Evaluation of Regional Economic Development Level in Fujian Province Based on Principal Component Analysis

Taking Fujian Province as a case study, an evaluation index system of economic development is established, which covers the primary indicators involving economic aggregate, finance, opening-up, living standards, infrastructure construction 5 primary and 17 secondary indicators. Based on the latest statistical data of nine cities, principal component analysis is adopted to evaluate and rank the economic development level of Fujian Province. The results show that there are great differences in regional economic development in Fujian Province, the coastal cities score significantly higher than other cities, and the unbalanced trend of development level is very obvious. Fuzhou, Xiamen and Quanzhou, the top three cities have their own advantage of the two principal components in a composite ranking, while Sanming, Nanping and Ningde are relatively undeveloped. Cluster analysis is carried out to explore the differences of regional economic development according to the score results. Finally, the corresponding countermeasures and suggestions are put forward to narrow the regional economic disparity.