Investing in Hunan
Located in South-Central China, the economy of the Province of Hunan is based on the exploitation of rich mineral deposits and wide industrial diversification in the steel, chemical, and petrochemical sectors. Acknowledged for tea cultivation, tourism, and cultural center, it also serves as a base for several industrial groups. Changsha is the capital and most populous city of the province. With a population of 66.4 million inhabitants, Hunan province covers a total surface area of 210,000 sq. km.
Local authority data shows that Hunan Province recorded total exports of USD 48 billion and total imports of USD 23 billion, with 8,765 established foreign investment companies. The average urban salary is USD 10,612.
In terms of GDP, the Province of Hunan ranks ninth in China, after Hubei province, reaching USD 605 billion in 2020 and USD 571 billion in 2019, with a GDP per capita of USD 8,751. Along with GDP growth of +3.8% in 2020 and +7.9% in 2019.
Main Economic Centers (GDP) in Hunan
• Changsha (USD 167.7 billion)
• Yueyang (USD 58 billion)
• Changde (USD 54.3 billion)
• Hengyang (USD 50.8 billion)
• Zhuzhou (USD 46.2 billion)
Main Sectors in Hunan
• Steel industry
• Industrial machinery
• Raw materials
Main Industrial Areas in Hunan
• Hunan Pilot Free Trade Zone
• Changsha Economic and Technological Development Zone
• Xiangtan Economic and Technological Development Zone
• Changde Economic and Technological Development Zone
• Loudi Economic and Technological Development Zone
• Changsha High-tech Industrial Development Zone
• Zhuzhou High-tech Industrial Development Zone
• Xiangtan High-tech Industrial Development Zone
• Changde High-tech Industrial Development Zone
• Yiyang High-tech Industrial Development Zone
• Changsha Huanghua Comprehensive Bonded Zone
• Xiangtan Comprehensive Bonded Zone
(Hunan) Pilot Free Trade Zone
The (Hunan) Pilot Free Trade Zone has been established in 2020 with the objective of building a world-class advanced manufacturing cluster and an international investment and trade corridor linking the Yangtze River Economic Belt and the Greater Bay Area. It is also a hub devoted to the expansion of cooperation between China and Africa.
The target industries are biomedicine, agritech, e-commerce, advanced manufacturing, logistics, and financial services. The functional areas include the Changsha area (80.0 sq. km), the Yueyang area (19.9 sq. km), and the Chenzhou area (19.8 sq. km).