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Jiangxi: Market Profile

Major Economic Indicators

Economic Indicators2015Jan-Sep 2016
ValueGrowth
(%, y-o-y)
ValueGrowth
(%, y-o-y)
Gross Domestic Product (RMB bn)1,672.49.111,258.79.11
Per Capita GDP (RMB)36,7248.51
Added Value Output
   Primary industry (RMB bn)177.33.91110.14.31
   Secondary industry (RMB bn)841.29.41627.58.81
   Tertiary industry (RMB bn)653.910.11521.110.51
Value-added Industrial Output2 (RMB bn)726.99.21528.29.11
Fixed-assets Investment (RMB bn)1,738.815.31,445.414.2
Retail Sales (RMB bn)592.612.0457.711.9
Inflation (Consumer Price Index, %)1.51.8
Exports (US$ bn)33.13.424.2-4.1
   By foreign-invested enterprises (US$ bn)7.01.84.4-11.0
Imports (US$ bn)9.3-12.87.38.8
   By foreign-invested enterprises (US$ bn)5.8-7.43.9-4.0
Utilised Foreign Direct Investment (US$ bn)9.512.17.611.4

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

Sources: Jiangxi Statistical Yearbook 2016, Jiangxi Statistical Bureau, China’s Customs Statistics 12.2015, 9.2016

 

General Background

Jiangxi has a total area of 166,900 sq kilometres. Total population stood at 45.65 million by the end of 2015. 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 41.4% in 2015. The share of services increased from 33.5% in 2011 to 39.1% in 2015.

Composition of GDP (%)

 20052015
Primary17.910.6
Secondary47.350.3
   Industry35.941.4
Services34.839.1

Source: Jiangxi Statistical Yearbook 2016

The structure of Jiangxi’s industrial output reflects the rich mineral deposits of the province. In 2015, smelting and pressing of ferrous and non-ferrous metal accounted for 19.2% of the gross industrial output.

Major Industry Groups (2015)

 % share of gross
industrial output
Smelting and pressing of non-ferrous metal15.7
Processing of agricultural products, food and beverage9.2
Manufacture of non-metallic mineral products8.7
Raw chemical materials & chemical products8.0
Manufacture of textiles and garments8.0
Manufacture of electrical machinery and equipment7.2
Communication equipment, computers and other electronic equipment4.8
Manufacture of medicines3.6
Manufacture of automotive3.6
Smelting and pressing of ferrous metal3.5

Source: Jiangxi Statistical Yearbook 2016

Jiangxi has benefited greatly from the relocation of military industry from the coastal regions to inland provinces in the 1960s-70s. In 2015, its heavy industry’s output accounted for 64% of the gross industrial output value.

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 2015, Jiangxi received 1.55 million (-9.5%) overseas tourists bringing revenues of US$567 million (+1.8%). The number of domestic tourists grew 23.5% in 2015 to 384 million. The revenue from domestic tourism grew by 37.7% to RMB360 billion in 2015.

Jiangxi’s revenue from tourism as a percentage of the tertiary industry in the province’s GDP grew from 16.5% in 2000 to 55.6% in 2015.

Foreign Trade

In 2015, major export markets included Hong Kong, the US, Malaysia and South Korea. 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 2015, followed by Chile, South Korea and Japan. Major imports included minerals and machinery.

In 2015, Hong Kong was Jiangxi’s largest export market. Jiangxi’s exports to Hong Kong reached US$4,518 million (-16%). Imports from Hong Kong stood at US$73.63 million.

Foreign Investment

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

Among the world’s largest 500 enterprises, 65 have already established presence in Jiangxi by the end of 2015. The Nanchang-Jiujiang Industrial Corridor which is situated along the Nanchang-Jiujiang Expressway has become a popular spot for foreign investment.

In 2015, 69.2% of the utilised FDI went to the manufacturing sector and 13% 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 2015, Hong Kong investors signed 510 contracts (79.7% of the total) with a US$6,053 million contracted amount of investment (82.2% of the total). Utilised investment from Hong Kong amounted to US$7,587 million in 2015 (80% of the total). Other major investors came from Taiwan, Japan and Singapore.

Jiangxi is also a popular destination for relocation of manufacturing plants from the coastal region. In 2015, Jiangxi attracted direct investment from other provinces increased by 19.8%to RMB465.4 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 2015. The three cities accounted for 27.6%, 17.2% and 14.5% of the total utilised FDI respectively in 2015.

Consumer Market

In terms of per capita disposable income of urban residents, Jiangxi reached RMB26,500 in 2015 (+9%).

Composition of Per Capita Expenditure of Urban Household (%)

 20002015
Food, cigarette and wine44.6
32.3
Clothing9.48.8
Household articles7.46.0
Medicine & medical services3.75.0
Transportation & communications7.112.5
Recreation, cultural & education11.311.2
Residence11.221.6

Source: Jiangxi Statistical Yearbook 2001, 2016

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 (2015)

CitiesGDP
(RMB bn)
Per capita GDP (RMB)Gross Industrial Output*
(RMB bn)
Retail Sales
(RMB bn)
Export
(US$ mn)
Nanchang (南昌) 400.075,879544.7167.18,501
Ganzhou (赣州) 197.423,148316.870.93,386
Jiujiang (九江) 190.339,505487.558.14,934
Yichun (宜春) 162.129,457358.253.32,399
Shangrao (上饒) 165.124,633282.764.03,816
Jingdezhen (景德镇) 77.247,216109.827.0775

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

Source: Jiangxi Statistical Yearbook, 2016

 

 

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