Economy

The 8th Nanjing International Auto Show (September 2009)

According to The Global Competitiveness Report 2009-2010 released by the World Economic Forum (WEF), China solidified its position among the top 30 most competitive economies in the world. Despite the global economic downturn, China’s economic growth remains robust. China has become the world’s third largest economy, and Nanjing is part of China’s growth and prosperity.

Nanjing is one of the important economic powerhouses in China. For the past five years, the city has maintained an annual economic growth rate of over 15%. In 2008 Nanjing's GDP was RMB 377.5 billion (US$55.5 billion), and the Municipal Government’s fiscal revenue surpassed US$10 billion.

Nanjing's economy is propelled by sectors such as software, high-tech and service industries. Electronic information, petrochemical, iron and steel, and automobile, known as Nanjing’s “four pillar industries”, generate more than half of the city's industrial output.

Electronic information. Nanjing is China’s important R & D and production base for electronic information industry. Over 1000 factories and companies here manufacture as many as 2000 kinds of electronic products featuring flat panel display, telecommunications equipment, computers, software and system integration, and information home appliances.

Electronic information is one of Nanjing's "four pillar industries"

Petrochemical. Nanjing's petrochemical production capacity ranks second in China. Some big firms are BASF-YPC Company Limited, Mitsubishi Gas Chemical Company, Celanese Corporation, Sinopec Yangze Petrochemical Company Ltd, and Jinling Petrochemical Co., Ltd.

Iron and Steel. Nanjing has 72 iron and steel enterprises, among which Nanjing Iron and Steel Group Co., Ltd and Baosteel Group Shanghai Meishan Co., Ltd are the main producers.

Automobile. Najing's automobile industry has a history of over 50 years. A number of big auto makers such as Changan Ford Mazda Automobile Corporation Ltd, SAIC Motor, Nanjing Automobile (Group) Corporation, and Chana Auto Co., Ltd have established their lines here. In addition, Nanjing has over 200 auto parts producers.

The booming economy has made Nanjing one of the most promising cities in the Asian-Pacific region in the 21st century.