China’s Fuzhou sees GDP exceed RMB1 trln in 2020

January 30 03:09 2021
Fuzhou, capital of southeast China’s Fujian Province, registered its gross domestic products (GDP) of 1.002 trillion yuan (about 155.01 billion U.S. dollars) in 2020, up 5.1 percent year on year, exceeding the one-trillion-yuan benchmark for the first time, according to the local statistics bureau.

Jan 29, 2021 – Fuzhou, capital of southeast China’s Fujian Province, registered its gross domestic products (GDP) of 1.002 trillion yuan (about 155.01 billion U.S. dollars) in 2020, up 5.1 percent year on year, exceeding the one-trillion-yuan benchmark for the first time, according to the local statistics bureau.

The city spared no efforts to expand its economy last year. It saw up to 6,479 deals in the fields such as energy and crude oil inked in the year of 2020.

It also boosted consumption by distributing shopping vouchers and staging live streaming e-commerce, with a total amount of consumption overpassing 4 billion yuan last year.

The achievement of GDP over 1 trillion yuan represents an important milestone for the city, said Huang Maoxing, a professor with the School of Economics of Fujian Normal University.

Four decades into the reform and opening-up, the coastal city has developed a full-fledged private economy and the digital economy.

Enjoying a long history, Fuzhou has been a political center of Fujian for a long time, an important city on the southeastern coast, and a gateway to the Maritime Silk Road. It has witnessed frequent trade, business exchanges, and multicultural integration between China and the Middle East and other Asian countries and regions. In recent years, Fuzhou has striven to build itself into a strategic hub for the 21st Century Maritime Silk Road and has become a founding member of the United Nations Maritime-Continental Silk Road Cities Alliance (UNMCSR). At the same time, Fuzhou was one of the earliest cities in China to open up and implement reform. In this pilot free trade zone and national new area, emerging industries have become increasingly prominent, and strategic emerging industries such as the Internet of Things(IOT), big data, cloud computing, artificial intelligence, and high-tech industries are rapidly developing.

China's Fuzhou sees GDP exceed RMB1 trln in 2020
Photo taken on Oct. 14, 2020, shows visitors at an achievement expo on the 3rd Digital China Summit in Fuzhou, capital of southeast China’s Fujian Province. (Xinhua/Wei Peiquan)

During the past five years, its GDP has surged from 577.7 billion yuan to over one trillion yuan.

For further development, the city should strive to improve weak links, accelerate infrastructure construction and build industrial clusters, said Ding Changfa, a professor with Xiamen University.

New economic targets have been set for the first year of the 14th Five-Year Plan (2021-2025) period. The city aims to maintain relatively high GDP growth rate of 7 percent in 2021, with 102 planned urban construction projects and an investment of up to 33 billion yuan.

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