Economy

Fuxin is a mining center in an agricultural region, producing mostly coal and agate. Fuxin is known as China's 'Agate City', with 50% of the nation's known deposits of the mineral being located there. The city also accounts for more than 90% of the country's agate products.The city suffers from the over-mining of coal, which is low in supply while fundamental to Fuxin's economy. As the coal mines run dry, Fuxin is trying to find other industries to keep its economy going. Measures taken have included the development of a part of the city as a 'Special Economic Zone', by which the city hopes to attract international investment.Problems due to the widespread shutdown of Fuxin coalmines include an increase in membership of the Fuxin Rebels, a group known for petty crimesForeign Investment in 2009In 2009, Fuxin approved 25 foreign funded enterprises and 2 joint-venture projects. The total value of the contracted funds in these investments exceeded US＄143 million. and the foreign direct investment for that year reached US＄64.12 million, up 24% over the previous year. This sum exceeded the Liaoning provincial target for foreign investment by 17%. In addition, in 7 of the projects, contracted funds were in excess of ten million dollars.Foreign Direct Investment has enabled the development of new key industries to replace mining. The key industries have made new breakthroughs in foreign direct investment. The Wind Power Industry, which accounted for more than 70% of the total amount of FDI in 2009, has become the main focus of the whole city’s FDI.