Economy
Hubei is often called the "Land of Fish and Rice" (鱼米之乡). Important agricultural products in Hubei include cotton, rice, wheat, and tea, while industries include automobiles, metallurgy, machinery, power generation, textiles, foodstuffs and high-tech commodities.
Mineral resources that can be found in Hubei in significant quantities include borax, hongshiite, wollastonite, garnet, marlstone, iron, phosphorus, copper, gypsum, rutile, rock salt, gold amalgam, manganese and vanadium. The province's recoverable reserves of coal stand at 548 million tons, which is modest compared to other Chinese provinces. Hubei is also well known for its mines of fine turquoise and green faustite.
Once completed, the Three Gorges Dam in western Hubei will provide plentiful hydroelectricity, with an estimated annual power production of 84,700 Gwh. Existing hydroelectric stations include Gezhouba, Danjiangkou, Geheyan, Hanjiang, Duhe, Huanglongtan, Bailianhe, Lushui and Fushui.
Hubei's economy ranks 11th in the country and its nominal GDP for 2011 was 1.959 trillion yuan (311 billion USD) and a per capita of 21,566 RMB (2,863 USD). The government of Hubei hopes to keep the GDP growth rate above 10% annually and double per capita GDP by 2020
Read more about this topic: Hubei
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“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)