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Agricultural Development Bank of China
Economy

SE. China's Fuzhou sees GDP exceed RMB1 trln in 2020

January 21, 2021


Abstract : 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.

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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)

BEIJING, Jan. 21 (Xinhua) -- 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 School of Economics of Fujian Normal University.

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

The city's location has made it a key city on the modern maritime Silk Road, an important economic area and a free trade zone, which further fueled its development.

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 the investment up to 33 billion yuan.

(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)

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Keyword: GDP Fuzhou

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