Sichuan

Updated: Feb 13, 2019 chinadaily.com.cn Print

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Overview

Located in Southwest China, Sichuan province covers an area of 486,000 square kilometers, ranking fifth in the country, after Xinjiang, Tibet, Inner Mongolia and Qinghai.

With Chengdu as its capital city, the province occupies most of the Sichuan Basin and the easternmost part of the Tibetan Plateau between the Jinsha River on the west, the Daba Mountains in the north, and the Yungui Plateau to the south.

The climate in the province is highly variable due to having great differences in terrain. In general it has strong monsoonal influences, with rainfall heavily concentrated in the summer.

Sichuan is rich in mineral resources. It has more than 132 kinds of proven underground mineral resources including vanadium, titanium, and lithium being the largest in China. The Panxi region alone possesses 13.3 percent of the reserves of iron, 93 percent of titanium, 69 percent of vanadium, and 83 percent of the cobalt of the whole country. Sichuan also possesses China's largest proven natural gas reserves, the majority of which is transported to more developed eastern regions.

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Historically known as the "Province of Abundance", Sichuan has one of the largest economies in western China. Its nominal GDP for 2017 was 3.69 trillion yuan (US$547.71 billion), up 8.1 percent year-on-year and 1.2 percentage points higher than China's GDP growth. The value-added of its primary industry in 2017 stood at 428.28 billion yuan, up 3.8 percent year-on-year; the value-added of its secondary industry was 1429.4 billion yuan, up 7.5 percent year-on-year; and that of its tertiary industry hit 1840.34 billion yuan, up 9.8 percent year-on-year. The province's imports and exports totaled 460.59 billion yuan last year, up 41.2 percent year-on-year. Of them, imports stood at 253.85 billion yuan, growing 37.4 percent year-on-year, and exports were 206.7 billion yuan, up 46.2 percent year-on-year.

Pillar Industries

As one of the most important economies in western China, Sichuan has been cultivating a number of industries to boost its development, including equipment and manufacturing, energy and chemicals, food and beverages as well as information technology and electronics. Sichuan's beautiful landscapes and rich historical relics have also made the province a major tourism center.

Electronics and IT

This is the No 1 pillar industry of Sichuan province. Statistics show that it generated 811.3 billion yuan in revenues last year, ranking Sichuan No 7 in the country. Electronics and IT is likely to become the first industry in the province to generate 1 trillion yuan of revenues a year, with the focus put on displays, integrated circuits, network security and wearable devices, according to local officials.

Equipment and manufacturing

Sichuan has been one of three major manufacturing hubs in China. It is now home to 1500 manufacturing companies, and industrial clusters of power-generating equipment and oil rigging equipment makers. The province is also planning to step efforts to develop aviation, rail transport, energy conservation and smart manufacturing.

Food and beverages

Tea and alcohol have long been traditional specialties that local people are proud of. Last year, Sichuan food and beverage makers generated 725.7 billion yuan in revenues, ranking the province No 5 nationwide, with Chinese baijiu, food and oil as well as meat products three of its most important segments. The province is also set to launch a plan to rejuvenate the glory of Sichuan alcohol and foster renowned brands that specialize in tea, bamboo, fruits and vegetables, traditional Chinese medicine and drinking water.

Other important industries in Sichuan include aerospace and defense (military) industries. A number of China's rockets (Long March rockets) and satellites were launched from the Xichang Satellite Launch Center, located in the city of Xichang.

Advantages

Policy support

Sichuan has been one of the first provinces in China to streamline procedures required for company registration and build an investor-friendly environment. In the second half of last year, the provincial authorities have promulgated a number of measures to open up the province and attract investment. Among others, they offer different financial stimuli and tax rebates to companies that specialize in a wide range of sectors.

Transport

Chengdu, capital of Sichuan province, is an important transport hub in western China. The Shuangliu International Airport is the forth busiest airport in the Chinese mainland. Chengdu airport is the hub of Sichuan Airlines, Chengdu Airlines, Shenzhen Airlines, Tibet Airlines, China Southern Airlines, China Eastern Airlines, Lucky Air and Air China. The Shuangliu airport is also a 72-hour transit visa-free airport for foreigners from many countries.

Human resources

Sichuan is home to 136 universities and colleges, one of the most in the country, some of them the best in China. Last year, more than 400,000 graduated from the universities there, offering abundant human resources for companies in the province.

Responsible Departments

1. Sichuan Provincial Department of Commerce

Contact:

Tel: 028-83222372

Fax: 028-83224675 83223610

Address: No 7 Chenghua Street, Chengdu, Sichuan

Postcode: 610081

2. Investment Promotion Bureau of Sichuan Province

Contact:

Tel: 028-66469948

Fax: 028-66469900

Address: No 25 Yongling Road, Chengdu, Sichuan