Summarizing
The rapid economic growth and the progress of social welfare in Panyu city have been striking and impressive. Statistics shows that in the year of 1998, the Gross Domestic Production in the city was 33.25 billion Yuan, an increase of 13% over the previous year, and the General Domestic Production per capita was 35.5 thousand Yuan, an increase of 11%, compared with the previous year.
Industry
The structure of the industrial sectors in Panyu has been systematically organized with over 6500 industrial companies launched in the city. So far, its industrial basis has already taken shape with light-industry right as its mainstay. Ranging mainly from electricity supply equipments, refining chemicals, foodstuff and beverage, textile and garments, electronic apparatus, suitcase, shoes and headgear to education and sports goods, toys and jewels, its industrial products cover the 33 categories of the whole industry with a variety of 10 thousands.
Products have been exported to more than 80 countries and regions around the world, including Europe, America, Japan , Hong Kong and Macao. And some projects are technologically among the best in the country. In the year 2001, the total industrial value in the city reached 59.66 billion Yuan, an increase of 10% over the previous year.
Agriculture
The land in the territory, criss-crossed by water, is very fertile due to its location in the alluvial plain in The Pearl River Delta area, the territory has been dubbed as the “land of plenty” in history. Such a fertile land like this also enjoys a favorable natural condition for agricultural development.
While maintaining a steady growth of grain production, efforts have been made to promote the plantation and growth of improved varieties of vegetables, fruits, flowers and farmed aquatic products as well. So far, more funds have been earmarked for agricultural development, and generalization of the agricultural science and technology.
At present, the agricultural management is now progressing towards the direction of diversification, intensification, and modernization. The city has won the title ” The First Group of Cities Realizing the Well-to-Do Living Standard in the Countrysides in Guangdong Province” and the title ” china’s Advanced Cities (Counties) in Agriculture and Rural Economy”.
In the year of 2001, the total agricultural production value in the city was 4.6billion Yuan, an increase of 4% over the previous year, the total grain production was 150 thousand tons, vegetable 710 thousand tons, meats 45 thousand tons, aquatic products 200 thousand tons, and total poultry produced by farms 22.5 million in number. Up to recently, more and more farm products has gone commercialized, and the proportion of farm products for the market has reached 85%.
Finance and Banking Service
A diversified and very sound financial system has been established in the city with as its main sorts the central bank, special banks, commercial banks, non-banking financial institutions. Financial services are entirely available from currency deposit, loan provision, foreign exchange, collection and payment, international settlement, to letter of credit and stock exchange.
At this stage, there are nine special banks of various kinds, two stock trading floors, and about 600 financial institutions. In the year of 2001, the total bank deposits exceeded 47.1 billion Yuan, an increase of 15% over the previous year.
Foreign trade
Panyu city is now expanding its channels to increase the foreign trades by all efforts, there are more than 20 professional import and export companies in the city. Products can be exported to more than 80 countries and regions around the world. In the year of 2002, the total import and export volume in the city was US $7.2 billion dollars, among this figure, the import volume was US $3.40 billion dollars, and the export volume was US $3.88 billion dollars. Products exceeding US $100 million dollars in exportation are mainly the suitcases, shoes, hats, jewelry and accessories, garments, domestic appliances, textile goods, telecommunication equipments and devices, education and sports goods, plastics and its finished products.
Utilization of Foreign Investment
Panyu city is always committed itself to improving its environment for investment, and consistently sticking to the guideline with external-orientated economy as its central concept, and the city has scored enormous and striking achievements in utilizing foreign investment.
By the end of 2002, a total number of 2767 join-ventured companies had been approved for establishment in the city. Total Investment of these companies amounts to US $10.08 billion, the contracted use of foreign capital is US $4.83 billion dollars, and the actual use of foreign capital is US $3.34 billion dollars. Foreign investors have come in succession from more than 30 countries and regions around the world, such as Hong Kong, Taiwan, japan, Korea, United States of America, Germany, Britain, and Austrialia to Launch their companies in panyu. Some of them are major multinational companies, including GE and Exxon-mobile from the United States, BASF and Seimens from Germany, National, Hitachi and Mishibishi from Japan, Hutchison Whampoa from Hong Kong.
In the wake of FIE’s involving in many new industries, the whole industries frame of Panyu is becoming more and more integrated. From year 2001 to year 2002, 5 of Panyu’s Foreign Invested Enterprises had been listed as one of the 500 China Biggest Foreign Invested Enterprise in the business volume contest.