East China’s Jiangsu province reported sustained industrial recovery in the first three quarters of the year with stable growth in production and supply, marginal improvement in market demand, steady improvement in development quality and efficiency, restoration and recovery of enterprise confidence, and further consolidation of high-quality development momentum. JSBC has the story.
The latest industrial operation analysis by the Provincial Department of Industry and Information Technology shows that the industrial growth rate in Jiangsu has been increasing month by month in the second half of the year. In the first three quarters, the added value of industries above designated size in the province increased by 7.2% year-on-year, higher than the national average. The industrial added value recorded in 13 prefecture level cities has maintained positive growth. The industrial electricity consumption, known as the "industrial barometer," increased by 6.6% year-on-year, confirming the current trend of industrial recovery and improvement.
The improvement of industrial recovery is inseparable from the continuous optimization of the province’s industrial structure. Since the beginning of this year, the province has maintained rapid growth in new energy vehicles, power batteries, and solar cells, promoting the acceleration of green transformation of industrial products.
At the final assembly branch of XCMG's high-end intelligent commercial vehicle production base, the new energy heavy trucks that are being rolled off the line are about to be shipped to national key engineering projects.
In the meantime, XCMG's first set of power batteries was also taken offline recently, which is expected to boost its future production capacity to 15GWh.
“XCMG's sales in the first three quarters increased by over 30% year-on-year, and its new energy product line increased by 65% year-on-year. The newly launched power battery project will further improve product development efficiency, ensure the independent and controllable core components, and promote the rapid development of XCMG's new energy industry,” said Sun Liancai, General Manager Assistant of Xuzhou XCMG Automotive Manufacturing Co., Ltd.
The production of new energy vehicles in Jiangsu increased by over 64% in the first three quarters, accounting for 11% of the national total. Jiangsu recorded a growth of about 25% in power batteries, accounting for over 35% of the national total. The province recorded a growth rate of over 47% in solar cells, accounting for 31% of the national total.
Thanks to the rapid growth of automobiles and ships, the mechanical industry grew by 14% year-on-year. Driven by the rebound in consumer electronics and strong growth in photovoltaic and battery manufacturing, the electronics industry recorded a year-on-year growth of 7%. The petrochemical and light industry industries have maintained overall stability.
From January to August, Jiangsu recorded overall stability in the operation of small and medium-sized industrial enterprises above designated size, with total operating revenue and profits continuing to rank first in the country.
Jiangsu Yandian Valve Co., Ltd., located in Shangzhuang Town, Yandu District, Yancheng City, has increased R&D investment to develop new valves for the booming industries such as photovoltaic, refining, and deep-sea drilling equipment, enabling the company to replace imports and grow into a "little giant" enterprise.
“In recent years, the domestic market has become our new growth point, and in a matter of four years, our company's sales have doubled,” Li Changyue, Chairman of Jiangsu Yandian Valve Co., Ltd., said.
In September alone, Jiangsu continued to maintain recovery in the industrial economy, with the marginal improvement of major economic indicators and the easing of the downward trend in prices of major industrial products.
