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Fujian: Market Profile

Major Economic Indicators

Economic Indicators2015Jan - Sep 2016
ValueGrowth
(%, y-o-y)
ValueGrowth
(%, y-o-y)
Gross Domestic Product (RMB bn)2,597.99.011,828.78.41
Per Capita GDP (RMB)67,9668.01
Added Value Output
   Primary industry (RMB bn)211.83.71138.53.71
   Secondary industry (RMB bn)1,306.57.41917.07.61
   Tertiary industry (RMB bn)1,079.712.31773.110.21
Value-added Industrial Output21,016.58.71811.67.81
Fixed-assets Investment (RMB bn)2,162.817.21,680.89.6
Retail Sales (RMB bn)1,050.612.4832.411.1
Inflation (Consumer Price Index, %)1.7
1.6
Exports (US$ bn)113.0-0.479.3-6.6
   By foreign-invested enterprises (US$ bn)39.9-6.226.7-11.3
Imports (US$ bn)56.3-11.939.4-7.3
   By foreign-invested enterprises (US$ bn)26.6-16.916.4-19.4
Utilised Foreign Direct Investment (US$ bn)7.78.06.47.3

Notes:
1. In real terms
2. For all state-owned enterprises and other forms with annual sales over RMB20 million

Sources: Fujian Statistical Yearbook 2016; Fujian Statistical Bureau; China Customs Statistics, 12.2015, 9.2016

 

General Background

Fujian is located in the south eastern coast, opposite to Taiwan. It has a total area of 124,000 sq kilometres. Total population stood at 38.39 million in 2015.

The Southeast Fujian (閩東南) area which comprises five cities and counties – Fuzhou (福州), Xiamen (廈門), Putian (莆田), Quanzhou (泉州) and Zhangzhou (漳州), is the economic hub of Fujian, accounting for 75.6% of the province’s GDP in 2015.

In 2004, Fujian proposed the “Westbank Economic Zone” (海峽西岸經濟區) strategy, a zone along the west coast of the Taiwan Straits (including parts of Guangdong and Zhejiang provinces) for socio-economic development. In May 2009, the State Council passed the Several Opinions on Supporting Fuijian Province to Accelerate Construction of the Economic Zone West of the Taiwan Straits.

The China (Fujian) Pilot Free Trade Zone (FJFTZ) was officially launched in April 2015. The FTZ covers a total area of 118.04 sq kilometres and consists of three areas: Fuzhou Area, Pingtan Area and Xiamen Area. The FJFTZ is positioned to build an innovative cross-Strait co-operation mechanism, and streamline investment management measures in a move to open up to Taiwan and other foreign investors.

Industries

Agriculture still plays a role, although the sector’s share in GDP has been decreasing over the years. In 2015, heavy industry accounted for 47.6% of the total industrial value-added while light industry took up the rest.

Composition of GDP (%)


200520112015
Primary12.69.28.2
Secondary48.551.650.3
   Industry43.343.741.6
Tertiary38.939.241.5

Source: Fujian Statistical Yearbook 2016

Value-added Share of Leading Industry Groups (2015)

 % share of total
industrial added value
Leather, furs, down and related products9.2
Nonmetal mineral products7.5
Telecommunications, computer & other electronic equipment7.2
Agricultural & sideline products processing5.3
Textile industry5.1
Garments5.0
Electrical equipment and machinery4.7
Plastic products3.7

Source: Fujian Statistical Yearbook 2016

Within the tertiary sector, “finance” and “transport, storage and post” were the fast growing industries in terms of value-added in 2015, recording an increase of 13.7% and 16.1% respectively.

Tourism

Fujian is rich in tourism resources, such as Wuyi Mountain (武夷山), Gulangyu Isle (鼓浪嶼), Taining Golden Lake (泰寧大金湖地質公園), etc. In 2015, Fujian received 261 million (+14.2%) domestic tourists with tourism receipts of RMB279.8 billion (+16.3%) and 5.91 million (+8.5%) overseas tourists with foreign exchange income of US$5.6 billion (+13.2%).

Foreign Trade

Major export markets included the US, Hong Kong, Japan, the Philippines, Taiwan and Germany. Hong Kong was the second major export market of Fujian in 2015, accounting for 8.3% of the province’s total exports. Fujian’s exports to Hong Kong in 2015 stood at US$9.4 billion. Fujian’s major export items included machinery and transport equipments, clothing and accessories and footwear etc.

Major import goods included machinery and transport equipments, special, scientific and controlled instruments and equipment. In 2015, major import sources included Taiwan, the US, Japan and Australia. Fujian’s import from Hong Kong stood at US$265 million in 2015.

Foreign Investment

Fujian recorded continued increase in inflow of FDI in recent years. Hong Kong is the largest source of FDI in Fujian, accounting for 61.2% of the province’s utilised FDI in 2015. Taiwan and Singapore were other major investment sources in 2015.

Chart: Utilised FDI of Fujian
Chart: Utilised FDI of Fujian

In terms of registered capitals of foreign-invested enterprises, the manufacturing sector accounted for 53.2% of the total in 2015, followed by real estates at 10.9%.

Consumer Market

In 2015, annual per capita disposal income of urban households reached RMB33,275 (+8.3%).

The retail landscape in Fujian is also changing. Apart from traditional department stores, various forms of modern operation such as chain stores, supermarkets, warehouse type hypermarkets and convenience stores are popular. Major overseas-invested retail enterprises in Fujian include Walmart from the US, Metro (麥德龍) from Germany, Carrefour from France, Auchan (歐尚) from France and Trust-mart (好又多) from Taiwan.

Composition of Per Capita Consumption of Urban Household (%)


2005
2015
Food, cigarettes & drinks40.9
32.9
Clothing8.16.3
Household articles5.25.7
Medicine & medical services5.44.9
Transportation & communications11.912.9
Recreation, cultural & education12.69.8
Residence12.224.7

Source: Fujian Statistical Yearbook 2016

Economic Indicators of Major Cities (2015)

CitiesGDP
(RMB bn)
Per capita GDP
(Rmb)
Value-added
industrial output*
(RMB bn)
Retail Sales
(RMB bn)
Fuzhou (福州)
561.8
75,259
181.7
348.9
Quanzhou (泉州)
 613.8 72,421 284.0 245.9
Xiamen (廈門)
 346.6 90,379 121.9 116.8
Zhangzhou (漳州)
 276.7 55,569 120.5 77.7
Putian (莆田)
 165.6 57,888 75.3 55.9

* For all state-owned and other forms of enterprises with annual sales over RMB20 million.

Source: Fujian Statistical Yearbook 2016

 

 

 

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