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Shaanxi: Market Profile

Major Economic Indicators

Economic Indicators20172018
ValueGrowth
(%, y-o-y)
ValueGrowth
(%, y-o-y)
Gross Domestic Product (RMB bn)2189.98.012,443.88.31
Per Capita GDP (RMB)57,2667.3163,4777.51
Added Value Output
   Primary industry (RMB bn)173.94.61183.0
3.21
   Secondary industry (RMB bn)1,089.57.911,215.78.71
   Tertiary industry (RMB bn)926.48.711,045.18.81
Value-added Industrial Output2 (RMB bn)8.219.21
Fixed-assets Investment (RMB bn)2,346.814.610.4
Retail Sales (RMB bn)823.611.8893.810.2
Inflation (Consumer Price Index, %)1.62.1
Exports (US$ bn)24.655.031.628.7
   By foreign-invested enterprises (US$ bn)16.146.219.622.1
Imports (US$ bn)15.610.521.738.7
   By foreign-invested enterprises (US$ bn)11.7
10.6
17.1
45.6
Utilised Foreign Direct Investment (US$ bn)5.917.66.816.2

Notes:
1 In real terms
2 For all state-owned enterprises and other forms with annual sales over RMB 20 million

Sources: Shaanxi Statistical Yearbook 2018, Shaanxi Statistical Bureau, China Customs Statistics


General Background

Shaanxi has a total area of 205,600 sq km. Population stood at 38.35 million in 2017. Located in central China and landlocked, it is adjacent to eight 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 2017, Shaanxi’s R&D expenditure reached RMB46 billion, accounted for 2.10% of its GDP. 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.

In April 2017, the China (Shaanxi) Pilot Free Trade Zone was officially launched. It is planned to facilitate the implementation of both the Belt and Road Initiative, and wider moves to develop the western region through establishing a system for institutional innovation in accordance with the best international investment and trade practices.

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 (%)

 198020082017
Primary30.010.38.0
Secondary50.352.849.7
   Industry44.544.839.7
Tertiary19.736.942.3

Source: Shaanxi Statistical Yearbook 2018

 

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, the gross industrial output of the manufacturing sector is RMB73.8 billion in 2017, and Chinese medicine accounted for around 40%. Famous brands include Shaanxi Jianmin Pharmaceutical (陝西健民製藥), Xi’an-Janssen Pharmaceutical Ltd. (西安楊森) and Xi’an-Lijun Pharmaceutical (西安利君) etc.

 

Output Share of Leading Industry Groups (2017)

 % share of gross industrial output
Mining and Washing of Coal12.9
Manufacture of Automobiles6.6
Processing of Petroleum, Coking and Processing of Nuclear Fuel6.5
Manufacture of Raw Chemical Materials and Chemical Products6.2
Smelting and Pressing of Non-ferrous Metals6.0
Processing of Food from Agricultural Products5.7
Extraction of Petroleum and Natural Gas5.6
Manufacture of Non-metallic Mineral Products5.3
Manufacture of Electrical Machinery and Apparatus4.2

Source: Shaanxi Statistical Yearbook 2018


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.

 

 2017% change
Number of domestic tourist (mn)519.0+16.4
Income generated (RMB bn)463.0+26.6
Number of overseas tourist (mn)3.84+13.5
Foreign exchange income (US$ bn)2.70+15.6

Source: Shaanxi Statistical Yearbook 2018


Foreign Trade

In 2017, Hong Kong was the largest export market of Shaanxi, accounting for 25.5% 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$5.9 billion in 2017. Of this, 73.1% was attributed to the manufacturing sector. In 2017, Hong Kong was the leading foreign investor, accounting for 42.8% of the utilised FDI, followed by South Korea (37.4%).

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

Consumer Market

In 2017, annual per capita disposable income of urban households reached RMB30,810 (+8.3%). The largest consumer centre of Shaanxi is Xi’an. The city’s retail sales accounted for 52.4% of the province’s total in 2017.

 

Composition of Per Capita Expenditure of Urban Household (%)

 20012017
Food, drinks & alcohol34.328.4
Clothing9.68.0
Household articles11.47.3
Medicine & medical services7.810.5
Transport & communications7.911.7
Education, cultural and recreation13.812.8
Residence9.718.6

Source: Shaanxi Statistical Yearbook 2018


Economic Indicators of Major Cities (2017)

CitiesGDP
(RMB bn)
Per Capita GDP
(RMB)
Gross Industrial Output*
(RMB bn)
Retail Sales
(RMB bn)
Exports
(RMB bn)
 Xi'an (西安) 747.278,368542.3425.0155.2
 Yulin (榆林) 336.199,076414.346.70.7
 Xianyang (咸陽) 229.352,445302.460.81.9
 Baoji (寶雞) 219.258,010285.678.33.5

* For all state-owned and non-state-owned enterprises with annual sales over RMB20 million
Source: Shaanxi Statistical Yearbook 2018

 

 

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