Overview of Foshan Industry

Foshan China 2017-05-10

 

In the past five years, Foshan has been boosting the transformation and upgrading of industry which is continuously improving its comprehensive economic strength. The regional GDP has been raised up to 860 billion yuan ($124.7 billion) in 2016 from 650 billion yuan ($94.2 billion) in 2011, achieving an annual growth of 8.5% in five years. The total industrial output value above designated size increased from 1.44 trillion yuan ($208 billion) to 2.06 trillion ($298.7 billion) with an annual growth of 9.9% in the past five years. The economic structure has been continuously optimizing, and the rate of the three industries has been adjusted to 1.8: 59.2: 39 in 2016 from 1.9: 62.1: 36 in 2011.

 

Foshan has seized the chance of the construction of advanced equipment manufacturing industry belt in the west bank of Pearl River, and sped up the construction of advanced equipment manufacturing industry base with trillion-scale, and introduced a batch of key projects including FAW-Volkswagen, Foton, CRRC Corporation Limited and etc. The increasing quality and upgrading of manufacturing industry in Foshan has become a comprehensive experimental unit for the transformation and upgrading of national manufacturing industry. The upgrading and optimization of the industry structure by intelligent manufacturing has been praised by the State Council. The contribution rate by private enterprises to the growth of industry in Foshan also has increased to 78.7% in 2016 from 65.5% in 2011. Midea and Country Garden even jumped into the list of Forbes world's top 500 companies.

 

Regional GDP
Foshan has realized the region GDP of 863 billion yuan ($125 billion) with a growth of 8.3%. Specially speaking, the primary industry has experienced  a growth of 3% with added value of 14.4 billion yuan ($2 billion), and a growth of 7.5% with added value of 511 billion yuan ($74 billion) for the secondary industry and a growth of 9.7% with 337.5 billion yuan ($48.8 billion) for the tertiary industry.

 

Industry
The industrial output value above designated size in Foshan has achieved added value of 471.8 billion yuan ($68.3 billion) with a growth of 7.7%. Foshan has accomplished 2.12 trillion yuan ($303 billion) in total industrial output value also with a growth of 7.7%. Specifically speaking, a growth of 5.6% for light industry, a growth of 9.2% for heavy industry; a growth of 5.1% for traditional industries, a growth of 10.8% for advanced manufacturing industries, a growth of 10.3% for high-tech industries. Private enterprises also witnessed an increase of 8.3%, 0.6% higher than the industry of the whole city. The growth for state-owned enterprises and state holding enterprises, joint-equity enterprises, foreign-owned enterprises and Hong Kong-Macao-Taiwan invested enterprises is respectively 2.3%, 7.2% and 9.1%.

 

Investment
Foshan has accomplished fixed asset investments of 351 billion yuan ($50.9 billion) with a growth of 15.7%. In terms of industry, the secondary industry has made 146 billion yuan ($21.7 billion) fixed asset investments with a growth of 20.4%, among which 141.7 billion yuan ($20.4 billion) for manufacturing investments with a growth of 22.9%; 55.3 billion yuan ($8 billion) for the investments in industry technological reform with a growth of 43.4%. The tertiary industry has achieved fixed asset investments of 202.8 billion yuan ($29 billion) enjoying 12.3% growth, among which 122.9 billion yuan ($17.8 billion) for the investments in real estate development with a growth of 30.1%.

 

Consumption
Foshan has achieved a total volume of retail sales in social consumer goods of 301.7 billion yuan ($43.7 billion) with a growth of 11.6%, among which 270.7 billion yuan ($39.2 billion) for total volume of wholesale and retail industry with a growth of 11.9%; 31 billion yuan ($4.5 billion) for total volume of lodging and catering industry with a growth of 8.6%.

 

Foreign Economy
During Jan. to Nov. in 2016, Foshan has accomplished total volume of export and import 371 billion yuan ($53.8 billion) with a growth of 1.4%, among which 281.8 billion yuan ($40.8 billion) for export and 89.3 billion yuan ($12.9 billion) for import, respectively with a growth of 5.1% and a decrease of 8.7%. And it actually utilized foreign capital of $1.43 billion ($0.2 billion) with a decrease of 38.8%.