中文 | English |
 
 
Wuhan: more cities
  Video Map Download Contact Us
         

Diverse economy boosts Hubei GDP

By Zhou Lihua ( China Daily )

Updated: 2012-02-17

  Print Mail Large Medium  Small 0

 Diverse economy boosts Hubei GDP

Wuhan, capital of Hubei province, is where the Yangtze River, the third largest river in the world, and its branch the Hanjiang River converge. Photos Provided to China Daily

 Diverse economy boosts Hubei GDP

Factory of Wuhan Iron and Steel (Group) Corp. The company has an annual production capacity of more than 40 million tons, ranking fourth globally.

 Diverse economy boosts Hubei GDP

Wuhan is a national education and research center with 69 universities and colleges.

 Diverse economy boosts Hubei GDP

A researcher conducts a test in a lab at Optics Valley of China. There are 11 key national labs, 10 national engineering technology centers and more than 700 R&D institutions.

Despite a slowdown of the domestic automotive industry last year - which saw the lowest annual growth rate over the past decade, Dongfeng Motor Corporation, based in Wuhan, Hubei province, reaped 400 billion yuan ($63.5 billion) in sales in 2011 up 11.8 percent from 2010.

Its growth stood at nearly four times the average for the industry, according to Fan Zhong, chairman of the company labor union.

Likewise, Wuhan Iron and Steel (Group) Corp shouldered its way out of a slump to transform into one of only three profitable companies in the sector nationwide.

Its silicon steel product range was used in key national aerospace projects and utilized widely in high-end air conditioners that accounted for almost half of the market share.

The performances signify the strength of the provincial economy. Production value for the province surpassed 1.8 trillion yuan last year.

Located in Central China, it may be less-known on a global scale than the Chinese coastal regions, but more than a century ago the province was recognized as a pioneer for the national modern manufacturing industry.

Zhang Zhidong, an official of the late Qing Dynasty (1644-1911) and an advocate for building modern industries, ordered the construction of two factories to produce steel and textiles.

Hanyang Steel Factory launched operations in June 1894, which was reportedly the largest in Asia and the second biggest worldwide behind Vlklinger Htte in Germany.

The province established one of the three iron and steel manufacturing bases in the nation, while also becoming the second largest domestic automotive center.

Provincial output of heavy-duty machines and packing apparatuses were ranked at the top of the nation.

The central government has promoted the "rise of the central regions" and included it into a national strategy in 2004 so the province has embraced development opportunities.

Hubei boasts eight sectors that each enjoyed an annual production value surpassing 100 billion yuan.

The sectors such as auto, steel and iron, food, and petrochemicals have each captured more than 300 billion yuan in annual industrial output. The other sectors are machines, electrical information, textiles and construction materials.

The high-tech industry is becoming another highlight for the local economy. BioLake in Wuhan has attracted three Fortune 500 companies to base Chinese operations there such as the pharmaceutical and chemicals giants, Pfizer and Bayer, and electronics and aerospace systems conglomerate, Honeywell.

The bio-sector generated more than 30 billion yuan in annual revenues last year and is anticipated to join the 100-billion-yuan club in the near future.

 

Copyright @ 2012 China Daily. All Rights Reserved. Official Website for Hubei provincial government. Sponsored by Hubei People's Government. Constructed by China Daily
Contact Us: Foreign Affairs (Overseas Chinese Affairs) Office of Hubei Provincial People's Government
Tel: 0086-27-87713805 Fax: 0086-27-87811262 Email: faomsc@fohb.gov.cn
Address: No 3, Bayi Road, Wuchang, Wuhan, Hubei province Post code: 430071