Gansu - Economy

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.