Xiangfan is one of the ten major production areas for summer grain and one of 20 bases for commodity grain. Owing to its well developed textile industry, Xiangfan is entitled "City of Textile." its township construction has been praised as "Xiangfan Model". Xiangfan High and New Technology Development Zone is a state- level development zone. Xiangfan is an important base of Dongfeng Motor Corporation for developing heavy diesel engines, light automobiles and cars. Its trial field is the biggest in Asia. Besides, the only motor sector development zone in China settles in this city. With altogether more than 180 manufacturers of car components, Xiangfan is an important production base for car components in China.

   Xiangfan is a famous national-level historical and cultural city in China, with a history of over 2800 years. Its major scenic spots and cultural sites include Xiangyang City Moat, the Pseudo-classic Street, Ancient Longzhong, Memorial Temple to Mi Fu, Lu- men Temple and so on.