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Invest in Fujian

chinadaily.com.cn Updated: 2019-03-22

Overview

Fujian is a coastal province in the southern part of China, and is bordered by Zhejiang to the north, Jiangxi to the west, Guangdong to the south, along with Taiwan to the east, across the Taiwan Strait.

The total land area of Fujian is 124,000 square kilometers, with mountains and hills accounting for more than 80 percent of the total area.

Fujian has a subtropical climate, with mild winters. In January, the coastal regions average around 7 to 10 C while the hills average 6 to 8 C. In the summer, the weather is very humid and temperatures are high, and the province is threatened by typhoons coming in from the Pacific. Average annual precipitation is 1,400 to 2,000 millimeters.

Fujian enjoys a rich supply of natural resources including soil, sea, forest, minerals, and wind resources. It is the most forested provincial level administrative region in China, with a 65.95 percent forest coverage rate in 2018.

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[Photo/VCG]

Fujian's GDP registered 3.58 trillion yuan ($509 billion) in 2018, up 8.3 percent year-on-year, greater than the national rate of 6.6 percent. The increase in Fujian's GDP since 2016 ranks it among the top 10 provinces and regions in the country for the first time.

It is also actively promoting an open economy of higher standards amid the country's ongoing further reform and opening-up. Statistics show that Fujian's imports and exports rose to 1.24 trillion yuan in value in 2018, up 6.6 percent year-on-year, becoming a pillar driving force for its economic growth. The use of foreign direct investment in the province reached over 30.53 billion yuan in 2018, a year-on-year growth of 3 percent.

Not only a magnet for foreign capital, Fujian is stepping up its overseas investment, as it endeavors to have further involvement in the construction of the Belt and Road Initiative.

Looking ahead, Fujian plans to further deepen the reform and opening up, with the creation of a national-level FTZ, and to strengthen economic, cultural and people-to-people communications with the countries and regions under the umbrella of the Belt and Road Initiative.

Pillar industries

As a province with vibrant economic dynamics in China, Fujian mainly has three pillar industries, namely electronic information, machinery manufacturing and petrochemicals, which account for about 40 percent of the province's total industrial value added.

Electronic information industry

Fujian province is making great strides in the digital economy, just as the whole country is rapidly seeking better economic growth via technological innovation and applications.

Statistics show that the value of the electronic information sector in Fujian reached 1 trillion yuan in 2017, accounting for nearly one-third of the region's gross domestic gross (GDP).

The sector covers Internet of Things, cloud computing, big data, e-commerce, smart logistics, internet finance, information safety, artificial intelligence amongst other fields.

Local authorities estimate that as of the end of 2020, the value of the electronic information industry in the province shall exceed 1.2 trillion yuan with an annual growth rate of more than 12 percent.

Petrochemical industry

In 2017, the output value of petrochemical industry in Fujian reached 360 billion yuan, an increase of 50 billion yuan from the previous year, official data shows.

There are mainly three bases or parks producing the petrochemicals including ethylene, polypropylene and caprolactam in the province. They are Quangang Petrochemical Industrial Park in Putian, Gulei Petrochemical Industrial Base in Zhangzhou and Jiangyin Petrochemical and New Material Special Zone in Fuzhou.

Machinery manufacturing industry

Machinery manufacturing is another pillar industry in Fujian, with the sectors including shipbuilding, new energy vehicle (NEV), aeronautics and robotics. Its NEV industry has been developing leaps and bounds in recent years. According to a government plan, Fujian aims to raise its NEV production capacity to 300,000 units by 2020, with the output value topping 180 billion yuan.

Advantages

Fujian is among the most economically powerful provinces in China measured by GDP. Fujian's GDP registered 3.2298 trillion yuan in 2017, ranking it among the top 10 provinces and regions. It has the following advantages:

1. It enjoys an advantageous geographical location. As a coastal province, Fujian is always on the frontline of China's reform and opening-up. It has long been renowned for its open economy. Fujian's imports and exports rose to 1.159 trillion yuan in value in 2017, up 12 percent year-on-year. Also due to its proximity to Taiwan, the province maintains close economic ties with the island.

2. As a key node on the 21st Century Maritime Silk Road, Fujian abounds with opportunities to strengthen cooperation with the countries and regions under the umbrella of the Belt and Road Initiative. Xiamen, a port city in Fujian, has emerged as a key transportation hub. The city has launched five freight train services to European countries including Germany, Russia and Hungary. Since the launch of services in Aug 2015, the routes have become some of the busiest cross-border rail links in China.

3. It enjoys preferential policies as a national free tree zone. Officially launched in 2015, the China (Fujian) Pilot Free Trade Zone is approved by the State Council and mainly consists of three areas, namely, Pingtan Area, Xiamen Area and Fuzhou Area.

4. Fujian boasts a favorable business climate. The province has rolled out an array of policies and measures to ease the burden on local businesses, which include cutting excessive taxes and charges on companies. The Fujian government announced at a press conference in May that cuts for businesses in Fujian in 2018 amounted to roughly 18 billion yuan. Meanwhile, it has also made great efforts in streamlining administrative procedures to boost the efficiency of business operations in the province.

5. It has a congenial living environment. In 2017, it retained its position as one of the highest-ranking provinces in China in terms of quality of air, water and general living environment. Its air quality met national standards on 351 days of 2017, 18.2 percent higher than the average across China, a government report says.

Investment promotion agencies

1. Department of Commerce of Fujian Province

Contact:

Tel: 0591-87853616

Fax: 0591-87856133

Address: No 118 Tongpan Road, Gulou District, Fuzhou, Fujian

Website: https://swt.fujian.gov.cn/(Chinese)

2. Invest Fujian China

Contact:

Tel: 0591-87810615

Fax: 0591-83839780

E-mail: fjfdi_n@126.com