Jiangsu: increased investment in manufacturing promotes economic growth

Since the beginning of this year, Jiangsu has made every effort to expand investment to promote economic development, accelerate the construction of major projects, and provide effective support for achieving an overall improvement in economic operation.

Statistics show that in the first half of the year, Jiangsu recorded a steady operation of fixed assets investment, with an increase of more than 10% in manufacturing investment, and an increase of more than 30% in electrical machinery and equipment manufacturing and automobile manufacturing investment.

Jiangsu has further enhanced the contribution of large projects to investment growth. From January to June, the number of projects under construction with individual investment of over 1 billion yuan increased by more than 10% year-on-year, with a contribution rate of over 60% to investment growth, indicating significant contribution of large projects to the stable growth of investment in the province.

In Yancheng High-tech Industrial Development Zone, the first phase of the 3-billion-yuan 5GWh Yuanhang Jinli New Energy Storage Battery Project has produced lithium iron phosphate new energy storage cell products with high energy density, efficiency of over 95%, cycle life of more than 10000 times, enabling its overall technology to have reached the international advanced level since it was put into operation in May.

“Our project is expected to achieve an annual revenue of 4 billion yuan. The local government provides strong support and assistance, as well as certain support in equipment subsidies, factory leasing, and related taxes. We have increased the annual production capacity from the original design of 2 GWh to 5 GWh, doubling the overall output value and contribution to the local region”, Liu Haobo, General Manager of Jiangsu Yuanhang Jinli New Energy Technology Co., Ltd., said.

“Since the beginning of this year, various regions in the province have actively expanded effective investment, and industrial investment has maintained a good trend of sustained and stable growth, especially the rapid growth of investment in high-tech industries. The construction of a large number of high-tech industry projects has played an important supporting role in the development of 16 advanced manufacturing clusters and 50 key industrial chains in Jiangsu”, Shi Jinhua, Deputy Director of the Investment Department of Jiangsu Provincial Department of Industry and Information Technology, said.

The launch of large-scale energy storage projects has further improved and enhanced the province’s industrial cluster advantages of wind power and photovoltaic industries. The large-scale polarizer projects in Zhangjiagang have solved the situation that China's core display components rely on imports. BYD is building auto batteries, powertrain and other projects in Sheyang and Changzhou to help Changzhou accelerate its construction into a new energy capital.

As of the end of June, the 500 provincial-level major industrial projects have completed 60.9% of the annual planned investment, which is 1.7 percentage points higher than the same period last year. In the first half of the year, Jiangsu started construction on 149 large investment projects, and 31 have been completed. These provincial-level major industrial projects, with high-tech industries as the main body, serve as a source of stable growth and high-quality development, promoting "Made in Jiangsu" to climb to the top of the global industrial pyramid.