Industry

Over the past 70 years since the founding of the People’s Republic of China in 1949, Hunan’s industry achieved a great-leap-forward development. Since the CPC's 18th National Congress in 2012, Hunan has pushed forward industrial reform and institutional innovation, carried out the plan to build itself into a manufacturing powerhouse, accelerated transformation and upgrade of traditional industries, fostered emerging industries, and sped up the replacement of the old drivers of growth. At present, Hunan’s gross industrial output value exceeds one trillion CNY, with the development quality notably improved. The higher quality industrial development gives great support to a sound and sustainable economic growth, and facilitates improvement of people’s livelihood. (Chinese source: hunan.gov.cn)

 

Hunan’s first industrial park was established in 1988. Over the past three decades, marvelous changes have taken place. Hunan’s industrial parks and zones started from scratch and now play an important role in maintaining a stable economic growth, strengthening innovation, and facilitating industrial transformation. In recent years, the CPC Hunan Provincial Committee and the Hunan Provincial People’s Government have attached great attention to transformation and upgrade of industrial parks and zones, and given priority to develop them as main objects in revitalizing real economy and implementing supply-side reform, so as to accelerate a high-quality development. 

 

Hunan's manufacturing industry has leapt to a new height since the 18th CPC National Congress. The provincial total industrial added value has increased from 914 billion yuan in 2012 to 1,416.2 billion yuan in 2021, with an average annual increase of 8.5%.

In 2021, the added value of the manufacturing industry accounted for 27.7% of GDP. There were three 1-trillion-yuan industries, equipment manufacturing, raw materials, and consumer goods, and fourteen 100-billion-yuan industries including construction machinery. The scale of the digital economy has exceeded 1.3 trillion yuan. Hunan has formed unique advantages in such fields as IT innovation and application, power semiconductor, new display, and mobile Internet.

The contribution rate of industry to Hunan's economic growth reached 32.3% in 2021. The tax revenue of the manufacturing industry was 153.5 billion yuan. Industry has become the "ballast stone" for the steady economic growth of the province.

Hunan's manufacturing enterprises showed off their strengths. Changsha's construction machinery and Zhuzhou's advanced rail transit equipment were among the national advanced manufacturing clusters. Hunan's construction machinery scale topped the industry in China, with 4 enterprises included in the world's top 50. The agglomeration of rail transit equipment industry took the lead in the world, with the electric locomotive products occupying 27% of the global market share. The scale and competitiveness of small and medium-sized aero-engines ranked first nationwide. Hunan's fourth-generation turboshaft and turboprop engines were world leaders.

Hunan now has five industrial enterprises each worth 100 billion yuan. They are Hunan Iron & Steel Group, Sany Group, State Grid Hunan Electric Power Co., Ltd., China Tobacco Hunan Industrial Corporation, and Zoomlion Heavy Industry Science & Technology Co., Ltd. The number of 10-billion-yuan industrial enterprises increased from 14 to 39, and those above the designated size grew from 12,949 to 18,577. Hunan has cultivated 26 national manufacturing champions and 232 national level small and medium-sized enterprises feautred with "profession, refinement, characteristics, and novelty", ranking the second and the first in central China respectively.

 

Chinese Source: hunan.gov.cn

 

Updated in August, 2022