24 Jan 2018
Jiangxi: Market Profile
Major Economic Indicators
|Economic Indicators||2016||Jan - Nov 2017|
|Gross Domestic Product (RMB bn)||1,849.9||9.01||1,472.53||9.01|
|Per Capita GDP (RMB)||40,400||8.41||—||—|
|Added Value Output|
|Primary industry (RMB bn)||190.5||4.21||—||—|
|Secondary industry (RMB bn)||883.0||8.5 1||—||—|
|Tertiary industry (RMB bn)||776.5||11.11||—||—|
|Value-added Industrial Output2 (RMB bn)||780.4||9.01||—||9.01|
|Fixed-assets Investment (RMB bn)||1,937.9||14.0||2,001.9||12.3|
|Retail Sales (RMB bn)||663.5||12.0||666.5||12.3|
|Inflation (Consumer Price Index, %)||—||2.0||—||2.0|
|Exports (US$ bn)||29.8||-10.0||31.4||14.4|
|By foreign-invested enterprises (US$ bn)||6.1||-12.5||6.0||10.3|
|Imports (US$ bn)||10.3||10.5||10.8||19.2|
|By foreign-invested enterprises (US$ bn)||5.6||-2.6||5.8||17.4|
|Utilised Foreign Direct Investment (US$ bn)||10.4||10.2||9.9||9.6|
1 In real terms
2 For all state-owned enterprises and other forms with annual sales over RMB20 million
3 Jan-Sep 2017
Sources: Jiangxi Statistical Yearbook 2017, Jiangxi Statistical Bureau, China’s Customs Statistics 12.2016, 11.2017
General Background Jiangxi has a total area of 166,900 sq km. Total population stood at 45.92 million by the end of 2016. 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.
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 2016. The share of services increased from 33.5% in 2011 to 42% in 2016.
Composition of GDP (%)
Source: Jiangxi Statistical Yearbook 2017
The structure of Jiangxi’s industrial output reflects the rich mineral deposits of the province. In 2016, smelting and pressing of ferrous and non-ferrous metal accounted for 17.6% of the gross industrial output.
Major Industry Groups (2016)
|% share of gross industrial output|
|Smelting and pressing of non-ferrous metal||14.3|
|Processing of agricultural products, food and beverage||9.3|
|Manufacture of non-metallic mineral products||8.8|
|Raw chemical materials & chemical products||8.0|
|Manufacture of textiles and garments||7.9|
|Manufacture of electrical machinery and equipment||7.6|
|Communication equipment, computers and other electronic equipment||5.7|
|Manufacture of automotive||4.0|
|Manufacture of medicines||3.5|
|Smelting and pressing of ferrous metal||3.3|
Source: Jiangxi Statistical Yearbook 2017
Jiangxi has benefited greatly from the relocation of military industry from the coastal regions to inland provinces in the 1960s-70s. In 2016, its heavy industry’s output accounted for about 64% of the gross industrial output value.
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 2016, Jiangxi received 1.65 million (+6.2%) overseas tourists bringing revenues of US$584 million (+3.1%). The number of domestic tourists grew 22% in 2015 to 469 million. The revenue from domestic tourism grew by 37.5% to RMB495 billion in 2016.
Jiangxi’s revenue from tourism as a percentage of the tertiary industry in the province’s GDP grew from 16.5% in 2000 to 64.3% in 2016.
In 2016, major export markets included the US, Hong Kong, South Korea and Malaysia. 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 2016, followed by Chile, South Korea and Japan. Major imports included minerals and machinery.
In 2016, Hong Kong was Jiangxi’s second largest export market. Jiangxi’s exports to Hong Kong reached RMB$23.6 billion, 12% of the total exports.
Among the world’s largest 500 enterprises, 66 have already established presence in Jiangxi by the end of 2016. The Nanchang-Jiujiang Industrial Corridor which is situated along the Nanchang-Jiujiang Expressway has become a popular spot for foreign investment.
In 2016, 64.7% of the utilised FDI went to the manufacturing sector and 14.5% 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 2016, utilised investment from Hong Kong amounted to US$8.63 billion (82.6% of the total). Other major investors came from Taiwan and the UK.
Jiangxi is also a popular destination for relocation of manufacturing plants from the coastal region. In 2016, Jiangxi attracted direct investment from other provinces increased by 12.9%to RMB590.6 billion (for projects with more than RMB100 million investments).
Nanchang (南昌), Jiujiang (九江) and Ganzhou (贛州) were the leading destinations for utilised FDI in 2016. The three cities accounted for 27.7%, 17.3% and 14.5% of the total utilised FDI respectively in 2016.
In terms of per capita disposable income of urban residents, Jiangxi reached RMB28,673 in 2016 (+8.2%).
Composition of Per Capita Expenditure of Urban Household (%)
|Food, cigarette and wine||44.6||32.0|
|Medicine & medical services||3.7||5.0|
|Transportation & communications||7.1||13.1|
|Recreation, cultural & education||11.3||11.1|
Source: Jiangxi Statistical Yearbook 2001, 2017
Major department stores and shopping centres in Jiangxi include Nanchang Department Store Shareholdings Co, Nanchang Rainbow Shopping Centre, Jiujiang Department Store, etc. Besides, various forms of operations such as chain stores, supermarkets are gaining popularity in Jiangxi.
Economic Indicators of Major Cities (2016)
|Cities||GDP (RMB bn)||Per capita GDP (RMB)||Gross Industrial Output* (RMB bn)||Retail Sales (RMB bn)||Export (US$ mn)|
|Nanchang 南昌 ||440.2||82,472||611.4||186.8||5,789|
|Ganzhou 贛州 ||220.7||25,761||351.3||79.0||3,397|
|Jiujiang 九江 ||210.4||43,502||532.8||65.7||4,299|
|Yichun 宜春 ||178.2||32,269||404.5||59.6||2,355|
|Shangrao 上饒 ||181.8||26,996||322.4||72.1||3,833|
|Jingdezhen 景德 ||85.0||51,561||117.9||30.1||645|
* For all state-owned and other forms of enterprises with annual sales over RMB20 million.
Source: Jiangxi Statistical Yearbook, 2017