Zhanjiang economy grows steadily from January to May

Zhanjiang's economy maintained a steady growth from January to May, producing solid major economic indicators and an accelerated pace of structural transformation.

Statistics from the local Development and Reform Bureau and the Statistics Bureau showed that the added value of industries above a designated size was 30.9 billion yuan ($4.8 billion) in the first five months of this year, a rise of 4.1 percent.

Meanwhile, the city's fixed-asset investment increased 19.6 percent to 33.9 billion yuan, of which real estate investment accounted for 42 percent and industrial investment made up 28 percent.

Iron and steel, petrochemicals and papermaking, three pillar industries of Zhanjiang, recorded an industrial output value of 38.1 billion yuan, up 2.8 percent year-on-year.

Over the period Baosteel Zhanjiang produced 3.48 million tons of cast iron, 3.62 million tons of crude steel, and 3.1 million ton of steel products, while Zhanjiang Chenming Pulp & Paper produced 717,200 tons of paper. The Sino-Kuwait refinery and petrochemical project completed an investment of 2.1 billion yuan.

Hi-tech industries have been flourishing in the city, with the Zhanjiang Economic and Technological Development Zone elevated to the national level. Zhanjiang is now home to 125 hi-tech enterprises, seven provincial key labs, 11 municipal key labs, 22 engineering centers, and 150 research and development centers.