| Market Profiles on Chinese Cities and Provinces |
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12.2007 SHANXI PROVINCEMajor Economic Indicators
Notes: 1 In real terms 2 For all state-owned enterprises and other forms with annual sales over RMB5 million General Background Shanxi - abbreviated as Jin - has a total area of 156,600 square kilometers. Total population stood at 33.7 million by the end of 2006. Historically, Shanxi was well known for the "Jin Merchants" who were forerunners in foreign trade and national financial services. Shanxi is now the most important energy source base in China with abundant reserves of coal, magnesium, bauxite and fireclay. In Shanxi's 11th Five-Year Programme, it will improve the traditional industries of coal, coke, metallurgy and electrical power and develop new pillar industries such as coal chemical, equipment manufacturing, material and tourism. Industries In 2006, more than half of the province's GDP was attributed to industry, and the share of the services sector in GDP declined slightly in 2006. Composition of GDP (%)
Source: Shanxi Statistical Yearbook 2006, 2007 Shanxi's heavy industry dominated the industry sector, accounting for 65.6% of the province's total industrial value-added in 2006. Value Added Share of Leading Industry Groups (2006)
Source: Shanxi Statistical Yearbook 2007 Tourism Shanxi is a city with a long history and profound cultural connotation, for example, Datong Yungang Grottoes and Ancient City of Pingyao have been listed in the "World Culture Heritage Directory". In 2006, Shanxi received 573,711 overseas tourists, bringing foreign exchange revenue of US$164 million (+41.3%). It also attracted 75 million domestic tourists, generating revenue of RMB41.5 billion (+47.1%). Foreign Trade The top three largest overseas markets were the US, South Korea and Japan. Major exports included minerals, base metals and related products, accounting for 70.7% of total exports. Australia is the leading source of imports, followed by Germany and India. Major imports included minerals, machinery, electric equipment, etc. In 2006, Hong Kong was Shanxi's eighth largest trading partner. Shanxi exported US$136 million to Hong Kong and imported US$2.7 million from Hong Kong. Foreign Investment Foreign investment in Shanxi was rising steadily. Of the total utilised FDI in Shanxi in 2006, manufacturing, mining and quarrying accounted for the largest share, reaching 38.2% and 44.0% respectively. In 2006, the major sources of overseas investment were Britain Virgin Islands, the Bahamas and Hong Kong, from which the utilized FDI accounted for 63.3%, 11.7% and 8.4% respectively of total utilized FDI. In coming years, Shanxi will continue to emphasis on encouraging foreign investors to participate in technology improvement of traditional advantageous industries, such as coal industry, coke industry, metallurgy industry and electric power industry. Consumer Market In terms of per capita disposable income of urban residents, Shanxi reached RMB10,028 in 2006, up by 12.5% from 2005. Composition of Per Capita Expenditure of Urban Household (%)
Source: Shanxi Statistical Yearbook 2007 In recent years, more and more foreign retail enterprises emerged in Taiyuan, e.g. Sams and Wal-mart from the US, Carrefour from France, Metro from Germany. Domestic retail chain enterprises which run well in Taiyuan include Hualian, Meet All, etc. Domestic retail chains grew rapidly in quantity in recent years due to the stimulation from foreign competitors. Economic Indicators of Major Cities (2006)
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