representative big state-owned firms are Panda Electronics, Jincheng Motors and Nanjing Steel. The tertiary industry also regained prominence, accounting for 44 percent of the GDP of the city. The city is also vying for foreign investment against neighboring cities in the Yangtze River Delta, and so far a number of famous multinational firms, such as Volkswagen Group, Iveco, A.O. Smith, and Sharp, have established their lines there. Since China's entry into the WTO, Nanjing has received increasing attention from foreign investors, and on average, two new foreign firms establish offices in the city every day.
The city government is further improving the desirability of the city to investors by building large industrial parks, which now total four: Gaoxin, Xingang, Huagong and Jiangning. Despite the effort, Nanjing's Gross Domestic Product is still falling behind that of other neighbouring cities such as Suzhou, Wuxi and Hangzhou, which have an edge in attracting foreign investment and local innovation. In addition, the traditional state-owned enterprises find themselves incapable of competing with efficient multinational firms, and hence are either mired in heavy debt or forced into bankruptcy or privatization. This has resulted in large numbers of layoff workers who are technically not unemployed but effectively jobless.
In recent years, Nanjing has been developing its economy, commerce, industry, as well as city construction. In 2010 the city's GDP was RMB 501 billion (3rd in Jiangsu), and GDP per capita was RMB 65,490, a 13 percent increase from 2009. The average urban resident's disposable income was RMB 28,312, while the average rural resident's net income was RMB 11,050. The registered urban unemployment rate was 3.02 percent, lower than the national average (4.3 percent). Nanjing's Gross Domestic Product ranked 14th in 2010 in China, and its overall competence ranked 5th in mainland and 7th including Taiwan and Hong Kong.
Industrial
