Xinjiang is known for its fruits and produce, including grapes, melons, pears, cotton, wheat, silk, walnuts and sheep. Xinjiang also has large deposits of minerals and oil.
In the late 19th century the region was noted for producing salt, soda, borax, gold, jade and coal.
Xinjiang's nominal GDP was approximately 220 billion RMB (28 billion USD) in 2004, and increased to 657.4 billion RMB (104.3 billion USD) in 2011, due to exploration of the regions abundant reserves of coal, crude oil and natural and the China Western Development policy introduced by the State Council to boost economic development in Western China. Its per capita GDP for 2009 was 19,798 RMB (2,898 USD), with a growth rate of 1.7%. Southern Xinjiang, with 95 per cent non-Han population has an average per capita income half that of Xinjiang as a whole.
The oil and gas extraction industry in Aksu and Karamay is booming, with the West–East Gas Pipeline connecting to Shanghai. The oil and petrochemical sector account for 60% of Xinjiang's local economy. Xinjiang's exports amounted to 19.3 billion USD, while imports turned out to be 2.9 billion USD in 2008. Most of the overall import/export volume in Xinjiang was directed to and from Kazakhstan through Ala Pass. China's first border free trade zone (Horgos Free Trade Zone) was located at the Xinjiang-Kazakhstan border city of Horgos. Horgos is the largest "land port" in China's western region and it has easy access to the Central Asian market. Xinjiang also opened its second border trade market to Kazakhstan in March 2006, the Jeminay Border Trade Zone.
In July 2010 China Daily reported that:
Local governments in China's 19 provinces and municipalities, including Beijing, Shanghai, Guangdong, Zhejiang and Liaoning, are engaged in the commitment of "pairing assistance" support projects in Xinjiang to promote the development of agriculture, industry, technology, education and health services in the region.
Read more about this topic: Xinjiang
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
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