Fujian - Economy

Economy

Fujian is one of the more affluent provinces with many industries spanning tea production, clothing and sports manufacturers such as Anta, 361 Degrees, Xtep, Peak Sport Products and Septwolves. Many foreign firms have operations in Fujian. They are Boeing, Dell, GE, Kodak, Nokia, Siemens, Swire, TDK and Panasonic.

In terms of agricultural land, Fujian is hilly and farmland is sparse. Rice is the main crop, supplemented by sweet potatoes and wheat and barley. Cash crops include sugar cane and rapeseed. Fujian leads the provinces of China in longan production, and is also a major producer of lychees and tea. Seafood is another important product, with shellfish production especially prominent.

Because of the geographic location with Taiwan, Fujian has been considered the battlefield frontline in a potential war between mainland China and Taiwan. Hence, it received much less investment from Chinese central government and developed much slower than the rest of China before 1978. Since 1978, when China opened to the world, Fujian has received significant investment from overseas Fujianese around the world, Taiwanese and foreign investment. Today, although Fujian is one of the wealthier provinces of China, its GDP per capita is the lowest among China's coastal administrative divisions.

See also List of Chinese administrative divisions by GDP per capita

Minnan Golden Triangle which includes Xiamen, Quanzhou and Zhangzhou accounts for 40 percent of the GDP of Fujian province.

Fujian province will be the major economic beneficiary of the opening up of direct transport with Taiwan which commenced on December 15, 2008. This includes direct flights from Taiwan to major Fujian cities such as Xiamen and Fuzhou. In addition, ports in Xiamen, Quanzhou and Fuzhou will upgrade their port infrastructure for increased economic trade with Taiwan.

Fujian is the host of China International Fair for Investment and Trade annually. It is held in Xiamen to promote foreign investment for all of China.

In 2011, Fujian's nominal GDP was 1.74 trillion yuan (US$276.3 billion), a rise of 13% from the previous year. It's GDP per capita was 46,802 yuan (US$ 7,246 (9th)).

By 2015 Fujian expects to have at least 50 enterprises that have over 10 billion RMB in annual revenues. The government also expects 55% of GDP growth to come from the industrial sector.