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Wuhan - Economy

Wuhan is an old heavy industrial base in Central China. In 2014, the citys GDP was mainly divided between the established industrial sector (47.5 percent) and a booming services sector (49 percent). Pillar industries in Wuhan include automobile and auto parts, iron and steel, new pharmaceuticals, biology engineering, new materials industry, opto-electronics, environmental protection, renewable energy and energy efficient technology as well as research and development in telecommunications, laser technology, and microelectronics.

Aside from these industries, Wuhan has the second-largest concentration of metallurgical facilities in China. The city is also a center for the production of heavy machinery, glass, cement, fertilizer, textiles, cigarettes, food processing, home appliances, electronics, construction materials, packaging and printing equipment. The dominant service sector is based in the citys retail and distribution industry and the tourism and hospitality industry. As one of the most ancient and civilized metropolitan cities in China, Wuhan has several tourist attractions Yellow Crane Tower, Baotong Zenist Temple, Guiyuan Zenist Temple and the Hubei Museum. The citys tourism industry earnings were US $28.9 billion (RMB 190 billion) in 2014.

Wuhan is a traditional industrial base in Central China and provides ample scope for U.S. suppliers of equipment and parts directed at its diverse array of light and heavy manufacturing industries. Competition in this market is fierce, especially in Wuhan, which is expanding its infrastructural base and modernizing industries.

By the end of 2011, foreign investors from over 80 countries have made investments in Wuhan, among which 5,973 foreign-invested enterprises have been established in the city with actual foreign capital injections totaling US$22.45 billion. Also, by the end of 2011, there were a total of 84 Fortune 500 companies that have invested in Wuhan, including Wal-Mart, Shell, General Electric, General Motors, HSBC, Pepsi and IBM.

A national level high-tech development zone, the Donghu New Technology Development Zones core industries are optical-electronics, telecommunications, and equipment manufacturing. The Wuhan Optical Valley (Guanggu) Software Park is also located in the zone, which is focused on software outsourcing. Other industries present include electronics and laser technology. Key firms include Changfei Fiber-optical Cables (the largest fiber-optical cable maker in China), Fenghuo Telecommunications, HUST Technologies and Chutian Laser.

The Wuhan East Lake High-Tech Development Zone (ELHTZ) is a state-level zone and its target industries include photovoltaic products, environmental protection, renewable energy and energy efficient technology, software development, bioengineering and medicine, modern equipment manufacturing, and new materials. The zone also hosts the Biolake industry base in the Optics Valley, which has six parks including the Bio-innovation Park, Bio-pharma Park, Bio-agriculture Park, Bio-manufacturing Park, Medical Device Park and Medical Health Park.

Wuhan Economic and Technological Development Zone is a national level industrial zone, established in 1993, that encourages the following manufacturing segments automobile production and assembly, biotechnology, pharmaceuticals, chemicals production and processing, food and beverage processing, heavy industry, and telecommunications equipment.

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Page last modified: 31-01-2020 19:10:51 ZULU