Economy
Farming of crops such as wheat takes precedence along the river valleys. In the more arid grasslands, herding of goats, sheep and so on is a traditional method of subsistence. Forestry and hunting are somewhat important in the Greater Khingan ranges in the east. Reindeer herding is carried out by Evenks in the Evenk Autonomous Banner. More recently, growing grapes and winemaking have become an economic factor in the Wuhai area.
Inner Mongolia has abundance of resources especially coal, cashmere, natural gas, rare earth elements, and has more deposits of naturally occurring niobium, zirconium and beryllium than any other province-level region in China. However in the past, the exploitation and utilisation of resources were rather inefficient, which resulted in poor returns from rich resources. Inner Mongolia is also an important coal production base, with more than a quarter of the world's coal reserves located in the province. It plans to double annual coal output by 2010 (from the 2005 volume of 260 million tons) to 500 million tons of coal a year.
Industry in Inner Mongolia has grown up mainly around coal, power generation, forestry-related industries, and related industries. Inner Mongolia now encourages six competitive industries: energy, chemicals, metallurgy, equipment manufacturing, processing of farm (including dairy) produce, and high technology. Well-known Inner Mongolian enterprises include companies such as ERDOS, Yili, and Mengniu.
The nominal GDP of Inner Mongolia in 2010 was 1.16 trillion yuan (US$172.1 billion), a growth of 16.9% from 2008, with an average annual increase of 20% from the period 2003-2007. Its per capita GDP reached 37,287 yuan (US$5,460) in 2009. In 2008, Inner Mongolia's primary, secondary, and tertiary industries were worth 90.7 billion yuan, 427.1 billion yuan, and 258.4 billion yuan respectively. The urban per capita disposable income and rural per capita net income were 14,431 yuan and 4,656 yuan, up 16.6% and 17.8% respectively.
As with much of China, economic growth has led to a boom in construction, including new commercial development and large apartment complexes.
In addition to its large reserves of natural resources, Inner Mongolia also has the largest usable wind power capacity in China thanks to strong winds which develop in the province's grasslands. Some private companies have set up wind parks in parts of Inner Mongolia such as Bailingmiao, Hutengliang and Zhouzi.
Read more about this topic: Inner Mongolia
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)