Investment in Shaanxi
Key Facts:
Area: 205,000 square km
Population: 35.43 million
Capital City: Xi’an
Major Cities: Xianyang, Baoji, Hanzhong
GDP: 367.475 billion RMB (2005)
GDP per capita: 9,844 RMB (2005)
Investing in Shaanxi Province
Shaanxi Province approved a total of 256 Foreign Direct Investment (FDI) projects in 2005, a decrease of 5.5%. However, when realised into monetary terms investment in the province increased by 19.3% to an estimated total of US$ 628 billion. Business turnover in 2005 for overseas project and labour contracts signed in Shaanxi Province totalled US$ 242 million.
The major industry sectors in Shaanxi Province earned significant increases in yearly revenues in 2005. The tourism sector saw dramatic growth in revenues earned from foreign tourists totalling US$ 446 million, an increase of 23.9% on the previous year. The year was also very successful regarding domestic tourism where revenues grew by 16.9% to 31.63 billion RMB. The annual turnover of retail sales also increased in 2005, the retail sector turnover was 132.241 billion RMB, an increase of 13.7% on the figure for 2004. In the same year the annual turnover of postal operations in Shaanxi Province increased by 12.8% to 1.643 billion RMB. The total output value of the construction industry in the Province was 59.444 billion RMB, an increase of 13.2% on 2004. The total added value of heavy industry in the province by the end of 2005 was 126.718 billion RMB, this was an increase of 18.7% compared to the figure for the end of 2004. The total output of the agricultural industry increased by 8.1% on 2004 to 73.07 billion. However, the total output of grain in the province fell by 1.8% to 11.395 million tons.
Significant gains were made during 2005 to increase welfare provisions and aid to some of Shaanxi Province’s poorest people. By the end of the year a total of 790,000 urban residents and 976,000 rural residents had been covered by a minimum living guarantee system. A further 131,000 rural patients received financial assistance from the rural medical aid system. However, the employed population only grew by 0.79% between 2004 and 2005. Yet, during 2005 113,000 previously laid off workers found employment.
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