East China’s Jiangsu province reported sustained industrial growth in the first quarter of this year as is evidenced by the accelerated development of the advanced manufacturing industry and the corporate independent innovation to open up new space in the international and domestic economic circulation.
In the first quarter, the province's industrial added value above designated size increased by 33.6% year-on-year, averaging 11% over a two-year period.
38 of the province’s 40 industries reported value-added growth with the equipment manufacturing, electrical machinery and mechanic manufacturing industries increasing by 43.2% and 52.6%.
The province also reported a year-on-year growth of 36.5%,36.2% and 25.5% in its high-tech manufacturing industry, the computer, communications and electronic equipment manufacturing industry, and the pharmaceutical industry.
The growth rate of communication cables, solar cells, optoelectronic devices, and integrated circuits falls in the high growth range of 40%-60%.
In response to the industrial chain security risks exposed by the epidemic and the complex international situation, Jiangsu has identified 139 key links in the industrial chain with potential risk of supply interruption. More than 500 key products urgently need to produce domestic substitutes. To this end, enterprises are encouraged to carry out alternative procurement and research and development of parts and components.
Suzhou Goodtech Electronics Co., Ltd. has innovated technology, techniques and materials to make its electronic components "diodes" reach perfection. Mercedes-Benz, BMW, and Toyota have placed orders with Goodtech until 2035.
Goodtech’s excellent innovation capabilities have attracted Huawei, which is developing domestically-made alternatives. Under the government's matchmaking, the two parties have jointly developed 5G diodes with their products assembled in thousands of 5G base stations across the country.
The solar photovoltaic cell independently developed by Goodtech has replaced imports with "silver paste" to take up more than 50% of the domestic market. A few years ago, 90% of the domestic "silver paste" relied on imports.
Wu Wenhao, Chairman of Suzhou Goodtech Electronics Co., Ltd.
Our company's orders in the first quarter
increased by 50%
and net profit increased by 200%-300%
The strategy of new infrastructure, carbon neutrality, and carbon compliance has brought opportunities to Jiangsu enterprises. In the first quarter, the province’s industrial investment increased by 19.5% year-on-year, an increase of 49.5 percentage points from last year.
Investment in high-tech manufacturing increased by 30.9% year-on-year and the progress of 514 major provincial industrial projects went beyond expectations. By the end of March, construction on 128 projects had broken ground, continuously injecting new momentum into the high-quality development of the province’s industry.
