Ürümqi - Economy

Economy

Ürümqi is a major industrial center within Xinjiang. Ürümqi, together with Karamay and Korla, account for 64.5% of the total industrial output of Xinjiang. Ürümqi is also the largest consumer center in the region, recording ¥41.9 billion retail sales of consumer goods in 2008, an increase of 26% from 2007. The GDP per capita reached US$6,222 in 2008. According to statistics, Urumqi ranked 7th in 2008 by the disposable income for urban residents among cities in Western China. Ürümqi has been a central developmental target for the China Western Development project that the Central Government is pursuing.

The Urumqi Foreign Economic Relations and Trade Fair (Chinese: 乌洽会) has been held annually since 1991 and has been upgraded into the first China-Eurasia Expo in 2011. Its purpose is to promote domestic and foreign markets. The 17th Fair has attracted participants from the Ministry of Commerce and the China Council for Promotion of International Trade.

Xinjiang Guanghui Group (新疆广汇集团) is the largest real estate enterprise and most powerful privately owned company in Xinjiang and is currently engaged in energy and automobile. China CITIC Bank Mansion (中信银行大厦), headquarters of Guanghui, located in one of the CBDs in North Xinhua Road, is the tallest building in Urumqi and Xinjiang; with a height of 229 metres, it is also the tallest in Northwestern China and Central Asia. Zhongshan Road (Sun Yat-sen Road, Chinese: 中山路) has been one of the ten most famous commercial streets in China since 2005. Zhongshan Road has always been the hub of consumer electronics in the city, with the largest computer, mobile phone and consumer electronics market in Xinjiang, including Baihuacun, Cyber Digital Plaza and Fountain Plaza.

As the economic center in Xinjiang, Urumqi has expanded its urban area since the 1990s. The CBDs in the city increased rapidly all around the major districts. Despite the old city areas being primarily in the south, the development in the north part began since the late 1980s. The completion of the new office tower for Urumqi Municipal Government in 2003 at Nanhu Square (南湖广场) in Nanhu Road marked a shift of the city center to the north. Lacking a subway, the city commenced the construction of viaducts for Outer Ring Road (外环路) since 2003, which considerably facilitates transport. Youhao Road (友好路) and surrounding neighborhood, is the commercial center for business, shopping and amusement. Youhao Group (友好集团), the namesake local enterprise, owns a major market share of retails. Maison Mode Urumqi (乌鲁木齐美美百货), open since 2008, became one of the few notable department stores for luxury merchandise in the city. The Urumqi Economic and Technological Development Zone (UETD) located in the northern Toutunhe District, has been a leading base for steel, machinery manufacturing, biochemistry and other industrial innovations.