Major Economic Indicators
| Economic Indicators |
2010 |
Jan - Sep 2011 |
| Value |
Growth
(%, y-o-y) |
Value |
Growth
(%, y-o-y) |
| Gross Domestic Product (RMB bn) |
1,603.8 |
14.6 1 |
1,362.5 |
12.9 1 |
| Per Capita GDP |
24,719 |
12.9 1 |
|
|
| Added Value Output |
|
|
|
|
| - Primary industry (RMB bn) |
232.6 |
4.3 1 |
178.2 |
3.6 1 |
| - Secondary industry (RMB bn) |
734.3 |
20.2 1 |
650.4 |
16.7 1 |
| - Tertiary industry (RMB bn) |
636.9 |
11.7 1 |
533.9 |
11.3 1 |
| Value-added Industrial Output 2 (RMB bn) |
592.1 |
23.4 1 |
563.3 |
19.5 1 |
| Fixed-assets Investment (RMB bn) |
982.1 |
27.6 |
773.8 |
29.8 |
| Retail Sales (RMB bn) |
584.0 |
18.8 |
484.6 |
17.7 |
| Inflation (Consumer Price Index, %) |
|
3.1 |
|
5.9 |
| Exports (US$ mn) |
7,956 |
44.9 |
7,066 |
28.3 |
| - By FIEs (US$ mn) |
1,292 |
50.1 |
1,317 |
46.3 |
| Imports (US$ mn) |
6,710 |
441 |
6,915 |
45.7 |
| - By FIEs (US$ mn) |
1,808 |
88.1 |
1,989 |
61.6 |
| Utilized Foreign Direct Investment (US$ mn) |
5,184 |
12.8 |
4,600 |
15.1 |
Notes: 1 In real terms 2 For all state-owned enterprises and other forms with annual sales over RMB 5 million
Sources: Hunan Statistical Yearbook 2009, Hunan Statistical Bureau, China’s Customs Statistics 12.2010, 9.2011
General Background
Hunan has a total area of 211,800 square kilometers. The total population stood at 65.7 million in 2010. Hunan - abbreviated as Xiang（湘）- is laced with lakes, including the Dongting Lake（洞庭湖）which is the second largest fresh water lake in China.
Blessed with a subtropical temperate climate and abundant rainfall and sunshine, Hunan is the largest producer of rice in China, accounting for about 12.8% of the national total in 2010. Hunan is also the leading producer of citrus and the second largest producer of pork in 2010. It is also a major producer of tea, citrus and tobacco. Hunan is also one of southern China’s main timber bases.
Hunan has rich reserves of minerals. Its reserve of tungsten, antimony, zinc and bauxite are among the top in China. Other major deposits of minerals include lead, tin, barite and graphite mineral. It is named as the “country of non-ferrous metals” and the “country of non-metal minerals”.
Hunan enjoys a favorable geological location: it is situated at the development belt of the middle and lower reaches of the Yangtze River; it is adjacent to Guangdong and container trucks can get to Hong Kong within one day.
Industries
The primary sector still accounted for 14.5% of Hunan’s GDP in 2010. Among the agricultural sector, animal husbandry accounted for 30% of the gross output in 2010. In recent years, Hunan is also developing into a production base of dairy products.
Composition of GDP (%)
| |
1990 |
2010 |
| Primary |
37.5 |
14.5 |
| Secondary |
33.6 |
45.8 |
| Industry |
29.6 |
39.3 |
| Tertiary |
28.9 |
39.7 |
Source: Hunan Statistical Yearbook, 2011
Hunan has evolved a complete industrial system, and formed a considerable capacity in the production. Industries are mainly located at Changsha（長沙）, Yueyang（岳陽）, Zhuzhou（株州）and Hengyang（衡陽）, which together accounted for over 56% of Hunan’s industrial output in 2010.
Major Industry Groups (2010)
| |
% share of gross industrial output |
| Smelting and pressing of non-ferrous metal |
8.9 |
| Manufacture of special purpose machinery |
8.4 |
| Manufacture of chemical raw materials & chemical products |
8.2 |
| Processing of food from agricultural products |
7.4 |
| Smelting and pressing of ferrous metal |
6.4 |
| Non-metal mineral products |
6.2 |
| Production and supply of electric power and heat power |
5.0 |
| Manufacturing of general purpose machinery |
4.0 |
| Manufacturing of electrical machinery and equipment |
4.0 |
| Manufacturing of food and beverage |
3.9 |
| Manufacture of tobacco |
2.8 |
Source: Hunan Statistical Yearbook 2011
A large share of Hunan’s industrial output is related to its rich mineral deposits. For example, smelting and pressing of ferrous and non-ferrous metals accounted for 15.3% of the total industrial output.
