Jiangsu has recorded a monthly rebound in industrial economic growth since the beginning of this year, with positive growth in enterprise sales revenue and narrowing profit decline, indicating a positive trend in the overall recovery of the industrial economy, according to the latest industrial analysis released recently by the Provincial Department of Industry and Information Technology.
From January to April, Jiangsu recorded a year-on-year increase of 8.8% in the added value of industries above designated size, up 3.3 percentage points from the first quarter. The operating revenue from January to April increased by 4% year-on-year, indicating a rapid recovery after transitioning from negative to positive in the first quarter. Industrial enterprises reported a 10-percentage point decrease in profit from the first quarter.
Jiangsu Zhengchang Grain Machinery Co., Ltd. has delivered and started to operate its grain storage and processing plants in Kazakhstan and Kyrgyzstan, the key projects of "the Belt and Road" Initiative. Since the beginning of this year, Zhengchang has recorded an overseas market growth of over 40% year on year.
“We have launched the R&D of 20-30 products every year, in addition to investing a huge amount of energy in the R&D of new products. So far, Zhengchang has produced over 500 types of main machines in the grain, oil, and feed machinery industry, and new products account for over 20% of the annual total”, Hao Bo, Chairman of Jiangsu Zhengchang Grain Machinery Co., Ltd., said.
In the first four months of this year, the eight major industrial sectors, which accounted for 93.6% of the province's total industrial output, played an important supporting role in the province's economic growth. In the meantime, Jiangsu has maintained strong competitiveness in its advantageous traditional industries such as machinery, electronics, and light industry still maintain.
Jiangsu is also fully committed to promoting new industrialization by complementing each other's advantages and jointly building the "1650" industrial system.
Wuxi International Life Science Innovation Park has creatively launched a provincial-city cooperation model for technology, industrial development, and scientific supervision. With a new approach to the development of biopharmaceuticals, it has built an ecosystem with innovation incubation capabilities and global collaborative innovation. The biopharmaceutical industry has become the fastest growing and most promising emerging industry in Wuxi.
“Relying on AstraZeneca's leading advantages and resource platform in the global biomedical industry, our park has built an incubation and innovation platform integrating research and development, innovation, and achievement transformation. In three years, more than 80 life science innovation enterprises at home and abroad have been attracted to settle in, some of which have grown into unicorn enterprises”, Li Junjie, Deputy General Manager of Wuxi International Life Science Innovation Park, said.
The leading enterprises of 16 emerging industry clusters and 50 key industry chains in Jiangsu have joined hands with a large number of small and medium-sized enterprises to focus on cohesive development.
Ten clusters, including new power equipment, construction machinery, and the Internet of Things, have joined the national advanced manufacturing industry cluster, ranking first in terms of quantity in the country. Emerging industries have contributed about 70% of the total manufacturing industry in the province, supporting the continuous development of Jiangsu manufacturing towards high quality.
