Traditional With its favourable location along the Belt and Road and open foreign trade networks, Jiangxi Province is positioned to become a leader in industries such as aviation, electronic information, traditional Chinese medicine and others
Jiangxi is a province in Mainland China with an area of 166,900 square kilometres and a population of over 46 million. With Nanchang as its capital, the administrative region is divided into 11 districts, namely Nanchang, Jiujiang, Jingdezhen, Pingxiang, Xinyu, Yingtan, Ganzhou, Yichun, Shangrao, Ji’an and Fuzhou, as well as one state-level Ganjiang New Area and 100 counties (county-level cities/districts).
Jiangxi enjoys a favourable geographical location, beautiful natural environment, profound cultural sights and unique resources. It is one of the first three national ecological civilisation pilot zones, with a forest coverage rate of 63.1 per cent.
Steady economic growth
In 2019, Jiangxi Province made co-ordinated efforts to ensure growth, promote reform and restructure, improve its natural environment and people’s well-being, avoid a variety of risks and secure positive and steady growth and quality industrial upgrading. The GDP of the whole province totalled RMB2.47575trn, up by eight per cent compared with the previous year and ranking fourth in Mainland China.
Of this amount, the value added by the primary industry was RMB205.76bn, up by three per cent; the secondary industry RMB1,093.98bn, up by eight per cent; and the tertiary industry RMB1,176.01bn, up by nine per cent. The contribution rate of the primary, secondary and tertiary industries to the increased GDP was 3.4 per cent, 49.9 per cent and 46.7 per cent, respectively, and the proportions of the three industries in GDP are 8.3 per cent, 44.2 per cent and 47.5 per cent respectively. The per capita GDP was RMB53,164, up by 7.4 per cent, while the general financial revenue was RMB400.15bn, up by 5.4 per cent.
The province’s utilisation of foreign investment has been accelerating. In 2019, 544 new foreign-invested enterprises were approved and the amount of foreign direct investment actually utilised was US$13.58bn, up by eight per cent from the previous year. That same year, more than 130 enterprises among the global top 500 companies invested in Jiangxi. The actual inflow was US$803.85bn from projects outside the province, up by 9.4 per cent.
Jiangxi’s foreign trade has seen a steady increase. In 2019, the total value of commodity imports and exports was RMB351.19bn, up by 11.1 per cent year-on-year, of which the value of exports was RMB249.65bn, up by 12.3 per cent, while the value of imports was RMB101.55bn, up by 8.2 per cent.
In addition, outward investment co-operation has intensified. In 2019, 170 new project contracts with other countries were reached, with the value of the contracts reaching US$3.75bn. A turnover of US$4.49bn was achieved, up by 0.5 per cent, while outbound investment was US$1.85bn, up by 120.9 per cent.
Jiangxi has firmly grasped the development opportunities presented as a result of Mainland China’s significant strategies such as the Belt and Road Initiative (BRI) and the construction of Yangtze River Economic Zone, the National Ecological Civilization Pilot Area and Ganjiang New Area. In order to develop with innovation, reform additionally to address unsolved difficulties, open up further for industrial upgrade, enhance green urban development and bring prosperity to Jiangxi and its citizens, the province is thoroughly implementing regional development strategies, with a view to construct Jiangxi as a strategic inland pivot for the BRI, a strategic support for Yangtze River Economic Zone, a pilot demonstrator for environmental conservation and an inland highland for two-way opening-up. On 6 April 2020, the State Council approved the establishment of Jiangxi Mainland Open Economic Pilot Zone.
Jiangxi is thoroughly implementing the new development concept, taking the direction of high-end, intelligent, green and service-oriented industries, and is deeply implementing the “2+6+N” high-quality, forward-leaping industrial development action. It is vigorously developing advantageous industries such as aviation, electronic information, equipment manufacturing, traditional Chinese medicine, new energy and new materials.
In addition, the province is establishing an industrial chain system to promote the connection and co-operation between upstream and downstream industries, building a modern industrial system with Jiangxi characteristics and providing numerous Jiangxi business opportunities for entrepreneurs. Jiangxi has a multilevel, diversified and modernised investment platform. The province encompasses one state-level new area, 10 state-level economic-technological development areas, nine state-level high-tech areas, four comprehensive bonded areas, five state-level key processing trade transfer sites, six national foreign trade transformation and opening bases and 84 provincial-level development zones.
CCPIT Jiangxi Provincial Committee
The China Council for the Promotion of International Trade Jiangxi Provincial Committee (CCPIT Jiangxi Provincial Committee) was established in February 1980. It aims to promote trade, investment and economic and technical co-operation between Jiangxi and all countries and regions in the world according to the laws and regulations of Mainland China and with reference to international practices, so as to enhance mutual understanding and friendship.
Since its establishment, CCPIT Jiangxi Provincial Committee, under the guidance of the Jiangxi Provincial Party Committee, provincial government and CCPIT, works closely around the open economy development needs, carries out activities to promote foreign exchanges and trade and explores diversified markets through various channels and in various forms. CCPIT Jiangxi Provincial Committee excels in external liaison and publicity, overseas exhibitions and sales exhibitions. With its purpose of promotion and seizing opportunities, it plays a very important role of being both a bridge and platform for international exchanges and for enterprises to go global. The committee has made active efforts to open up Jiangxi’s economy and has established a good reputation in the eyes of the Mainland Chinese government and people.