Investment in Zhejiang
Key Facts:
Area: 101,800 square km
Population: 43.43 million
Capital City: Hangzhou
Major Cities: Jiaxing, Ningbo, Shaoxing, Wenzhou
GDP: 1.124 trillion
Investing in Zhejiang Province
In 2005 Foreign Direct Investment (FDI) in Zhejiang Province increased by 22.6% in comparison to 2004. In monetary terms FDI in the province was approximately US$ 6.68 billion. The province has gone to great lengths to increase the number of foreign project and labour contracts signed, between 2004 and 2005 the number of contracts increased by 37.7% and had an estimated value of US$ 1.68 billion. Between 2004 and 2005 total annual business turnover in Zhejiang Province increased by 22.0% to an estimated US$ 1.53 billion.
The major industry sectors experienced positive development in Zhejiang Province in 2004 increasing revenue or total added value. Between 2003 and 2004 the tourism sector increased its total annual revenue dramatically by 31.6% to 101.01 billion RMB. The retail sector also increased its annual revenue. 2004 saw revenues totalling 364.54 billion RMB and increase of 12.5% on the previous year. The total added value of the construction industry increased by 9.0% between the two years, bringing the total to 66.36 billion RMB. The telecommunications sector in the province experienced significant growth in revenues between 2003 and 2004. The revenues achieved by the sector in 2004 were 37.8% higher than the previous year totalling 63.98 billion RMB. Annual turnover of postal operations saw growth between 2003 and 2004 but not to the same extent as some of the other industry sectors. Revenues grew by 4.8% and totalled 2.9 billion RMB. The increase in agricultural output was only 3.7%. The total added value of Zhejiang Province’s agricultural industry in 2004 was approximately 81.6 billion RMB.
At the end of 2004 the employed population of Zhejiang Province was 29.4 million people. This was an increase of approximately 214,000 jobs compared to those created in 2003. In total in 2004 roughly 616,000 jobs were created in the province. The province also made great strides in improving welfare provisions in 2004. By the end of the year there were 26,000 community service facilities equipped with 86,000 beds to house homeless people.
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