City Introduction of Guangdong, China: Shantou

Shantou

Major Economic Indicators (2007)

Source: Shantou Economic and Social Development Report 2007

Introduction

Shantou is lying in the coastal eastern part of Guangdong. It is one of China's five special economic zones (Shenzhen, Xiamen, Zhuhai, Shantou and Hainan Province), all of which enjoy special economic policies and flexible government measures. Among the first fifteen coastal cities opened up to foreigners, Shantou is also home to a large number of Chinese people who are currently living abroad.

Shantou borders Chaozhou to the north and Jieyang to the west. It is only one-hundred and eighty-seven nautical miles away from Hong Kong and one-hundred and eighty nautical miles from Kaohsiung in Taiwan. Shantou Port, an important port in Guangdong Province, handled 23 million tons of cargo and 0.6 million TEUs in 2007. Guangzhou-Meizhou-Shantou Railway and Beijing-Kowloon Railway link the city with other major cities in China, while Shenzhen-Shantou Highway and Shantou-Fenshui Highway connect Shantou with Shenzhen and Xiamen, both of which are also special economic zones. Shantou Waisha Airport offers forty-six domestic and international routes weekly.

The city enjoys a pleasant subtropical marine climate, with mild winters, and hot and wet summers.

Economic Features

As a special economic zone, Shantou's economy does not blossom as much as the economy in Shenzhen, which is another special economic zone in Guangdong Province. In 2007, the GDP of Shantou grew 13% from the previous year to RMB 85 billion, ranking eleventh in Guangdong Province. The added value from the industry sector rose 13.8% year-on-year to RMB 35.5 billion, contributing 52.6% to the GDP of Shantou.

The gross industrial output from the light industries amounted to RMB 60.2 billion in 2007, accounting for 56.4% of Shantou's total gross industrial output with designated size and above. The heavy industries with designated size and above realized gross industrial output of RMB of RMB 46.9 billion, comprising 43.6% of Shantou's total.

Shantou has formed plastic products, textiles, electric power and heat power, machinery and chemicals as its major industries. The gross industrial output from these industries reached RMB 64.6 billion in 2007, comprising 60.5% of Shantou's total. Large companies in Shantou include Nanyang Cable, Longguang Group and Yihua Group. Nanyang Cable is the largest cable-producer in southern China, with their annual output exceeding RMB 3 billion.

The added value from the service sector soared 13.7% year-on-year to RMB 35.5 billion in 2007, contributing 41.8% to Shantou's GDP. The revenue from the tourism industries rose 11.5% from the previous year to RMB 6.1 billion. The insurance industries in Shantou witnessed a rapid growth. In 2007, there were eighteen insurance companies, with the total value of premiums climbing up 14.6% to RMB 2.3 billion.

The foreign-trade value in Shantou rose 12.9% year-on-year to RMB 6.1 billion, consisting of US$2.2 billion worth of imports and US$3.9 billion worth of exports. Major export products include mechanical and electronic products, textiles, toys and plastic products, with export value hitting US$1.1 billion, US$797 million, US$320 million and US$171 million respectively. The large foreign-trade partners of Shantou are Hong Kong, the U.S., Japan and Taiwan. The foreign-trade value with these countries and regions comprised 47.5% of Shantou's total in 2007.

Shantou attracted forty-eight foreign-invested projects in the same year. The utilized FDI in Shantou was US$171.6 million in 2007, representing an increase of 22.9% year-on-year.