In 2008, Taiyuan's nominal GDP was 146.8 billion yuan, a growth of 8.1% from the previous year. Taiyuan's primary, secondary, and tertiary industries were worth 2 billion yuan, 63.9 billion yuan, and 59.6 billion yuan respectively in 2007. Taiyuan is the largest coal mining center in China. It also houses several large corporations in Taiyuan, such as the Taiyuan Iron and Steel Company (TISCO) which is the largest stainless steel producing plant in Asia. Also, the Shanxi Heavy Machinery Factory and Fenxi Machinery Factory are major manufacturers for the People's Liberation Army and Navy, producing submarine missiles for them. The largest local bank of Taiyuan is ICBC( Industrial and Commercial Bank of China)
