Page 134 - 2024 Special Report on the State of Business in South China
P. 134
ian
The economy Market highlights
Locatedin the south-eastern coast Fujian’s industrial production continued to
of the Chinese mainland, recover steadily in 2022, with the industrial added
Fujian is close to Taiwan, and two regions share value increased by 4.9% YoY42. In recent years,
the same origin of Hokkien language and culture. Fujian also focuses more on the strategic emerging
Xiamen SEZ, as the economic hub, is in the industries, including new generation information
southeast of Fujian. The total area of Fujian is technology, new energy industry, new material
around 124,099km2, with a population at 41.9 industry, biology and new medicine industry.
million in 202238. As one of the fastest growing
provinces since China’s economic reform, the Service industry is also the main driver of
economy size of Fujian ranked eighth in China with Fujian’s economic expansion. In 2022, the added
the GDP reached around RMB5.3 trillion (US$0.8 value of the province’s service industry grew 4%
trillion) in 202239. In H1 2023, Fujian continued YoY43. In terms of sectors, the wholesale and retail
to recover and progress steadily, with the GDP grew 7.4% YoY, financial sector grew 6.7% YoY, and
achieving 3.8% YoY growth40. In the following accommodation and catering sector grew 2.9%
journey of the 14th Five-Year Plan and Long-Range YoY, respectively.
Objectives Through the Year 2035, Fujian aims
to deliver high-quality, efficient, and sustainable The Fujian government makes its efforts on
development on all fronts, and speed up the
transformation of innovation driven economy and attracting foreign investments in 13 industries,
modern industrial system41.
namely electronics and information technology,
Fig 8 Fujian ranked eighth out of China’s 31
provinces, by size of economy machinery equipment, petrochemicals,
metal processing, ship building, new energy,
pharmaceuticals (traditional Chinese medicine),
logistics, new materials, construction materials
and textiles44. In 2022, Fujian’s utilization of
foreign investment reached US$4.99 billion with
1.8% YoY growth.
Source: NBS, EY analysis 42 Government report of Fujian, http://tjj.fujian.
gov.cn/xxgk/tjgb/202303/t20230313_6130081.htm
38 Statistics Bureau of Fujian, http://www.fujian. 43 Statistics Bureau of Fujian, http://tjj.fujian.gov.
gov.cn/zjfj/ cn/xxgk/tjgb/202303/t20230313_6130081.htm
39 Statistics Bureau of Fujian, http://tjj.fujian.gov. 44 Fuzhou Customs District, http://fu-
cn/xxgk/tjgb/202203/t20220308_5854870.htm zhou.customs.gov.cn/fuzhou_customs/zfxx
40 Statistics Bureau of Fujian, http://tjj.fujian.gov. gk19/2963574/2963954/484131/3950330/index.html
cn/xxgk/tjxx/jjyxqk/202307/t20230720_6211270.htm
41 Government site of Fujian, https://fu-
jian.gov.cn/zwgk/zfxxgk/szfwj/szfgz/202103/
t20210319_5552893.htm
134
The economy Market highlights
Locatedin the south-eastern coast Fujian’s industrial production continued to
of the Chinese mainland, recover steadily in 2022, with the industrial added
Fujian is close to Taiwan, and two regions share value increased by 4.9% YoY42. In recent years,
the same origin of Hokkien language and culture. Fujian also focuses more on the strategic emerging
Xiamen SEZ, as the economic hub, is in the industries, including new generation information
southeast of Fujian. The total area of Fujian is technology, new energy industry, new material
around 124,099km2, with a population at 41.9 industry, biology and new medicine industry.
million in 202238. As one of the fastest growing
provinces since China’s economic reform, the Service industry is also the main driver of
economy size of Fujian ranked eighth in China with Fujian’s economic expansion. In 2022, the added
the GDP reached around RMB5.3 trillion (US$0.8 value of the province’s service industry grew 4%
trillion) in 202239. In H1 2023, Fujian continued YoY43. In terms of sectors, the wholesale and retail
to recover and progress steadily, with the GDP grew 7.4% YoY, financial sector grew 6.7% YoY, and
achieving 3.8% YoY growth40. In the following accommodation and catering sector grew 2.9%
journey of the 14th Five-Year Plan and Long-Range YoY, respectively.
Objectives Through the Year 2035, Fujian aims
to deliver high-quality, efficient, and sustainable The Fujian government makes its efforts on
development on all fronts, and speed up the
transformation of innovation driven economy and attracting foreign investments in 13 industries,
modern industrial system41.
namely electronics and information technology,
Fig 8 Fujian ranked eighth out of China’s 31
provinces, by size of economy machinery equipment, petrochemicals,
metal processing, ship building, new energy,
pharmaceuticals (traditional Chinese medicine),
logistics, new materials, construction materials
and textiles44. In 2022, Fujian’s utilization of
foreign investment reached US$4.99 billion with
1.8% YoY growth.
Source: NBS, EY analysis 42 Government report of Fujian, http://tjj.fujian.
gov.cn/xxgk/tjgb/202303/t20230313_6130081.htm
38 Statistics Bureau of Fujian, http://www.fujian. 43 Statistics Bureau of Fujian, http://tjj.fujian.gov.
gov.cn/zjfj/ cn/xxgk/tjgb/202303/t20230313_6130081.htm
39 Statistics Bureau of Fujian, http://tjj.fujian.gov. 44 Fuzhou Customs District, http://fu-
cn/xxgk/tjgb/202203/t20220308_5854870.htm zhou.customs.gov.cn/fuzhou_customs/zfxx
40 Statistics Bureau of Fujian, http://tjj.fujian.gov. gk19/2963574/2963954/484131/3950330/index.html
cn/xxgk/tjxx/jjyxqk/202307/t20230720_6211270.htm
41 Government site of Fujian, https://fu-
jian.gov.cn/zwgk/zfxxgk/szfwj/szfgz/202103/
t20210319_5552893.htm
134
