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Profile of Changsha Economy

Changsha has a good industrial and economic base, rather reasonable industrial structure, and is one of the areas with the most industrial and economic development potential in Central-South China. As for its agriculture, Changsha City has good agricultural ecologic environment, and was the first of “4-largest rice markets” in China in its history, and now is an important commodity food production and research base. As for its tertiary industry, for a long history, Changsha City has been an important business town in the south of Changjiang River. Changsha has deep trade tradition, first-class facility, prosperous market, and is the most important business city in Central-South China and one of the first excellent tourism cities in China.

Changsha’s economy is growing rapidly

·The gross domestic product (GDP) of Changsha has grown at an
　average of 15.4 percent per year from 2003-2007, compared with the
　national average of 11 percent; GDP per capita in Changsha amounted
　to over USD 4,748 in 2007
·The economy comprises agriculture (6.3 percent), construction and
　manufacturing (45.0 percent) and services (48.7 percent). (see Figure 1)
·According to Changsha’s Social and Economic Development Plan
　(2006-2010), GDP is expected to grow at an annual rate of 13
　percent through 2010 ·Changsha is well known as its industries of
　radio and TV media, agriculture, cartoon and software

Changsha has a large consumer market and further expansion is expected

·Changsha residents have seen increasing income levels; urban
　residents had an average per capita disposable income of over USD
　2,275 in 2007, 17 percent higher than the national average
·According to Changsha’s Social and Economic Development Plan
　(2006-2010), the average per capita disposable income will increase
　at an annual rate of 9 percent through 2010
·Retail sales reached USD 14.6 billion in 2007, representing a CAGR of
　23 percent over the 2003-2007 period

Changsha is one of China’s more competitive cities

·According to the “Annual Report on Urban Competitiveness (No. 5)” (1), in all related indicators, Changsha was ranked above average and as the 20th in China for it's efficiency
·Changsha was ranked as the 14th most competitive city in China by the National Bureau of Statistics of China in 2007

A number of other cities within an hour’s drive from Changsha form an “Economic Circle”

·Seven cities are within a one-hour drive from Changsha: Zhuzhou, Xiangtan, Yueyang, Yiyang, Changde,
　Loudi and Hengyang
·These cities have growing economies in their own right. With strong economic and transport links to Changsha, they form
　an “economic circle” around Changsha. Together with Changsha, these cities have a total population of 40.8 million
　and represent GDP of USD 97.6 billion, comprising 76 percent of Hunan province’s total GDP, and total retail sales of
　USD 34.6 billion equivalent to 73% of Hunan province’s 2007 total.
·Within a two-hour drive of Changsha, the “economic circle” includes two additional cities: Shaoyang and Pingxiang.
　The nine cities have a combined population of 50.13 million, GDP of USD 108.9 billion and retail sales of USD 38.1 billion