Fuzhou - Economy

Economy

Industry is supplied with power by a grid running from the Gutian hydroelectric scheme in the mountains to the northwest. The city is a center for industrial chemicals and has food-processing, timber-working, engineering, papermaking, printing, and textile industries. A small iron and steel plant was built in 1958. In 1984 Fuzhou was designated one of China's "open" cities in the new open-door policy inviting foreign investments. Handicrafts remain important in the rural areas, and the city is famous for its lacquer and wood products.

Its GDP was ¥43,615 (ca. US$6,240) per capita in 2010, ranked no. 21 among 659 Chinese cities.

Fuzhou is undoubtedly the province’s political, economic and cultural center as well as an industrial center and seaport on the Min River. In 2008, Fuzhou’s GDP amounted to ¥228.4 billion, an increase of 13 percent.

Manufactured products include chemicals, silk and cotton textiles, iron and steel, and processed food. Among Fuzhou's exports are fine lacquerware and handcrafted fans and umbrellas. The city's trade is mainly with Chinese coastal ports. Its exports of timber, food products, and paper move through the harbor at Guantou located about 50 kilometres (31 mi) downstream.

In 2008, exports reached US$13.6 billion, a growth of 10.4 percent while imports amounted to US$6.8 billion. Total retail sales for the same period came to ¥113.4 billion and per capita GDP grew to ¥33,615.

During the same period, Fuzhou approved 155 foreign-invested projects. Contracted foreign investment amounted to US$1.489 billion, while utilized foreign investment increased by 43 percent to US$1.002 billion.