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Jiangxi: Market Profile

Major Economic Indicators

Economic Indicators 20172018
ValueGrowth
(%, y-o-y)
ValueGrowth
(%, y-o-y)
Gross Domestic Product (RMB bn)2,000.68.812,198.5
8.71
Per Capita GDP (RMB)43,4248.1147,4348.11
Added Value Output
Primary industry (RMB bn)183.54.41187.73.41
Secondary industry (RMB bn)962.88.211,025.08.31
Tertiary industry (RMB bn)854.310.51985.710.31
Value-added Industrial Output2 (RMB bn)9.118.91
Fixed-assets Investment (RMB bn)2,208.513.311.1
Retail Sales (RMB bn)744.812.3756.611.0
Inflation (Consumer Price Index, %)2.02.1
Exports (US$ bn)32.79.734.04.5
By foreign-invested enterprises (US$ bn)6.57.47.210.8
Imports (US$ bn)11.815.214.320.5
By foreign-invested enterprises (US$ bn)6.414.87.07.8
Utilised Foreign Direct Investment (US$ bn)11.59.812.69.7

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

Sources: Jiangxi Statistical Yearbook 2018, Jiangxi Statistical Bureau, China’s Customs Statistics, National Bureau of Statistics of China

 

General Background

Jiangxi has a total area of 166,900 sq km. Total population stood at 46.22 million by the end of 2017. Jiangxi, abbreviated as Gan (贛), has its capital at Nanchang (南昌).

The Poyang Lake, lying in the northern part of the province, is the largest freshwater lake in China and is known as the "Land of Fish and Rice". It produces lots of rice, cotton, tea, sugarcane, oil-bearing seeds, beans, white lotus, melon seeds, ducks and chicken.

Jiangxi is rich in natural resources. It is a major source of timber and bamboo products in China. The deposits of copper, silver and uranium rank first among provinces of China, while tungsten and gold rank second. It also has ample geothermal energy resources and mineral water.

Jiangxi has been focusing on the development of the areas along the Beijing-Kowloon Railway in recent years. Several industrial bases have been established in the "Golden Triangle Industrial Bases" of Nanchang, Jiujiang and Jingdezhen.

Industries

In recent years, Jiangxi has been pushing forward the strategy of industrialisation. The proportion of industry in GDP increased from 27.7% in 2001 to 46.2% in 2011 before dropping to 39% in 2017. The share of services increased from 33.5% in 2011 to 43% in 2017.

Composition of GDP (%)

 20052017
Primary17.99.2
Secondary47.348.1
Industry35.938.9
Services34.842.7

Source: Jiangxi Statistical Yearbook 2018

The structure of Jiangxi’s industrial output reflects the rich mineral deposits of the province. In 2017, smelting and pressing of ferrous and non-ferrous metal respectively accounted for 4.1% and 17.8% of the total revenue from principal business of the province.

Major Industry Groups (2017)

 % share of total revenue from principal business
Smelting and pressing of non-ferrous metal17.8%
Manufacture of electrical machinery and equipment
8.7%
Manufacture of non-metallic mineral products7.8%
Raw chemical materials & chemical products6.5%
Communication equipment, computers and other electronic equipment5.9%
Processing of agricultural products, food and beverage
5.7%
Manufacture of automotive4.6%
Smelting and pressing of ferrous metal4.1%
Manufacture of medicines3.7%
Manufacture of textiles and garments3.3%

Source: Jiangxi Statistical Yearbook 2018

Jiangxi has benefited greatly from the relocation of military industry from the coastal regions to inland provinces in the 1960s-70s. In 2017, its heavy industry’s output accounted for about 67% of the total revenue from principal business of the province.

Tourism

Jiangxi has very rich historical and cultural heritages, all of which become famous tourist attractions nowadays. Famous scenic spots include: Bailudong Academy (白鹿洞書院), Tengwang Pavilion (滕王閣), Capital of Porcelain-Jingdezhen (瓷都景德鎮), Lushan (廬山), Jinggang Mountains (井岡山) etc.

In 2017, Jiangxi received 1.89 million (+14.6%) overseas tourists bringing revenues of US$630 million (+7.8%). The number of domestic tourists grew 22% in 2017 to 571 million. The revenue from domestic tourism grew by 29.2% to RMB639 billion in 2017.

Jiangxi’s revenue from tourism as a percentage of the tertiary industry in the province’s GDP grew from 16.5% in 2000 to 75.3% in 2017.

Foreign Trade

In 2017, major export markets included the US, Hong Kong, South Korea and Japan. Major exports included electrical machinery & equipment, base metals and related products, textile materials and products, chemical and related products.

Taiwan was the leading source of imports in 2017, followed by Chile, Australia and Japan. Major imports included minerals and machinery.

In 2017, Hong Kong was Jiangxi’s second largest export market. Jiangxi’s exports to Hong Kong reached RMB$21.1 billion, 9.6% of the total exports.

Foreign Investment

Chart: Utilised FDI of Jiangxi
Chart: Utilised FDI of Jiangxi

Among the world’s largest 500 enterprises, 68 have already established presence in Jiangxi by the end of 2017. The Nanchang-Jiujiang Industrial Corridor which is situated along the Nanchang-Jiujiang Expressway has become a popular spot for foreign investment.

In 2017, 56.9% of the utilised FDI went to the manufacturing sector and 10.1% went to the manufacturing of communication equipment, computers and other electronic equipment.

Hong Kong is the largest source of foreign direct investment in Jiangxi. In 2017, utilised investment from Hong Kong amounted to US$8.39 billion (73.2% of the total). Other major investors came from Taiwan and Singapore.

Jiangxi is also a popular destination for relocation of manufacturing plants from the coastal region. In 2016, Jiangxi attracted direct investment from other provinces increased by 12.9%to RMB590.6 billion (for projects with more than RMB100 million investments).

Nanchang (南昌), Jiujiang (九江) and Ganzhou (贛州) were the leading destinations for utilised FDI in 2017. The three cities accounted for 27.7%, 17.3% and 14.5% of the total utilised FDI respectively in 2017.

Consumer Market

In terms of per capita disposable income of urban residents, Jiangxi reached RMB31,198 in 2017 (+6.7%).

Composition of Per Capita Expenditure of Urban Household (%)

 20002017
Food, cigarette and wine44.631.2
Clothing9.48.0
Household articles7.46.2
Medicine & medical services3.75.4
Transportation & communications7.111.2
Recreation, cultural & education11.311.6
Residence11.223.8

Source: Jiangxi Statistical Yearbook 2001, 2018

Major department stores and shopping centres in Jiangxi include Nanchang Department Store Shareholdings Co, Nanchang Rainbow Shopping Centre, Jiujiang Department Store, etc.

Economic Indicators of Major Cities (2017)

CitiesGDP (RMB bn)Per capita disposable income of urban residents (RMB)Gross Industrial Value-added^* (Growth (%, y-o-y))Retail Sales (RMB bn)Export (US$ mn)
Nanchang 南昌
500.337,6759.5209.76,324
Ganzhou 贛州
252.429,5679.188.73,966
Jiujiang 九江
241.332,5929.273.94,124
Yichun 宜春
202.229,8719.266.82,480
Shangrao 上饒
205.531,8539.181.24,612
Jingdezhen 景德
87.834,2838.933.6813

^ In real terms * For all state-owned and other forms of enterprises with annual sales over RMB20 million.
Source: Jiangxi Statistical Yearbook 2018, China's Customs Statistics

 

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