Zhengzhou is as well known in the world as Chinese cities as Shanghai and Beijing. However, the developing population of the national shipping center is among the largest in the country, with a total of more than 10 million people. The city has a GDP of about $150 billion and is the capital of Henan, one of China’s most historic and populated provinces. Notable foreign corporations in Zhengzhou come with Hon Hai Precision, who manufactures iPhones there.
Given its weight, China’s central city is a useful window to China’s economic recovery after COVID-19. And according to the vice president of one of the city’s most successful personal companies, the recovery is progressing.
“Life is back to normal,” Henan Zhonglu Group Vice President George Wang said at the China-American Business Forum in Forbes on August 25.
Supporting this, Wang cited an uptick in economic knowledge in May. While sales of customer goods fell by 21% in the city in the first 4 months of the year, they increased by 2.1% year-on-year in May. In the same month, he said, car sales increased by 9% and sales of electronic products to customers increased by 11%. And in July, the average value of residential real estate sets sold in the city increased by 3.7% year-on-year, according to July figures, Wang said. This type of gain helped China’s GDP to accumulate by up to 3.2% in the last quarter of 2020 to last year, with a decrease of 6.8% in the first quarter.
With a low global intake, China will have more domestic spending in cities like Zhengzhou to boost its overall economic growth. The country’s plans to strengthen the role of domestic spending have recently been explained as a component of a “double circulation” policy.
Zhonglu has a smart pole in Zhengzhou. President Wang Chaobin has been accumulating real estate there since the early 1990s, when the former public transportation inspector ventured into the personal sector and began investing in real estate. It is worth about $2 billion on Forbes’ 2020 multimillion-dollar list. His George, also known as Wang Zhonghai, a united states connoisseur and graduated from Emory University in Atlanta.
Without a doubt, not everything Henan pulls all the cylinders. Sightseeing visits to its popular sites, such as Shaolin Temple, will take time to recover, Wang said. However, in general, he said, the effect of COVID-19 is fading.
Other participants in the U.S.-China Business Forum included Cho Tak Wong, president of Fuyao Glass Industry; Richard Gelfond, EXECUTIVE Director of IMAX; Hao Hong, Head of Research, BOCOM International, a subsidiary of Communications Bank; Ken Jarrett, senior advisor to Albright Stonebridge Group; Duane Kuang, Member of Forbes Midas 2020 and founding managing spouse of Qiming Venture Partners; Dr. Bob Li, Medical Ambassador to China and Asia Pacific, Memorial Sloan Kettering Cancer Center, Wang Huiyao, President of the Center for China and Globalization, and Roger Wang, President of the Golden Eagle International Group and Chairman of the 100s Committee.
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@rflannerychina
I’m editor-in-chief and director of Forbes magazine’s Shanghai office. Now, in my year at Forbes, I’m compiling Forbes’ China Rich List. I used to be a
I’m editor-in-chief and director of Forbes magazine’s Shanghai office. Now, in my twentieth year at Forbes, I’m compiling Forbes’ China Rich List. In the past I was a correspondent for Bloomberg News in Taipei and Shanghai and the Asian Wall Street Journal in Taipei. I am originally from Massachusetts, speak Mandarin fluently and graduated from the University of Vermont and the University of Wisconsin at Madison.