Page 90 - 2023 Special Report on the State of Business in South China
P. 90
ian
The economy Market highlights
Locatedin the south-eastern coast Fujian’s industrial production continued to
of the Chinese mainland, recover steadily in 2021, with the industrial added
Fujian is close to Taiwan, and two regions share value increased by 9.9% YoY, 0.3 percentage points
the same origin of Hokkien language and culture. higher than the national average33. In recent years,
Xiamen SEZ, as the economic hub, is in the Fujian also focuses more on the strategic emerging
southeast of Fujian. The total area of Fujian is industries, including new generation information
around 124,000km2, with a population at 41.9 technology, new energy industry, new material
million in 202129. As one of the fastest growing industry, biology and new medicine industry.
provinces since China’s economic reform, the
economy size of Fujian ranked eighth in China Service industry is also the main driver of
with the GDP reached around RMB4.9 trillion Fujian’s economic expansion. In 2021, the added
(US$0.8 trillion) in 202130. In the first half of 2022, value of the province's service industry grew 8.8%
Fujian continued to recover and progress steadily, from 2020. In terms of sectors, the transportation,
with the GDP achieving 4.6% YoY growth31. In storage and postal service grew 13.1%, wholesale
the following journey of the 14th Five-Year Plan and retail grew 15.4%, accommodation and
and Long-Range Objectives Through the Year catering grew 14.2%, information transmission,
2035, Fujian aims to deliver high-quality, efficient, software, and information technology grew
and sustainable development on all fronts, and 17.4%, and leasing and business services grew
speed up the transformation of innovation driven 7.9%, respectively.
economy and modern industrial system32.
The Fujian government makes its efforts on
Fig 8 Fujian ranked eighth out of China’s 31
provinces, by size of economy attracting foreign investments in 13 industries,
Source: Wind, EY analysis namely electronics and information technology,
machinery equipment, petrochemicals,
metal processing, ship building, new energy,
pharmaceuticals (traditional Chinese medicine),
logistics, new materials, construction materials
and textiles34. In 2021, Fujian’s utilization of foreign
investment reached RMB36.9 billion with 6.1% YoY
growth, with service industry registered the fastest
growth of 27.5% YoY.
29 Statistics Bureau of Fujian, http://www.fujian. 33 Government report of Fujian, http://www.
gov.cn/zjfj/ fujian.gov.cn/xwdt/fjyw/202203/t20220313_5858373.
30 Statistics Bureau of Fujian, http://tjj.fujian.gov. htm
cn/xxgk/tjgb/202203/t20220308_5854870.htm 34 Fuzhou Customs District, http://fu-
31 Government site of Fujian, https://www.fujian. zhou.customs.gov.cn/fuzhou_customs/zfxx
gov.cn/ssp/main/index.html?key=gdp&siteId=ff808081 gk19/2963574/2963954/484131/3950330/index.html
624641aa0162476c0e0e0055&isMain=#keyWord=gdp
32 Government site of Fujian, https://fu-
jian.gov.cn/zwgk/zfxxgk/szfwj/szfgz/202103/
t20210319_5552893.htm
90
The economy Market highlights
Locatedin the south-eastern coast Fujian’s industrial production continued to
of the Chinese mainland, recover steadily in 2021, with the industrial added
Fujian is close to Taiwan, and two regions share value increased by 9.9% YoY, 0.3 percentage points
the same origin of Hokkien language and culture. higher than the national average33. In recent years,
Xiamen SEZ, as the economic hub, is in the Fujian also focuses more on the strategic emerging
southeast of Fujian. The total area of Fujian is industries, including new generation information
around 124,000km2, with a population at 41.9 technology, new energy industry, new material
million in 202129. As one of the fastest growing industry, biology and new medicine industry.
provinces since China’s economic reform, the
economy size of Fujian ranked eighth in China Service industry is also the main driver of
with the GDP reached around RMB4.9 trillion Fujian’s economic expansion. In 2021, the added
(US$0.8 trillion) in 202130. In the first half of 2022, value of the province's service industry grew 8.8%
Fujian continued to recover and progress steadily, from 2020. In terms of sectors, the transportation,
with the GDP achieving 4.6% YoY growth31. In storage and postal service grew 13.1%, wholesale
the following journey of the 14th Five-Year Plan and retail grew 15.4%, accommodation and
and Long-Range Objectives Through the Year catering grew 14.2%, information transmission,
2035, Fujian aims to deliver high-quality, efficient, software, and information technology grew
and sustainable development on all fronts, and 17.4%, and leasing and business services grew
speed up the transformation of innovation driven 7.9%, respectively.
economy and modern industrial system32.
The Fujian government makes its efforts on
Fig 8 Fujian ranked eighth out of China’s 31
provinces, by size of economy attracting foreign investments in 13 industries,
Source: Wind, EY analysis namely electronics and information technology,
machinery equipment, petrochemicals,
metal processing, ship building, new energy,
pharmaceuticals (traditional Chinese medicine),
logistics, new materials, construction materials
and textiles34. In 2021, Fujian’s utilization of foreign
investment reached RMB36.9 billion with 6.1% YoY
growth, with service industry registered the fastest
growth of 27.5% YoY.
29 Statistics Bureau of Fujian, http://www.fujian. 33 Government report of Fujian, http://www.
gov.cn/zjfj/ fujian.gov.cn/xwdt/fjyw/202203/t20220313_5858373.
30 Statistics Bureau of Fujian, http://tjj.fujian.gov. htm
cn/xxgk/tjgb/202203/t20220308_5854870.htm 34 Fuzhou Customs District, http://fu-
31 Government site of Fujian, https://www.fujian. zhou.customs.gov.cn/fuzhou_customs/zfxx
gov.cn/ssp/main/index.html?key=gdp&siteId=ff808081 gk19/2963574/2963954/484131/3950330/index.html
624641aa0162476c0e0e0055&isMain=#keyWord=gdp
32 Government site of Fujian, https://fu-
jian.gov.cn/zwgk/zfxxgk/szfwj/szfgz/202103/
t20210319_5552893.htm
90
