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Economy of Nanjing


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Earlier development

Since the Three Kingdoms period, Nanjing has become an industrial center for textile and mint owing to its strategic geographical location and convenient transportation. During the Ming Dynasty Nanjing's industry was further expanded, and the city became one of the most prosperous cities in China and even the world. It led in textile, mint, printing, shipbuilding and many other industries, and was the busiest business center in the Far East.

Into the first half of the twentieth century, Nanjing gradually shifted from a production hub into a heavy consumption city, mainly because of the rapid expansion of the wealthy population after Nanjing once again regained the political spotlight of China. A number of huge department stores such as Zhongyang Shangchang sprouted up, attracting merchants from all over China to sell their products in Nanjing. In 1933, the revenue generated by the food and entertainment industry in the city exceeded the sum of the output of the manufacturing and agriculture industry. One third of the city population worked in the service industry, while prostitution, drugs and gambling also thrived.

In the 1950s, the CPC invested heavily in Nanjing to build a series of state-owned heavy industries, as part of the national plan of rapid industrialization. Electrical, mechanical, chemical and steel factories were established successively, converting Nanjing into a heavy industry production center of East China. Overenthusiastic in building a “world-class” industrial city, leaders of Nanjing also made many disastrous mistakes during the development, such as spending hundreds of millions of yuan to mine for non-existent coal, resulting in the negative economic growth in the late 1960s.

Today

The current industry of the city basically inherited the characteristics of the 1960s, with electronics, cars, petrochemical, iron and steel, and power as the "Five Pillar Industries". Some
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