Economy
Agricultural production includes cotton, linseed oil, maize, melons (such as the honeydew melon, known locally as the Bailan melon or "Wallace" due to its introduction by US vice president Henry A. Wallace), millet, and wheat. Gansu is known as a source for wild medicinal herbs which are used in Chinese medicine.
However, most of Gansu's economy is based on mining and the extraction of minerals, especially rare earth elements. The province has significant deposits of antimony, chromium, coal, cobalt, copper, fluorite, gypsum, iridium, iron, lead, limestone, mercury, mirabilite, nickel, crude oil, platinum, troilite, tungsten, and zinc among others. The oil fields at Yumen and Changqing are considered significant.
Gansu has China's largest nickel deposits accounting for over 90% of China's total nickel reserves.
Industries other than mining include electricity generation, petrochemicals, oil exploration machinery, and building materials.
According to some sources, the province is also a center of China's nuclear industry.
Despite recent growth in Gansu and the booming economy in the rest of China, Gansu is still considered to be one of the poorest provinces in China. Its nominal GDP for 2011 was about 502.0 billion yuan (79.69 billion USD) and per capita of 12,836 RMB (1,879 USD). Tourism has been a bright spot in contributing to Gansu's overall economy. As mentioned below, Gansu offers a wide variety of choices for national and international tourists.
As stipulated in the country's 12th Five Year Plan, the local government of Gansu hopes to grow the provinces GDP by 10% annually by focusing investments on five pillar industries: renewable energy, coal, chemicals, nonferrous metals, pharmaceuticals and services.
Read more about this topic: Gansu
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)