Economy of Baotou

2018-10-18 10:54  

Baotou,lies in the north of North China,the middle of Inner Mongolia,is thehinterland of Bohai-Rim Economic Circle and the tri-angular Hohhot-Baotou-Ordosarea.Through half a century's unremitting efforts,Baotou's industry has grown out ofnothing and developed into a large-scale industrial zone.Now it has formed a modernindustrial and economic system with iron and steel,rare earth,aluminum,engineering,machinery,heavy-duty automobiles,electricity,textiles,leather products andchemicals as its main sectors.All these industries have taken considerable place inboth the local and national economy.

It is known as “the steel city on prairie” and “the city of rare earth'"because of its importance of being the manufacturing base of essential resources, raw material, rare earth,new coal chemical and equipment for Inner Mongolia autonomous region and the country. Consequently, Baotou is acknowledged as one of the 50 most suitable cities for development and investment in China.

Baotou is the second economy of the Inner Mongolia Autonomous Region, with a GDP value of RMB 363.63 billion in 2014, representing an 8.5% rise over the previous year,which accounts for approximately 20.46% of the province's total. Of this,the value-added of the primary industry was 10.07 billion yuan,up by 3.1%; the value-added of the secondary industry was 179.22 billion yuan,up to 9.9%; the value-added of the tertiary industry was 174.34 billion yuan, up to 7.2%. Thevalue-added of the three industries accounts for 2.8%,49.3% and 47.9% respectively. The per-capita GDP of Baotou reached 130,676 yuan, up to 7.2%. The consumer price level rose by 1.8%. Among the eight categories of commodities and services, the prices of seven categories trending upwards while the prices of transportation and communication declined 1.4%.

Baotou Rare-earth Hi-tech Zone was built in 1990 and became a State-level new and high-tech zone with approval from the State Department. It is the exclusive State-level new and high-tech zone in Inner Mongolia, which is the only one featured by rare earth among 53State-level new and high-tech zones in China.The growth rateof key economic indicators of Baotou Rare-earth Hi-tech Zone remains over 30%ranked first among 47 industrial development zones in Inner Mongolia.

The planning area of Baotou Rare-earth Hi-tech Zone is 120 square kilometers.Nowover 3600 enterprises registered in Rare-earth Hi-tech Zone,and among them thereare 75 rare earth firms,22 listed companies and investment firms,7 world's largestFortune 500 companies,39 foreign-invested firms and 53 new and hi-tech companies.In order to promote technology innovation and develop the registered firms,priority isgiven to specialized incubators,such as software parks,rare earth enterprises,university technology parks,and innovation(venture)parks for students returnedfrom abroad.Meanwhile,it has established sound supportive and service systems in variable aspects,such as finance,post and telecommunications, insurance,law,audit,accounting,which broadens the service fields,strengthens the service function andimproves the one-stop service working mechanism.