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FUZHOU CITY

Major Economic Indicators

Economic Indicators

2007

2008

Value

Growth
(%, y-o-y)

Value

Growth
(%, y-o-y)

Gross Domestic Product (RMB bn)

197.5

15.11

228.4

13.01

Urban Per Capita Disposable Income (RMB)

16,642

17.11

19,009

16.01

Added Value Output

 

 

 

 

 - primary industry (RMB bn)

21.5

4.81

23.5

4.81

 - secondary industry (RMB bn)

92.1

18.81

108.4

15.81

 - tertiary industry (RMB bn)

83.8

13.61

96.5

11.71

Value-added Industrial Output 2 (RMB bn)

275.2

23.3

326.5

18.3

Fixed-assets Investment (RMB bn)

100.1

36.7

124.9

24.7

Retail Sales (RMB bn)

94.1

21.3

113.4

20.6

Inflation (Consumer Price Index, %)

 

4.4

 

4.4

Exports (US$ bn)

12.3

13.1

13.6

10.4

Imports (US$ bn)

6.3

10.5

6.8

6.7

Newly approved Foreign Direct Investment (US$ bn)

1.3

-7.4

1.5

12.5

Notes: 1 In RMB real terms  2 For enterprises with annual sales over RMB 5 million
Sources: Statistical website of Fujian

General Background

Fuzhou is the capital of the Fujian province. It occupies a land area of around 12,000 sq.km and has a population of 6.6 million. Fuzhou's GDP growth was 13.0% in 2008, contributed mainly by the secondary industry (58.0%), followed by the tertiary industry (38.6%) and the primary industry (3.4%).

Fuzhou has strong trading links with other Chinese coastal ports. Exports of timber, paper and food move through the harbour at Guantou, about 50 km downstream of Fuzhou on the Min River.

Industries

Fuzhou is a major industrial center of Fujian. The major industries in the Jinchao economic development zone are biochemical medicines, machinery, food, textile and solar energy equipment. Other state-level economic development zones include Fuzhou economic technological development zone, Rongqiao economic & technological development zone, Fuzhou hi- & new-tech industrial development zone, Fuzhou Bonded zone, Fuzhou export processing zone, Fuqing Export processing zone, Yuanhong Investment zone and Fuzhou Taiwanese investment zone.

In 2007, value added industrial output was RMB 275.2 billion, with the heavy industries contributing to 59.9% of the total and around 40.1% by the light industries. Leading industries in Fuzhou include the manufacturing of telecommunication and electronic equipment, textile, plastics, transport equipment etc.

Leading Industries 2007 

Leading Industries

% share of gross industrial output

Manufacture of telecommunication equipment, computers and other electronic equipment

19.7

Manufacture of textile

8.5

Electricity & heat generation

8.3

Manufacture of plastics

6.4

Manufacture of transport equipment

6.2

Smelting and pressing of ferrous metals

6.0

Processing of food from agricultural products

5.6

Manufacture of non-metallic mineral products

4.8

Source: Statistical Yearbook of Fuzhou 2008 

Tourism 

Historical sites in Fuzhou include the Hualin Temple, Dizang Temple, Bai Ta and Wu Ta and there are many hot springs in the city. In 2008, it received 8.77 million (+9.3%) domestic tourists and 0.63 million (+10.2%) overseas tourists. 

Foreign Trade and Investment 

Fuzhou's total export amounted to US$13.6 billion in 2008, a y-o-y increase of 10.4%. Major export destinations included the US and EU. Electrical machineries made up about 56% of Fuzhou's total exports with a y-o-y increase of 18.6%, while exports of high-tech products amounted to US$4.5 billion and grew 20%. Total import was US$6.8 million, with a y-o-y increase of 6.7%. 

Taiwan-invested companies are important to the Fuzhou economy, contributing to over 30% of the city's industrial output value and tax revenue in recent years. The Taiwan-investment area in the Fuzhou development zone makes up part of the state-level LED display industrial park and is located in one of the four largest IT industry base in the Chinese mainland. As of end-2008, there were 23 Taiwan-invested projects in the Fuzhou development zone, with a total investment of around US$1.8 billion, making up approximately 28.2% of total foreign-investment in Fuzhou. 

155 foreign-invested projects were approved in 2008. Contracted foreign investment amounted to US$1.5 billion, while utilized foreign investment increased by 43.0% to US$1.0 billion. 

Consumer Market

In nominal terms, Fuzhou's total retail sales of consumer goods increased by 20.6% to RMB113.4 billion in 2008. Urban per capita disposable income increased by 16.0% to reach around RMB 19,000. Consumer durables like air conditioners, colour TVs, fridges, microwaves and other cooking appliances are now very common among urban households which account for 56% of the total population. Ownership of electronic gadgets such as mobile phones, computers and video cameras has steadily increased over the past years.

                   Total retail sales of consumer goods in Fuzhou

Chart 

Fuzhou has a relative young population. While the median age of its population is 25-29, 20% of its population is below 15 year of age and 40% age between 15 and 40.

The Dongbai Group is the leading retail operator in the Fujian province and owns four of the popular retail stores in Fuzhou: Dongbai shopping center, Dongfang department store Yuanhong department store and Qunsheng shopping mall, with sales revenue of more than 50% out of all retail stores in the city. Foreign retailer Carrefour has two stores in Fuzhou, while Wal-Mart has three outlets. Hong Kong-based Watson is also operating in the city. Major mainland electronic retailers such as Gome and Suning have also set up branches in Fuzhou.

East Street is one of the most popular shopping districts, where many of the high-end department stores frequented by locals such as Dongbai, Dayang, Dongfang and Xinhuadu are located. Another favored shopping area is Tai River Road, which has long served as a commodity distribution center and marketplace for various products in Fuzhou.

Fuzhou is a key distribution center of consumer products in the province. By the end of 2007, there were 285 commodity markets or wholesale marts, trading different kinds of consumer products and industrial goods. Total transaction of all markets amounted to RMB 55.4 billion.

The exhibition industry is also steadily developing in Fuzhou. In 2007, a total of 189 exhibitions/fairs were organized, out of which 3 were large-scale international events.

Content provided by Hong Kong Trade Development Council