The Dynamic Development of an Open Economy

Economic Growth One of the first Chinese provinces to implement the policy of "opening to the outside world," Fujian is now one of the most developed regions in the country and one of those with the greatest potentials for further development. Its economy has stayed on the fast lane ever since China embarked on its economic reform three decades ago. Registering a double-digit growth for 6 years in a succession, at an annual rate of expansion 3.7% above the national average, Fujian's GDP totaled RMB 907.5 billion in the year 2007, or RMB 25,424 per capita.

Foreign Investments By the end of 2007, as many as 41,663 foreign enterprises have been officially authorized to set up shops in Fujian. Together, they have invested a total of US$ 122.3 billion by contract and of US$ 74 billion by paid-in funds, which are about one tenth of the total foreign investment in China. Of the Fortune 500 global companies, 98 have already been operating in Fujian. These include ExxonMobile, Oracle, Cisco, Boeing, Dell, GE, BP, Toyota, Mitsubishi, Maersk Logistics, ITOCHU, Siemens, SUMITOMO, Marubeni, Panasonic, Morgan, HSBC, HP, Toshiba, NEC, Fujitsu, Philips, Nokia, Alcatel, Emerson Electric, ABB, Daimler-Chrysler, Danon, Fuji-Xerox, and Cendant. Together, they have invested in 152 projects in the Province.

Distribution of 2007 Paid-in Foreign Direct Investment in Fujian by Sectors

Manufacturing 73.9%
Service & Trades 18.2%
Agriculture, Forestry and Fishery 2.9%
Others 5.0%

Sources of 2007 Paid-in Direct Foreign Investment in Fujian by Countries and Areas

Hong Kong 50% The United States 1.90%
Macao 2.20% The British Virgin Islands 15%
Taiwan 12% Samoa 1.40%
Japan 2% Other Countries/Regions 13.30%
European Union 2.10%

Foreign Trades So far, Fujian has established relations of economic exchanges with up to 206 countries and areas. In the year of 2007, the total volume of Fujian's exports and imports reached US$ 74.458 billion, registering a year-on-year increase of 18.8%. With the annual value of its exports at US$ 49.943 billion, the Province ranks the 6th nationally, and it ranks the 8th in imports, purchasing US$ 24.515 billion's worth of goods and services from abroad in 2007.