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Zhejiang Province: Macro and Micro-economic Analysis, 2006

The Apex Group
July 1, 2006
SKU: ODS1315776

Abstract Table of Contents Search inside this report Related Reports

Countries covered: China

Measured in terms of GDP, China is now the fourth largest economy in the world, and since 2000, its contribution to global GDP growth (in purchasing power parity terms) has been larger than that of the US and more than half as big again as the combined contribution of the three next-largest emerging economies (India, Brazil and Russia). Indeed, all the signs point to the US now viewing China as the major threat to its economic and military hegemony: According to the US National Intelligence Council’s November 2005 global outlook, entitled Mapping the Global Future, "In the same way that commentators refer to the 1900s as the 'American Century,' the 21st century may be seen as a time when Asia, led by China and India, comes into its own."

Market reform has unleashed the potential of China’s labour force into export-oriented manufacturing industries, creating an emerging middle class eager for levels of consumption comparable to their Western counterparts. However, it has also created socials tensions as farmers are pushed off their land by development and millions of older workers are deprived of their jobs by reforms to State Owned Enterprises.

ODS maintains that China may shortly reach a milestone in its economic development where the main engine of growth moves from being exports to Western markets to its own domestic markets and that the emergence of China as a consumer society will have profound global implications.

Zhejiang is of particular importance because not only it is at the leading edge of China’s development, its economy is more oriented towards the domestic market than some of its peers, making it ideally positioned to exploit this shift.

Drawing on data gathered from China’s National Bureau of Statistics and supplemented by the United Nations Development Programme’s Human Development Report and other sources, the aim of this report is to provide a detailed explanation of current trends in the province of Zhejiang, China’s fourth largest provincial economy, from two perspectives: domestic consumption trends and the market opportunities they are likely to provide and the export-oriented economic sector, especially its potential as a recipient of foreign capital.

As well as covering such topics as GDP, incomes, trade, consumption patterns, foreign investment, transport and telecommunications infrastructure, government, administration and the labour market, the report also provides a considerable body of socio-economic research on such topics as social insurance, healthcare and education as ODS believes that trends in these areas are crucial to understanding likely future outcomes in Zhejiang and China as a whole.

