Jiangsu reports sustained economic growth in 2023

Faced with the sluggish market and insufficient domestic and foreign demand, east China’s Jiangsu province responded to risks and challenges in 2023 by carrying out supply policy reform, cultivating new growth engines, and helping more enterprises to undergo digital transformation so as to have promoted the continuous improvement of the province's economy.

From January to November 2023, Jiangsu recorded a year-on-year increase of 7.5% in the added value of industrial enterprises above designated size, an increase of 0.1 percentage points from the January-October period, and a growth of 7.6% in November alone.

The province reported double-digit growth in computer, communication, and electronic equipment manufacturing industry, electrical machinery and equipment manufacturing industry, automotive, power, thermal production, and supply industries. The textile and clothing industry grew by 2.4% year-on-year, an increase of 5.7 percentage points from November.

New energy is the biggest highlight of industry in the province in 2023, with impressive results in various industries such as wind power, photovoltaic, and electric vehicles throughout the year. At the manufacturing center of Jiangsu Boyang Intelligent Equipment Co., Ltd., the complete set of automated production equipment for photovoltaic modules being debugged by technical personnel is about to be shipped overseas.

Compared with traditional equipment, the photovoltaic module production equipment independently developed by the enterprise in 2023 has a high level of digitalization and intelligence, high precision, and production efficiency can be improved by more than 20%. The product launch corresponded to domestic and foreign photovoltaic technology updates. Currently, orders have been scheduled for the spring of 2024.

“Boyang Intelligence has invested 20% of its sales revenue in the research and development of new technologies and products. It has obtained 19 invention patents alone by relying on technological advancements to seize the market. The annual output value has increased by over 55%,” said Cao Xinghua, General Manager of Jiangsu Boyang Intelligent Equipment Co., Ltd.

In 2023, Jiangsu optimized the business environment, and made every effort to improve the level of enterprise management services by focusing on promoting economic improvement and sustained recovery.

According to incomplete statistics, Jiangsu has recorded nearly 200 billion yuan in new tax reductions, fee reductions, and tax deferments for enterprises, cutting back on logistics costs by over 6 billion yuan, and reducing the burden on enterprises by over 6 billion yuan.

At present, the operating income of 16 emerging industry clusters accounts for 70% of the province's above designated manufacturing industry. 10 of the clusters have entered the national advanced manufacturing industry cluster and smart grid, and crystalline silicon photovoltaic have reached the international advanced level.

In 2023, Jiangsu recorded an increase in the number of 5G factories to 97 and lighthouse factories to 12, both ranking first in the country. The integration of industrialization and informatization in the province has ranked first in the country for eight consecutive years, and the High-Quality Development Index of the manufacturing industry has ranked first in the country for three consecutive years.