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Longyan economy rockets to six billion yuan

By Tong Hao (chinadaily.com.cn)
Updated: 2009-11-18 13:52

The global economic crisis is failing to hit one city in Fujian province which is witnessing a staggering increase in annual output value over the past ten years.

When the Longyan Economic Zone was first established in 2002 its value was 217 million yuan, now the figure has rocketed to 6.43 billion yuan in 2008.

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During the first ten months of this year, the figure continued to increase. Output value of the zone in 2009 is estimated to exceed eight billion yuan.

Its contribution to local government's fiscal revenue grew from 3.31 million yuan in 2002 to 233 million yuan last year. The figure is likely to hit 300 million yuan this year.

Pillar industries of the zone are machinery, biological medicine and electronics, which contributed 90 percent of the zone's total output value. At present, there are four listed companies in the zone and another four ones are preparing for Initial Public stock Offerings.

So far, 112 enterprises operate in the zone with a total investment of 13.9 billion yuan, among which 22 ones are still under construction. Longking Light Industry Machinery is the largest enterprise in the zone accounting for half of the total investment. After its mechanical digger project is put into production, its annual output value is estimated to exceed 15 billion yuan.

The government in Longyan has invested more than 300 million yuan in infrastructure construction in the zone, such as water and power supply, public traffic, residential buildings, schools to attract more investment.