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Strong Economic Background

Source: hubei.gov.cn 05/21/2013 15:05:09

Basic Economic Statistics of Hubei in 2011

In 2011, the Gross Domestic Products (GDP) of Hubei province amounted to 1.96 trillion yuan ($310.86 dollars), up 13.8 percent over the previous year. It ranked top ten nationwide. Local public budget revenues reached 147 billion yuan with an increase of 45.4 percent and are among the top in the country. The fixed asset investment of the whole society rose by 28.7 percent and private investments grew 42.1 percent, accounting for 57.6 percent of the total investment in the province. The number of new projects worth over 100 million yuan stood at 1,427 with an increase of 405. The total social retail goods were valued at 792.78 billion yuan, an increase of 18 percent.

The above-scaled industrial added value grew by 20.5 percent to 856.56 billion yuan. Both profits and tax revenues surpassed one hundred billion yuan, reinforcing Hubei’s dominant position in the industry. Emerging strategic industries saw growth this year, with eight industries valued at over 10 million yuan. The operating revenue for the automotive industry stood at over 350 billion yuan, and that of the food, steel, and petrochemical industry reached over 300 billion yuan.

The Development zones and high-tech zones lead the rapid industrial growth, and the output value of the high-tech industry was up to over 230 billion yuan, an increase of more than 23 percent. Technical contract turnovers rose by 31 percent to 11.9 billion yuan.

Finance, e-commerce, outsourcing, and other modern services developed quickly and the tourism revenue reached 198.7 billion yuan, an increase of 36 percent. Loans from financial institutions in the province rose by 254.2 billion yuan, up 18.2 percent. Band of Hubei and the Yangtze River Property Insurance Company opened. The back-office service centers of 22 financial institutions settled in the Optics Valley Financial Harbour. There were ten new listed companies (one overseas company), financing 21.8 billion yuan and 1.5 billion Hong Kong dollars. Five provincial financing platform companies made investments of 60.6 billion yuan, leading to a total social investment of 201.2 billion.

Foreign Trade and Investment Data

(A) Import and export trade

In 2011, imports and exports in Hubei totaled $ 33.52 billion, showing an increase of 29.1 percent. This is higher than the national average increase of 6.6 percent, ranking first in the Central. Among this, exports stood at $ 19.53 billion, an increase of 35.3 percent which is higher than the national average increase of 15 percentage points. Imports stood at $ 13.98 billion with an increase of 21.5 percent.

(B) Investment

The number of newly approved foreign direct investment projects reached 339, an increase of 10.8 percent, and the actual use of foreign capital totaled 4.66 billion U.S. dollars, an increase of 14.9 percent.

(C) Foreign investment and cooperation

Foreign contracted projects in the province completed a turnover of 4.07 billion U.S. dollars, up 27.1 percent. The number of new contracts stood at $ 6.31 billion, down 17.5 percent year on year. The total real income of the province's foreign labor cooperation service personnel reached 82.61 million U.S. dollars, an increase of 15 percent. The number of expatriate labor service personnel people reached 17,386. There were 59 newly approved foreign-invested enterprises settled in Hubei, as with 10 institutions. The total actual foreign investment stood at $760 million, down 3.8 percent year on year. Local businesses and Hubei actually invested $690 million, showing a four fold rise.