Economic development

Industry

Taiyuan was one of the important industrial bases in the early days of China's founding. During the "First Five-Year Plan" period (1953-1957), Taiyuan, a key industrial center of North China along with Beijing and Tianjin at that time, made great contributions to China's economic construction. Since the end of the 20th century, Taiyuan, as a capital city, has insisted on the road to new industrialization and shouldered the arduous responsibility of taking the lead in the adjustment and upgrading of industry structure as Shanxi province built new energy and industrial bases. The advantageous industries represented by the stainless steel production base, the new equipment manufacturing industrial base and the magnalium processing and manufacturing base have been developing well.

After more than 50 years of construction, Taiyuan has formed a complete industrial system with energy, metallurgy, machinery and chemical industry as the pillars, and support from textiles, light industry, medicine, electronics, food, building materials and precision instruments industries. 

Taiyuan has China's largest special steel production complex, coking coal production hub, coal processing and utilization base, aluminum-magnesium alloy processing base and vinegar production base.

Local company Taiyuan Iron and Steel Group Co is one of the key special steel manufacturers in China with its stainless steel production capacity ranked first in the world and its carbon fiber development project leading the sector. Another local business, Taiyuan Heavy Machinery Group, has one of the largest domestic production bases for multiple heavy machinery products. Foxconn (Taiyuan) Technology Industrial Park, meanwhile, focuses on processing information technology, or IT components and it has a large-scale mobile phone production line.

Taiyuan is an academic center with many scientific research institutions, colleges and universities, and also has the advantage of being a commercial material supply center. Its national economy maintains rapid, coordinated and healthy development.