Economy Stands at a New Starting Point

Updated:Apr 20,2018 10:00 AM anhui today

--An Overview of Anhui’s Economy in 2017

In 2017, Anhui’s economic development shows new strength that is critically important to fit into the grand and beautiful picture.

The year of 2017 was witness to a series of remarkable events in China—from the all-important National Congress of the Communist Party of China to the start of implementing the “13th Five-year Plan”, from comprehensive reform to deepening supply-side structural reform.

Anhui insists on maintaining stability in its general works, firmly establishes and implements the new concept of development to master the “new normal” that leads economic development. The province deems the improvement of the development quality and efficiency as the center, and promotion of the supply-side structural reform as the main line.

It fully implements the action plan based on Five Major Development Concepts. The province has issued a number of implementation documents to further reduce business costs for brick-and-mortar economy, to support “three-important and one-innovation” initiative (“three-important” refers to major bases, major engineering projects and major project applications), innovation of science and technology, and talent-related work.

Measures to further promote the supply-side structural reform, to stabilize the economic growth and to adjust the structure were appropriately implemented, resulting in gradual positive effects. Anhui’s economy was doing better than the statistics suggest and continued to and momentum at a steady pace. The main index grew more rapidly than that of the nation, ranking Anhui forefront among its counterparts in the nation.

The year of 2017 was witness to the continuous improvement in supply quality, and the size of the province’s economy has become more and more robust. Since the beginning of the year, the province has intensified efforts to cut overcapacity, reduce excess inventory, deleverage, lower costs, and strengthen areas of weakness, in a bid to bring about a shift from a supply of predominantly medium-low end products to mainly supplying medium-high end ones that conform to changes in demand.

Throughout the year, the province shut down four pairs of coal mines and reduced the excess coal production capacity of 7.05 million tons per year, the excess raw iron production capacity of 620 thousand tons/year, and the excess crude steel production capacity of 640 thousand tons per year.

In 2017, the total area of vacant commodity housing in the province was 2021.3 square meters, decreased by 15.5percent from the previous year. The asset liability rate of enterprises and their production costs were declined remarkably. The asset liability ratio of industrial enterprises above designated size was 55.5 percent. The investment in the fields of weakness continued to be strengthened. The investment in ecological protection and environmental governance was increased by 41.7 percent in the whole year. The investment in the six cities in north Anhui was 15.4 percent.

The year of 2017 was witness to the optimization of the economic structure, and the “body” of the economy was getting younger and younger. Throughout the year, 704,000 business entities of all types were registered, with an increase of 17.1 percent. Of which, 232,000 were newly registered enterprises, with an increase of 21.9 percent. Among the enterprises above designated size, the added value generated by those of high-tech industry was increased by 14.8 percent, which was 5.8 percentage points higher than that of all industries. The output value of strategic emerging industries was increased by 21.4 percent, 5.3 percentage points higher than that of all industries. The proportion of the output value was increased from 23.3 percent to 24.7 percent. From the perspective of new products, the annual output of solar cells was increased by 38.9 percent. The number of industrial robots was increased by 33.2 percent. The growth of new energy vehicles reached by 38.5 percent; the optical fiber, by 34.3 percent; and the optical fiber cables, by 58.2 percent. From the perspective of new business format, the retail sales above the limit volume were 31.4 billion yuan, increased by 39.4 percent.

The year of 2017 was witness to the steady improvement in development benefits. The economic “body” was becoming more that more abundant. The fiscal revenue grew steadily. The annual fiscal revenue was increased by 485.8 billion yuan, an increase of 11.1 percent, registering an increase of 2.1 percentage points over the same period of the previous year.

Following another exciting year in 2017, we should see an uptick in growth in the year of 2018. Anhui grasps new opportunities that can help unleash the province’s new potential to build a stronger economy and a higher standard of living for all of us.