Since the beginning of the reform and opening-up policy in the late 1970s, Fujian has experienced rapid industrial development and now demonstrates competitiveness and efficiency – and it has also implemented a strategy for the development of industry in the West Coast Economic Zone.
The industrial development has six characteristics: Firstly, it is an industrial economy with an expanding economic volume, and total industrial output reached 880 billion yuan in 2004, a year-on-year increase of 19.6 percent, while the industrial added value was 253.8 billion yuan, increasing 16.5 percent annually.
The second characteristic concerns the province’s three leading industries -- electronics, mechanical engineering and petrochemicals – which have led heavy industry to take the place of light industry, while emerging industries - such as electronic information, refined chemicals, bio-engineering, pharmaceuticals and new materials - also experienced development.
The industrial development’s third characteristic relates to export-oriented industries which have greatly developed, as Fujian is a key region that attracts foreign capital. From 1979 to 2003, a total of 33,532 FDI projects were approved in the province, with foreign capital reaching $82.025 billion. And Fujian also boasted 25,647 industrial projects, worth $54.6 billion.
The fourth characteristic refers to the private economy, which has become more robust. In 2003, total assets of non-State-owned industrial companies reached 403.6 billion yuan, or 82.3 percent of the total economy.
The fifth characteristic concerns Fujian’s industries which have developed in coastal areas, including three coastal cities -- Xiamen, Fuzhou and Quanzhou – reaching an industrial output of 374.3 billion yuan, or 75.4 percent of the entire province.
And the sixth characteristic involves a group of competitive manufacturing industries which moved to Fujian, specifically to Jinjiang. Statistics show that there are now about 60 industrial clusters in the province, with a total output value of around 380 billion yuan.