1 Introduction
2 Definition: 2.1 Note on Data Reliability
3 Executive Summary
4 Strategic Overview
5 Zhejiang in the National Context: 5.1 Population; 5.2 Economic Structure; 5.3 Consumption; 5.4 Infrastructure; 5.5 Urbanisation; 5.6 Energy and Environmental Issues
6 Political & Legal Structure: 6.2 Political Structure; 6.3 Fiscal Policy
7 Economic Growth: 7.1 Nominal GDP; 7.2 Real GDP Growth; 7.3 GDP Per Capita; 7.4 Trade; 7.5 Foreign Funded Enterprises; 7.6 Employment and Unemployment
8 Socio-Economic Conditions: 8.2 Demographics; 8.3 Literacy and Education; 8.4 Social Insurance
9 National Overview: 9.1 Geography; 9.2 History and Economic Development; 9.3 Population; 9.4 Ethnicity and Language; 9.5 Political and Administrative System; 9.6 Regulation
10 Outlook: 10.1 SWOT Analysis; 10.2 Scenario Analysis; 10.3 Commercial Prospects; 10.4 Key Success Factors
11 Sources & Definitions
12 For Further Information
LIST OF TABLES: Table 1: Population - Top 5 Provinces, Lowest Province, Zhejiang, Provincial Average, National Total and EU Comparison, 2004 and Annual Growth Rate (%); Table 2: Economic Structure - National & Zhejiang GDP Breakdowns by Industry Sectors (RMB Billion at current prices) 2003-2004; Table 3: Standards of Living - Living Expenditure (RMB) and Growth (%) for the Top Provinces (including Zhejiang) and National Average, and Growth Rates (%), 2003- 2004; Table 4: Standards of Living - Per Capita Annual Disposable Income of Urban Households, Top 5 Provinces (including Zhejiang), Lowest and National Average (RMB) and Growth (%), 2004; Table 5: Standards of Living - Per Capita Net Income of Rural Households for the Top Provinces (including Zhejiang), Lowest and National Average (RMB) and Growth (%), 2004; Table 6: Standards of Living - Per Capital Rural Household Income as a Proportion of Urban Disposable Income, Top 5 Provinces (including Zhejiang), Lowest and National Average(%), 2003-2004; Table 7: Consumption - Penetration of Washing Machines per 100 Urban Households and Growth Rate, Top 5 Provinces and National Average, 2003-2004; Table 8: Consumption - Penetration of Refrigerators per 100 Urban Households and Growth Rate, Top 5 Provinces and National Average, 2003-2004; Table 9: Consumption - Penetration of Colour TVs per 100 Urban Households and Growth Rate, Top 5 Ranked Provinces and Lowest Ranked, 2003-2004; Table 10: Consumption - Number of Air Conditioners per 100 Urban Households, Top Ranked Provinces, Lowest Ranked and Zhejiang, 2003-2004; Table 11: Privately Owned Vehicles - Cars & Trucks, Top 5 Provinces (including Zhejiang), Lowest and National Total, Thousands and Growth Rate 2003-2004; Table 12: Privately Owned Vehicles - Passenger Vehicles, Top 5 Provinces (including Zhejiang), Lowest and National Total, Thousands and Growth Rate 2003-2004; Table 13: Privately Owned Vehicles - Trucks, Top 5 Provinces (including Zhejiang), Lowest and National Total, Thousands and Growth Rate 2003-2004; Table 14: Roadways - Kilometres of Highway per Square Kilometre and Actual Kilometres, Top 5 Provinces (including Zhejiang), Lowest and National Total 2004; Table 15: Roadways - Kilometres of Expressway by Area and Actual Kilometres, Top Provinces (including Zhejiang), Lowest and National Total, 2004; Table 16: Railways - Railway by Area and Actual Kilometres, Top 5 Provinces (including Zhejiang), Lowest and National Total, 2004; Table 17: Waterways - Navigable Waterways by Area and Actual Kilometres, Top Provinces, Zhejiang, Lowest and National Total, 2004; Table 18: Telecoms - Mobile Phone Subscribers, Top 5 Provinces, Zhejiang and National Total, 2003-2004; Table 19: Telecoms - Number of Mobile Phones per 100 Urban Households, Top Provinces (including Zhejiang), Lowest and National Total, 2004; Table 20: Telecoms - Local Telephone Subscribers, Top 5 Provinces (including Zhejiang), Lowest and National Total, 2004; Table 21: Telecoms - Number of Telephones (fixed line units) per 100 Urban Households, Top 5 Provinces (including Zhejiang), Lowest and National Total, 2004; Table 22: Telecoms - Numbers of Users of Internet Services, Top 5 Provinces (including Zhejiang), Lowest and National Total, 2004; Table 23: Telecoms - Number of Computers per 100 Urban Households, Top Provinces (including Zhejiang), Lowest and National Total, 2004; Table 24: Telecoms - Number of Fax Machines per 100 Urban Households, Top Provinces (including Zhejiang), Lowest and National Total, 2004; Table 25: Telecoms - Capacity of Local Telephone Exchanges, Top 5 Provinces (including Zhejiang), Lowest and National Total, 2004; Table 26: Telecoms - Capacity of Mobile Telephone Exchanges, Top 5 Provinces (including Zhejiang), Lowest and National Total, 2004; Table 27: Telecoms - Capacity of Long Distance Telephone Exchanges, Top Provinces (including Zhejiang), Lowest