipment accounts for over 50%.
& instrument manufacturing industry registered
1,831.9% and 296% growth respectively. The service - Investment in R&D growth by 18% YoY.
industry, at the same time, also maintained a strong
recovery with 48.5% YoY growth, thanks to the FDI - The value-added of digital economy growth
inflows to the large-scale projects37. In terms of by 3% YoY.
trade, Fujian’s import and export trade total reached
RMB1,403.6 billion with 5.5% YoY growth in 2020, and - The urbanization reaches 71.5%.
recovered rapidly in the first 9 months of 2021 as
well, with the amount reaching RMB1,359.5 billion by - Average annual growth of disposable
33.7% YoY growth38. income per capita reaches over 7%.
Recent Policies and Reforms Nine Priorities40:
The Outline of the 14th Five-Year Plan - Vigorously advance scientific and
(2021-2025) for Fujian Economic and So- technological innovation to speed up Fujian’s
cial Development and the Long-Range transformation into an innovation-driven economy.
Objectives Through the Year 203539.
- Continuously optimize industrial structure
On 2 March 2021, the Outline of the 14th Five- and accelerate the development of modern
Year Plan (2021-2025) for Fujian Economic and industrial systems.
Social Development and the Long-Range Objectives
Through the Year 2035 was released. It reviews - Stay focused on the fundamental strategy
the achievements of the 13th Five-Year Plan and of expanding domestic demand to continuously
sets main targets and specific strategies for the stimulate endogenous economic growth.
economic and social development of the whole
province. Specifically: - Pursue further reform and opening-up in
all respects and facilitate the concentration of high-
Main Objectives: quality production factors.
Fujian aims to deliver high-quality leapfrog - Redress development imbalances and
development on all fronts when China realizes inadequacies and redouble efforts to advance
socialist modernization by 2035. Particularly, coordinated urban-rural development.
Fujian will accelerate the shift of economic
growth models and drivers, as well as expand - Build Fujian into an eco-province and
its lead in overall economy size and further contribute more to the Beautiful China initiative.
strengthen efficient, equitable, sustainable, and
secure development. - Ensure and improve people’s wellbeing
and open new prospects for social development.
37 Invest Fujian, https://fdi.swt.fujian.gov.cn/
show-11734.html 40 Government site of Fujian, https://www.
38 Fuzhou Customs District, http://fu- fujian.gov.cn/english/FujianInfo/FujianNews/202102/
zhou.customs.gov.cn/fuzhou_customs/zfxx t20210210_5534940.htm
gk19/2963574/2963954/484131/3950330/index.html
39 Government site of Fujian, https://fu-
jian.gov.cn/zwgk/zfxxgk/szfwj/szfgz/202103/
t20210319_5552893.htm
92