In recent years, Hunan has become a base for relocation of manufacturing industries from such provinces as Guangdong, Zhejiang, Beijing, Fujian and Shanghai etc. The share of machinery in gross industrial output has continued to increase in recent years.
For the tertiary industry of Hunan, the sector of culture, sports and entertainment appears to be “the pearl on the crown”. Hunan TV is very popular among domestic TV watchers. In 2010, the value-added of cultural and creative industries of Hunan amounted to RMB82.8 billion, accounting for 5.2% of the GDP, up from 2.4% in 2000.
Tourism
Hunan has rich historical heritages and tourism resources. Historical sites include Yueyang Tower (岳陽樓), one of the three historical monuments in South China; Yuelu Academy（嶽麓書院）, one of the top four academies in the Song Dynasty (960-1279A.D.); Aiwan Pavilion（愛晚亭）, one of top
four pavilions in China; tomb of Mawangdui（馬王堆）. Natural scenic spots include Mount Hengshan（衡山）, Dongting Lake（洞庭湖）and Zhangjiajie（張家界）. There are 88 revolutionary bases in Hunan Province, including the former home of Mao Zedong.
In 2010, Hunan received 202 million (+26.8%) domestic tourists with the tourism receipts of RMB236.5 billion (+29.6%) and 1.9 million (+45%) overseas tourists with the foreign exchange revenue of US$887 million (+31.8%).
Foreign Trade
Major export items included rolled steel, textiles, clothing and apparels, porcelain and pottery wares, fireworks and firecrackers etc. Major export markets in 2010 were Hong Kong, South Korea, the US and Japan.
In 2010, major imports included iron ore, auto parts, rolled steel, and paper pulp etc. Major import sources were Japan, Australia, and Germany.
Hong Kong is a major export market of Hunan. In 2010, Hunan's exports to Hong Kong stood at US$1,045 million, about 13% of Hunan’s total exports.
Foreign Investment
Most of Hunan’s utilized FDI went to the secondary industry (84% of the total utilised FDI in 2010), but the primary industry recorded rapid growth in recent years. From 2005 to 2010, FDI going to the primary sector grew by an average of 39% per annum. Large foreign companies in Hunan included Pepsi, NEC, Hutchison Whampoa, Mitsubishi and Time Warners etc. Changsha, Hengyang and Zhuzhou are major FDI destinations.
Hong Kong is the leading investor in Hunan. In 2010, utilised FDI from Hong Kong amounted to US$3,285 million, accounting for 63% of the total utilised FDI. Other major investors in 2010 included Taiwan, Japan and Singapore.
Consumer Market
Changsha is the largest consumer centre, accounting for 32% of the province’s total retail sales. In 2010, the per capita disposable income of urban households in Hunan was RMB16,566 an increase of 9.8%.
Major department stores and shopping centres in Changsha of Hunan include Bailian Oriental Plaza（百聯東方廣場）, Apollo Commercial Square（阿波羅商業廣場）, Heiwado Department Store （平和堂百貨）, Tongcheng Group（通程集團）, Changsha New World Fashion Square (長沙新世界時尚廣場) and Wangfujing Department Store. There are various forms of modern operation such as chain stores, supermarkets and convenience stores in Hunan, represented by Wal-mart from the US, Metro from Germany, Carrefour from France etc.
Economic Indicators of Major Cities (2010)
| Cities |
GDP
(Rmb bn) |
Per capita GDP (RMB) |
Gross Industrial Output (Rmb bn) |
Retail Sales
(Rmb bn) |
Exports
(US$ mn) |
| Changsha 長沙 |
454.7 |
66,464 |
416.5 |
186.5 |
3,551 |
| Zhuzhou 株州 |
127.5 |
33,604 |
171.5 |
42.7 |
693 |
| Xiangtan 湘潭 |
89.4 |
32,305 |
149.6 |
25.7 |
777 |
| Hengyang 衡陽 |
142.0 |
20,419 |
188.3 |
47.2 |
705 |
| Yueyang 岳陽 |
153.9 |
28,849 |
278.4 |
50.7 |
157 |
| Changde 常德 |
149.2 |
26,551 |
126.3 |
46.9 |
139 |
Source : Hunan Statistical Yearbook, 2011
