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Heilongjiang: Market Profile

Major Economic Indicators

Table: Major Economic Indicators
Table: Major Economic Indicators

 

General Background

Heilongjiang – abbreviated as Hei (黑) – is situated in China’s northeast corner just next to the far-east region of Russia, with an adjoining border of over 3,000 kilometers. Heilongjiang has a total area of 454,000 sq. km. Total population stood at 38.33 million in 2014. Harbin is the provincial capital and other major cities include Qiqihar, Daqing and Mudanjiang.

The province’s deposits of gold and graphite are among the largest in China. Other significant mineral and metal deposits include silver, copper, lead, aluminum, tungsten, zinc, molybdenum, crude oil, coal, wood, soda, quartz, marble and mica. The province also ranks first in the production of crude oil which is mainly found in Daqing Oilfield, the oldest and one of the largest oilfields of China.

In recent years, plans are underway to improve the infrastructure for border trade as Heilongjiang’s importance is set to be enhanced as Sino-Russian relationship and cooperation strengthen. Heilongjiang is also actively planning to play a role in the “one belt, one road” New Silk Road Economic Belt initiative of China.

Industries

Owing to its fertile soil and unpolluted black earth fields, Heilongjiang is one of the most important grain production bases in China, with a total farmland area of 11.5 million hectares. Heilongjiang has 4.3 million hectares of grassland, making it an important area for animal husbandry in China. Green food industry has been developing rapidly in Heilongjiang. Major food products are milk, rice and soy bean products.

 

Table: Composition of GDP (%)
Table: Composition of GDP (%)

 

In line with the central government’s policy in revitalizing the Northeast old industrial bases, Heilongjiang is restructuring its four pillar industries, namely equipment manufacturing, petrochemical, food processing, energy.  The value-added industrial output of the four pillar industries amounted to RMB383.6 billion in 2014, grew by 2.4%, accounting for 85% of the total value-added industrial output. Among these four pillar industries, the output of the equipment manufacturing grew by 6.2% in 2014, petrochemical grew by 5.2%, energy down 0.6% and food processing grew by 7.1%.

State-owned industrial enterprises still play an important role in the province’s industrial development. In 2014, 10.6% of industrial enterprises in Heilongjiang were state-owned and state-holding, but they accounted for 47.1% of the total gross industrial output value, though the share has dropped from 59.7% in 2009.

Tourism

Heilongjiang has abundant and unique tourist resources with clear seasonal distinction, such as Yabuli skiing site (亞布力滑雪場), Wudalianchi (五大連池), Jingpohu (鏡泊湖). The province is a renowned tourist attraction, both in summer or winter.

In 2014, the number of domestic tourists dropped to 105 million (-64%), with tourism receipts of RMB103 billion (-23.5%).  The number of overseas tourists stood at 1.42 million (-7.3%), with the foreign exchange revenue of US$563 million (-6.8%).

Foreign Trade

Because of geographical proximity, Heilongjiang’s trade tie with Russia is strong. Border trade amounted to US$7,336 million in 2014, or 18.9% of the province’s total trade. Trade with Russia amounted to US$23.3 billion in 2014 (+4%), 59.8% of the province’s total trade. The US, Brazil, Saudi Arabia, Angola, Iraq and Malaysia were other major trading partners in 2014.

Major export goods included garments, clothing accessories, mechanical and electrical products, footwear, yarns, fabrics, cereals and cereals flour, etc.

Major imports included mechanical and electrical products, logs, crude oil, paper pulp, plastic in primary form, and manufactured fertilizers etc.

Foreign Direct Investment

Chart: Utilised FDI of Heilongjiang
Chart: Utilised FDI of Heilongjiang

 

Sectors that received the largest share of utilized direct foreign investments included manufacturing (41.2% of the total value), financial sector (19.5%), the real estate sector (13.4%) and the mining sector (10.9%) in 2014.

In 2014, Hong Kong is Heilongjiang’s largest source of foreign investment. Hong Kong actually invested a total of US$3,875 million, accounting for 76.2% of the total utilized FDI.  Other major foreign investor in 2014 included Singapore, Virgin Islands and UK.

Consumer Market

In 2014, annual per capita disposable income of urban households was RMB22,609 (+15.4%). Major consumer markets are located in Harbin and Daqing. Heilongjiang also acts as a gateway for consumer products to enter the markets of Russia and the Inner Mongolia Autonomous Region.

 

Table: Composition of Per Capita Expenditure of Urban Households (%)
Table: Composition of Per Capita Expenditure of Urban Households (%)

 

Major department stores and shopping centres in Heilongjiang include Heilongjiang Daqing Department Store, Harbin Qiulin Co. Ltd., Harbin Central Commercial City and Harbin Department Store. Large retailers come from outside include Carrefour from France, Walmart from the US, Metro from Germany and Gome from Beijing etc.

 

Table: Economic Indicators of Major Cities (2014)
Table: Economic Indicators of Major Cities (2014)

 

Content provided by Picture: HKTDC Research
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