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| Recent Growth | |
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Zhejiang is one of the wealthiest provinces in China with an average urban income of US$857 in 1997. Overall it is the nation's 5th biggest economic producer - its GDP in 1997 growing 11% on the previous year to reach US$55.9bn. The economy grew at a rate of 9% in the first half of 1998. Zhejiang's foreign trade in 1997 totalled US$16.2bn, comprising US$10.7bn of exports and US$16.2bn of imports. One of the largest recent foreign investment projects was a US$88m partnership between Rhone Poulenc of France and Hangzhou Pesticide Plant. Zhejiang, like its northern neighbour Jiangsu has been lifted by the performance of its township and village enterprises. Both provinces are now competing on a more equal footing with neighbouring Shanghai for foreign investment. Hangzhou, the capital of Zhejiang is perhaps the foremost of Shanghai's satellite towns, offering good infrastructure and substantially lower land and labour costs. Facing Shanghai across Hangzhou bay is Ningbo, which has significant potential as a deepwater coastal port. Source: China Business Handbook |