Top Biz News

Petrochemical industry oils Huizhou economy

By Song Hongmei (Chinadaily.com.cn)
Updated: 2006-12-23 10:24

Huizhou set up a petrochemical industrial park in the development zone after agreements on the two projects were reached. The petrochemical industrial park has become home to a number of foreign enterprises in the industry. There are now 28 projects in the Dayawan development zone, both completed and still under construction, involving a total capital investment of 73 billion yuan.

During the first eleven months of this year, the added value from the petrochemical industry in Huizhou increased 2.8 times that of the same period last year to hit 5.8 billion yuan, according to data from the local statistics bureau.

Investment in petrochemicals and the petrochemical-related industry in Huizhou is estimated to be 60 billion yuan to 100 billion yuan with a newly added industrial output value worth 100 billion to 200 billion yuan in the next five to ten years, said Li.

Currently, there are 93 projects under construction in Huizhou with an investment of more than US$10 million each and a total investment of US$2.87 billion. Some 50 projects are in talks which involve a total investment of US$4.38 billion.

Boosted by the petrochemical industry as well as other increasingly developing industries like electronic information and auto spare parts in its new technological development zone, Huizhou's gross domestic product will grow by 15 percent a year on average during the 11th Five-Year-Plan period. It is expected to reach 180 billion yuan by 2010, doubling that of last year, said Li.

With a population of 3.7 million, Huizhou has a land area of 11,200 square kilometers, a sea area of 4,520 square kilometers and a coastline of more than 220 kilometers.