East China’s Jiangsu province has made remarkable achievements in various fields of reform and opening up in the past ten years, according to a press conference held on Monday by the provincial government.
Since the 18th National Congress of the Communist Party of China, Jiangsu has focused on reforms in key areas, promoting the development of the economy of varied ownership, and stimulating the vitality of market players.
By the end of 2021, Jiangsu had reported 24.41 trillion yuan in the total assets of state-owned enterprises, ranking second in the country and standing for a 4.5-fold increase from the end of 2012.
The province also reported 6.7 trillion yuan in than output value of the private economy, accounting for 57.3% of GDP. 92 Jiangsu-based enterprises are ranked among the top 500 private enterprises in China in 2021, ranking second in the country.
Li Rongjin, Deputy Director of the Development and Reform Commission of Jiangsu Province
"Jiangsu launched a pilot program for the reform of mixed ownership of state-owned enterprises with 15 pilot enterprises introducing strategic investment,of more than 40 billion yuan.At the same time,it issued a series of policy documents to create a better development environment and support the reform and development of private enterprises,and took the lead in in the country in establishing a provincial-level private economic united front work coordination mechanism to comprehensively support and promote the growth and high-quality development of the private economy."said Li Rongjin, Deputy Director of the Development and Reform Commission of Jiangsu Province
Jiangsu continues to be at the forefront of the country's open economy. From 2012 to 2021, the province’s total import and export volume has grown from 3,459.82 billion yuan to 5,213.06 billion yuan. The total foreign trade volume has continuously exceeded 4 trillion and 5 trillion, ranking second in the country. In 2021, imports and exports will account for 13.3% of the country's total.
From 2012 to 2021, the province has absorbed more than 240 billion U.S. dollars of foreign investment, accounting for about 18% of the national total and ranking first in the country for eight consecutive years in the past ten years.
Jiang Xin, Deputy Director of Jiangsu Provincial Department of Commerce
"392 of the world's top 500 companies have invested in Jiangsu,and 331 multinational companies haveestablished regional headquarters,and functional institutions in Jiangsu.Foreign-funded enterprises in Jiangsu have helped the province to integrate into the global industrial chain and supply chain."said Jiang Xin, Deputy Director of Jiangsu Provincial Department of Commerce
Focusing on the supply-side structural reform, Jiangsu has continued to promote the transformation and upgrading of the manufacturing industry, with 16 provincial advanced manufacturing clusters accounting for about 70% of the province. The province's integrated circuit, Internet of Things, and marine equipment industries have ranked first in the country for many years. The province has also doubled the annual output of new energy vehicles and the production capacity and output of power batteries have ranked first in the country.
Jiangsu reported more than one trillion yuan and one hundred billion yuan in its software and information service industry and artificial intelligence industry in 2020, ranking first in the country.