and National Total, 2004; Table 28: Urbanisation - Proportional Land Use (Settlement & Industry, Agriculture and Other), Top 5 Provinces (including Zhejiang), Lowest and National Total, 2003; Table 29: Energy - Electricity Consumption, Top 5 Provinces (including Zhejiang), Lowest and National Total, 2003; Table 30: Energy - Per Capita Electricity Consumption, Top 5 Provinces (including Zhejiang), Lowest and National Total, 2003; Table 31: Fiscal Policy - Per-Capita Government Expenditure by Province, Top Provinces, Zhejiang, Lowest and National Total, 2003; Table 32: Fiscal Policy - Per-Capita Government Revenue and Expenditure by Province, Top 5 Provinces, Zhejiang, Lowest and National Total, 2003; Table 33: Fiscal Policy - Budgetary Income by Category in Zhejiang, 2003; Table 34: Fiscal Policy - Budgetary Expenditure by Category in Zhejiang 2003; Table 35: Economic Growth - National and Provincial Nominal GDP (RMB), Top Provinces (including Zhejiang), Lowest and National Total, 2004; Table 36: Economic Growth - National and Provincial Annual Real GDP Growth, Top Provinces (including Zhejiang), Lowest and National Average, 1999-2005; Table 37: Economic Growth - GDP per Capita, Top 5 Provinces (including Zhejiang), Lowest and National Total, 1999-2005; Table 38: Exports - Exports, Top 5 Provinces (including Zhejiang), Lowest and National Total, 2004 ($ Million) and Average Annual Growth Rates, 1998-2004; Table 39: Exports - Percentage Growth in Exports, Top 5 Provinces by Export Value (including Zhejiang), Lowest and National Total, 1999-2004; Table 40: Exports - Growth in Export Value, Top 5 Provinces (including Zhejiang) 1998-2005; Table 41: Imports - Import Value & Growth, Top 5 Provinces (Including Zhejiang) and National Total 1998-2004; Table 42: Imports - Percentage Growth in Imports, Top 5 Provinces (including Zhejiang) by Import Value, 1999-2004; Table 43: Foreign Funded Enterprises - Exports by Foreign Funded Enterprises, Top Provinces, Lowest, National Total & Zhejiang, ($ Million), Growth Rates & FFE Exports as a Proportion of Total Exports, 2004; Table 44: Foreign Funded Enterprises - Percentage Growth in Exports, Top 5 Provinces by FFE Exports, Lowest, Zhejiang & National Total, 1998-2004; Table 45: Foreign Funded Enterprises: Imports by FFEs, Top 5 Provinces, Zhejiang, Lowest & National Total, ($ Million), Growth Rates, 2004; Table 46: Foreign Funded Enterprises - Percentage Growth in Imports, Top 5 Provinces and Zhejiang by FFE Imports, Lowest & National Total, 1998-2004; Table 47: Workforce -Registered Unemployment (Actual & Rate), Top 5 Provinces, Lowest, Zhejiang & National Total, 2003; Table 48: Workforce - Level of Employment (Actual), Top 5 Provinces, Lowest, Zhejiang & National Total, 2003; Table 49: Relative Positioning - Exports of Foreign Funded Enterprises, Top Provinces (including Zhejiang), Actual & Relative Shares of National GDP & Real GDP Growth, 1998-2004; Table 50: Human Development Index - Top 5 Provinces (Including Zhejiang) & Lowest, 2003; Table 51: Demographics - Population Trends in Zhejiang and China, 2003; Table 52: Demographics - Trends in Zhejiang and China 2003; Table 53: Education - Rate of Illiteracy / Semi-Illiteracy by Province during 2003; Table 54: Education - Synthetic School Attendance Rate by Province in 2003; Table 55: Education - University and College Attendance Rate by Province in 2003; Table 56: Education - Provincial Government Appropriation for Education in 2003; Table 57: Social Insurance - Proportional Pension Coverage by Province (%), 2003; Table 58: Social Insurance - Unemployment Insurance Coverage by Province (%), 2003; Table 59: Social Insurance - Medical Insurance Coverage by Province in 2003
LIST OF FIGURES: Figure 1: Map of Zhejiang; Figure 2: Population Trends in Zhejiang and China as a Whole; Figure 3: Breakdown of GDP by Economic Sector Nationally versus Zhejiang, 2004; Figure 4: Major Budgetary Revenue by Category in Zhejiang 2003; Figure 5: Major Budgetary Expenditure by Category in Zhejiang Province 2003; Figure 6: Nominal GDP Growth Trends in China as a Whole and Zhejiang; Figure 7: Real GDP Growth Trends in China as a Whole and Zhejiang; Figure 8: Growth in GDP per Capita in Zhejiang and Shanghai; Figure 9: National Export Growth against Export Growth in Zhejiang; Figure 10: National Import Growth Against Growth in Zhejiang; Figure 11: Exports and Imports in Zhejiang; Figure 12: Growth in the Value of Export Goods of Foreign Funded Enterprises for China as a whole and Zhejiang; Figure 13: Growth in the Value of Import Goods of Foreign Funded Enterprises in Zhejiang and Nationally 1998-2004; Figure 14: FFE Trade in Zhejiang 1998-2004; Figure 15: Matrix of Relative Market Share Against Relative Growth Rate

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