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Shanxi: Market Profile

Major Economic Indicators

Economic Indicators20172018
ValueGrowth
(%, y-o-y)
ValueGrowth
(%, y-o-y)
Gross Domestic Product (RMB bn)1,497.47.011,681.8
6.71
Per Capita GDP (RMB)40,55745,328
Added Value Output
   Primary industry (RMB bn)77.83.0174.1
2.11
   Secondary industry (RMB bn)618.26.51708.9
4.51
   Tertiary industry (RMB bn)801.47.81898.8
8.81
Value-added Industrial Output2 (RMB bn)7.014.11
Fixed-assets Investment (RMB bn)614.16.3
5.7
Retail Sales (RMB bn)691.86.8
733.9
8.2
Inflation (Consumer Price Index, %)1.1
1.8
Exports (US$ bn)10.22.7
12.3
20.3
   By foreign-invested enterprises (US$ bn)6.2-5.4
7.7
25.2
Imports (US$ bn)7.03.7
8.5
21.7
   By foreign-invested enterprises (US$ bn)4.07.5
4.5
12.3
Utilised Foreign Direct Investment (US$ bn)1.7-27.52.439.7

Notes:
1 In real terms  
2 For all state-owned enterprises and other forms with annual sales over RMB20 million 
Sources: Shanxi Statistical Yearbook 2018, Shanxi Statistical Bureau, China Customs Statistics

General Background

Shanxi - abbreviated as Jin (晉) - has a total area of 156,600 sq kilometres. Total population stood at 37.02 million by the end of 2017.

Historically, Shanxi was well known for the “Jin Merchants” who were forerunners in foreign trade and national financial services. Shanxi is now the most important energy source base in China with abundant reserves of coal (煤), magnesium (鎂), bauxite (鐵鋁氧石) and fireclay (粘土).

In recent years, Shanxi has aimed to improve the traditional industries of coal, coke, metallurgy and electrical power and develop new pillar industries such as coal chemicals, new-energy vehicle manufacturing, equipment manufacturing, material manufacturing and tourism.

Industries

In 2017, 37.1% of the province’s GDP was attributed to industry. The share of the services sector in GDP went up from 35% in 2011 to 53.5% in 2017.

Composition of GDP (%)

 20002017
Primary9.7
5.2
Secondary46.5
41.3
      Industry40.6
37.1
Service
43.8
53.5

Source: Shanxi Statistical Yearbook 2018

Shanxi’s heavy industry dominated the industry sector, accounting for 93.4% of the province’s total industrial value-added in 2017. In recent years, Shanxi has rapid development in telecommunication equipment, computer and other electronic products. The revenue of major business of this industry sector accounted for 5.1% of the total industrial value-added in 2017. Also, in 2017, the industrial value-added of industries other than the coal industry was 9.7%

Revenue of Major Business of Leading Industry Groups (2017)

 % Share of total Revenue of Major Business
Coal Mining and Dressing38.3%
Smelting and Pressing of Ferrous Metals11.7%
Production and Supply of Electricity and Heat9.2%
Petroleum, Coal and Other Fuels Processing8.6%
Computers, Telecommunication and Other Electronic Equipment Manufacturing5.1%
Smelting and Pressing of Non-ferrous Metals4.7%
Raw Chemical Materials and Chemical Products3.6%
Non-metal Mineral Products2.4%
Automobile Manufacturing1.7%

Source: Shanxi Statistical Yearbook 2018

Tourism

Shanxi is a province with a long history and profound cultural connotation, for example, Datong Yungang Grottoes (雲岡石窟) and Ancient City of Pingyao (平遙古城) have been listed in the “World Culture Heritage Directory”.

In 2017, Shanxi received 670 thousand (+6.4%) overseas overnight tourists, bringing foreign exchange revenue of US$350 million (+10.3%). It also attracted 561 million (+26.5%) domestic tourists, generating revenue of RMB533.9 billion (+26.3%).

Foreign Trade

The major overseas markets in 2017 were the US, the Netherlands, Japan and Taiwan. Major exports included machinery and electrical equipment, minerals, base metals and related products, and chemical and related products.

Korea is the leading source of imports, followed by Taiwan in 2017. Major imports included minerals and machinery & electronic products, accounting for 20.6% and 55.7% of total imports respectively in 2017.

Foreign Investment

In 2017, the manufacturing sector accounted for 50.1% of the utilised FDI. In 2017, the major source of overseas investment was Hong Kong which accounted for 37.4% of the utilised FDI.

Chart: Utilised FDI of Shanxi
Chart: Utilised FDI of Shanxi

Consumer Market

In terms of per capita disposable income of urban residents, Shanxi reached RMB29,132 in 2017 (+6.5%). Taiyuan city is the leading consumer market accounting for 26% of Shanxi’s retail sales.

Composition of Per Capita Expenditure of Urban Household (%)

 20052017
 Food, tobacco & liquor
32.4 23.1
 Clothing 14.79.6
 Household articles 5.75.9
 Medicine & medical services 8.59.5
 Transportation & communications 9.514.4
 Recreation, cultural & education 14.713.9
 Residence 11.521.0

Source: Shanxi Statistical Yearbook 2006, 2018

Economic Indicators of Major Cities (2017)

CitiesGDP
(RMB bn)
Per Capita GDP
(RMB)
Retail Sales
(RMB bn)
Exports
(USD mn)
 Taiyuan (太原)  338.277,536176.88,474
 Datong (大同)  112.132,67165.5269
 Changzhi (長治)  147.842,88760.838
 Jincheng (晉城)  115.249,48741.5186
 Yuncheng (運城)
133.625,11575.3379
 Linfen (臨汾)  132.029,53965.3164

Source: Shanxi Statistical Yearbook 2018


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