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Shaanxi: Market Profile

Major Economic Indicators

Economic Indicators2015Jan-Sep 2016
ValueGrowth
(%, y-o-y)
ValueGrowth
(%, y-o-y)
Gross Domestic Product (RMB bn)1,802.27.911,288.0
7.31
Per Capita GDP (RMB)47,6267.51
Added Value Output
   Primary industry (RMB bn)159.85.1181.63.01
   Secondary industry (RMB bn)908.26.61624.47.21
   Tertiary industry (RMB bn)734.210.51582.08.01
Value-added Industrial Output2 (RMB bn)6.116.81
Fixed-assets Investment (RMB bn)1,982.78.01,455.111.3
Retail Sales (RMB bn)657.811.1517.610.6
Inflation (Consumer Price Index, %)1.01.2
Exports (US$ bn)14.86.211.56.3
   By foreign-invested enterprises (US$ bn)9.317.87.917.4
Imports (US$ bn)15.717.010.6-12.5
   By foreign-invested enterprises (US$ bn)11.614.78.1-11.8
Utilised Foreign Direct Investment (US$ bn)4.610.73.855.5

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

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


General Background

Shaanxi has a total area of 205,800 sq kilometres. Population stood at 37.93 million in 2015. Located in central China and landlocked, it is adjacent to 8 other provinces.

Shaanxi has abundant reserves of coal, natural gas, petroleum, salt and other non-metal minerals. Shenmu (神木) and Fugu (府穀) are major production bases of fine quality coal in China. Together with its rich metallic and non-metallic mineral reserves, Shaanxi’s estimated reserves of mineral resources ranked first in the nation.

In 2015, Shaanxi’s R&D expenditure accounted for 2.18% of its GDP, ranked the 8th among other provinces. With more than 200,000 personnel engaged in scientific and technological activities, it is an important scientific research and production base in China’s aviation, spaceflight and electronics.

Xi’an (西安), Shaanxi’s capital city, is China’s ancient capital with abundant cultural and historical assets. With the majority of the province’s software enterprises, it now has become an IT powerhouse.

Shaanxi’s development targets have been focused on 4 sectors: equipment manufacturing, high-tech industries, energy and chemicals and traditional industries (notably food processing). In terms of services sector, the foci have been on tourism and cultural industries, logistics and finance.

Industries

Shaanxi is a major agricultural base. Its agricultural products such as grain, vegetables, cured tobacco, apple and Chinese chestnut (板栗) are at leading position in China. It is a major production and processing centre for fruits.

Composition of GDP (%)

 1980
2008
2015
Primary 30.0 10.3 8.9
Secondary 50.3 52.8 50.4
   Industry 44.5 44.8 40.8
Tertiary 19.7 36.9 40.7

Source: Shaanxi Statistical Yearbook 2016

Thanks to its abundant reserves of coal, natural gas and oil, Shaanxi has developed into an important energy production base and it has a well-developed electricity generation sector.

Rich resources endowments gave rise to heavy industry. Shaanxi manufactures various types of equipment, e.g. oil drills, grinding machines, lathe, and equipment for railways, mining, electricity generating, and petroleum and chemical processing etc. It also has a sizeable iron and steel making sector.

Shaanxi is a national center for research and production in aviation, aerospace, equipment manufacturing, electronics and agriculture.

Pharmaceutical industry is emerging in Shaanxi. As a production centre of traditional Chinese medicine, Xi’an has been designated as one of the 15 state-level export bases of pharmaceutical products. Famous brands include Shaanxi Jianmin Pharmaceutical (陝西健民製藥), Xian-Janssen Pharmaceutical Ltd. (西安楊森) and Xi’an-Lijun Pharmaceutical (西安利君) etc.

Output Share of Leading Industry Groups (2015)

 % share of gross industrial output
 Coal mining and dressing 10.9
 Processing of petroleum, coking, processing of nuclear fuel 7.1
 Petroleum and natural gas extraction 6.9
 Smelting and pressing of non-ferrous metal 6.8
 Production and supply of electricity and heat 6.1
 Manufacture of non-metallic mineral products 6.0
 Processing food from agricultural products 5.5
 Automotive industry 4.8

Source: Shaanxi Statistical Yearbook 2016


Tourism

Being an important cradle of Chinese civilisation, Shaanxi has abundant historic sites, especially in the ancient capital – Xi’an. While the terra-cotta army (秦始皇兵馬俑) is highly praised as the 8th world wonder, other popular sites located in Shaanxi include Lantian Ape Man (藍田猿人遺址), Xi'an Forest of Steles (西安碑林), Wild Goose Pagoda (大雁塔) and Huaqing Pool (華清池). In addition, there are also glorious landscapes in Shaanxi where Mount Huashan (華山) is located.

 2015% change
Number of domestic tourist (million) 383 +16.1
Income generated (RMB bn) 290.4 +19.3
Number of overseas tourist (million) 2.93 +10.2
Foreign exchange income (US$ bn) 2.00 +41.2

Source: Shaanxi Statistical Yearbook 2016


Foreign Trade

In 2015, Hong Kong was the largest export market of Shaanxi, accounting for 20% of the province’s total exports. Other major export markets included the US, South Korea, Taiwan and Japan. Major exports included processed agricultural products, minerals, textiles and garments, metals and metal products, electrical/mechanical equipment and transport equipment etc.

Shaanxi’s major import items were electrical and mechanical equipment and chemical products. Major import sources included Taiwan, the US, South Korea and Japan.

Foreign Investment

Foreign direct investment actually utilised in Shaanxi amounted to US$4.621 billion in 2015. Of this, 87.4% was attributed to the manufacturing sector, up from 58.5% in 2014. In 2015, South Korea was the leading foreign investor, accounting for 67% of the utilised FDI, followed by Hong Kong (10.6%).

Chart: Utilised FDI of Shaanxi
Chart: Utilised FDI of Shaanxi

Consumer Market

In 2015, annual per capita disposable income of urban households reached RMB26,420 (+8.4%). The largest consumer centre of Shaanxi is Xi’an. The city’s retail sales accounted for 51.8% of the province’s total in 2015.

Composition of Per Capita Expenditure of Urban Household (%)

 20012015
 Food, drinks & alcohol 34.3 27.8
 Clothing 9.6 8.1
 Household articles 11.4 7.0
 Medicine & medical services 7.8 9.7
 Transportation & communications 7.9 12.5
 Recreation, cultural & education 13.8 11.9
 Residence 9.7 20.7

Source: Shaanxi Statistical Yearbook 2016


Economic Indicators of Major Cities (2015)

CitiesGDP
(RMB bn)
Per Capita GDP
(RMB)
Gross Industrial Output*
(RMB bn)
Retail Sales
(RMB bn)
Exports
(RMB bn)
 Xi'an (西安)  580.1 66,938 434.6 340.5 81.9
 Yulin (榆林)  249.2 73,453 320.6 39.6 0.2
 Xianyang (咸陽)  215.3 43,365 316.5 60.2 1.5
 Baoji (寶雞)  178.8 47,565 259.9 61.3 4.1

* For all state-owned and non-state-owned enterprises with annual sales over RMB20 million

Source: Shaanxi Statistical Yearbook 2016

 

 

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