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Wuhan Economy

 

Wuhan has been the trade and commodity center in China which is called the cross of nine provinces. Wuhan's economy has grown rapidly due to the drive of deepening reform and opening to the outside world.

In 1987, it formulated the fundamental policy of "invigorating Wuhan through reforms". Beginning from 1992, the reform measures mainly shifted to the restructuring of the state-owned enterprises in the following five areas: changing the ownership of some enterprises by adopting the shareholding system; developing and enlarging some enterprises groups; using foreign funds to improve some enterprises; merging, declaring bankruptcy, leasing, selling some state-owned enterprises and transferring the property rights with diverse ownership of some state-owned enterprises, as well as accelerating the growth of the tertiary industry. At the same time, the city put emphasis on establishing "foreign-funded enterprises in three forms of ventures", village and township enterprises, district and community enterprises, private-owned enterprises, private-operated technological enterprises and the tertiary industry, in order to create new economic increase source. As a result, the city's economy reported fast growth in the 1990s. Its economic strength has reached a new level and its economic structure is gradually tending toward coordination, with the ratio of the primary, secondary and tertiary industries to the GDP standing at 9.2: 46.8: 44.

Now, Wuhan has been formed as a comprehensive industry base with complete kinds. Mainly, there is metallurgy, machinery, textile and food. And also, light industry, chemistry, electron and building materials are in the certain level. Wuhan Daye Area is the second biggest iron center in China. In Wu Iron, there is the famous sheet-steel rolling machine, which is only 1700mm. The products of Wuhan Heavy Machine Factory and Wuhan Cold Machine Factory are sold both in China and abroad. The ability of textile industry is in the second place that falls behind Shanghai.

Located on the middle reaches of the Yangtze River emptying into the East China Sea, Wuhan performs the same functions as a coastal city. Along with the development of the whole Yangtze River Economic Belt and the construction of the Three Gorges Dam, the city will have brighter prospects for economic development. The two state-level development zones of the city, the Donghu New & High-Tech Industrial Development Zone and the Tunkou Economic and Technological Development Zone, have given full play to the vigor of its economy by attracting a great number of foreign investors.

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