Jiangsu presents innovation-driven growth and economic leadership

A delegation of over 40 reporters, organized by the State Council Information Office, embarked on a visit to Jiangsu this week to document the province's advancements in innovation-driven development and its pivotal role in the regional economy.

Reporters from various countries including the US, the UK, Spain, the Netherlands and Brazil, were part of the delegation.

Ma Xin, the executive vice governor of Jiangsu, and leaders from various provincial departments attended a meeting with both domestic and foreign reporters to provide an overview of Jiangsu's basic situation and its commitment to innovation-driven development.

According to Ma, Jiangsu's GDP reached 13.7 trillion yuan ($1.9 trillion) in 2024, marking a 5.8 percent year-on-year increase and leading in growth nationwide. All 13 of its cities made it into the listing for China's top 100 cities, with five cities boasting an economic output exceeding one trillion yuan. The per capita GDP of the province surpassed 160,000 yuan.

Ma highlighted that in 2024, Jiangsu's regional innovation capacity ranked second in China. The province aims to establish an advanced manufacturing base with international competitiveness, with its manufacturing value-added ratio topping the charts in China.

Si Yong, director of the Jiangsu provincial department of commerce, said that Jiangsu has been a leading province in terms of openness.

It has maintained the top spot in actual use of foreign capital in China for seven consecutive years, with 408 of the Fortune Global 500 companies investing in the province, according to Si.

Jiangsu is working to enhance its attractiveness to foreign investment, bolster support for open platforms, and innovate institutional openness to expand international cooperation, he said.

Si also highlighted that 80 percent of Jiangsu's foreign trade and investment comes from development zones, with over 550 German companies clustered in the Sino-German Industrial Park in Taicang.

He said that Jiangsu's foreign trade development has displayed strong resilience, consistently ranking second in the country for 22 years in terms of import and export volume.

Jiangsu's market structure has become more diversified, with a focus on strengthening traditional markets in Europe and the US while actively exploring emerging markets. Trade formats and models are being updated, and key industries are leveraging cross-border e-commerce platforms to enter the international market, Si added.

Zhu Aixun, director of the Jiangsu provincial department of industry and information technology, said that Jiangsu has established a comprehensive industrial chain in the robotics sector, encompassing software systems, core components, body manufacturing, and system integration applications, making it a key hub for the robotics industry in China.

Ma added that Jiangsu has made significant strides this year, focusing on expanding effective demand and accelerating diversified development in foreign trade, maintaining a trajectory of high-quality development towards a positive direction.

He expressed hope that both domestic and foreign reporters will experience Jiangsu's rich historical and cultural heritage, appreciate its captivating natural landscapes and gain valuable experiences during their time in the province.