East China’s Jiangsu province reported moderate economic recovery in the first half of this year with its GDP posting a year-on-year growth of 0.9% amid economic recovery in the post-pandemic period, the provincial bureau of statistics said on Tuesday.
In the first half of the year, Jiangsu recorded 4.67 trillion yuan in its GDP, an increase of 0.9% year on year at comparable prices.
The primary, secondary and tertiary industries posted added value of 145.356 billion yuan, 2.01 trillion yuan and 2.51 trillion yuan respectively. The primary and tertiary industries see a year-on-year increase of 0.1% and 1.8% respectively, and secondary industry sees a year-on-year decrease of 0.2%.
In the first half of the year, investment, consumption, and imports and exports promoted a significant improvement in GDP growth compared with the first quarter, spurring the economy to achieve positive growth.
Jiangsu's wholesale sales above designated size increased by 1.5% year-on-year, achieving positive growth for the first time in the year
New infrastructure is the key to promoting investment in the first half of the year. Infrastructure investment fell by 18.3% year-on-year in the first quarter but surged by 13.5% year-on-year in the first half.
Jiangsu recorded 2.0 trillion yuan in imports and exports in the first quarter and in the second quarter the import and export value increased by 3.4% from a year ago and 22.7% from the first quarter.
From January to June, Jiangsu's new industries and new business models reported a good momentum of development with the added value of high-tech manufacturing and equipment manufacturing increasing by 8.8% and 3.1% from a year ago.
With the gradual increase in the proportion of online sales and the continuous development of emerging consumption, Jiangsu’s wholesale and retail sector reported a year-on-year increase of 31.7% in the sales volume, up 17.9 percentage points from the first quarter.
In the first half of the year, Jiangsu reported stable price level while the residents' income increased steadily.
From January to June, Jiangsu reported a year-on-year growth of 3.9% in its CPI, a drop of 1 percentage point from the first quarter. The residents’ per capita disposable income reached 22,126 yuan, an increase of 2.3%, 0.8 percentage points higher than the first quarter.
Shen Kunrong, Dean of Business School of Nanjing University
The positive economic growth is attributed to the targeted measures in epidemic control and resumption of work，and the launch of major investment and infrastructure projects．We are committed to contributing more to the country’s further and sustainable growth by better coping with the external uncertainties．
