With brick-and-mortar economy making up 80% of the province’s economic aggregate, the manufacturing sector in Jiangsu has played a backbone role in propelling the steady growth of the economy in the first half of this year, latest statistics show.
Since the start of this year, Guodian Nanjing Automation Co. Ltd has applied for 9 floating loans with the local branch of the Bank of Agriculture, a striking contrast to the five or five loans the company was granted in the corresponding period of the previous years.
With more bank loans granted, the company has been able to allocate more funds for R&D and production.
By seizing the bonus from reform and cashing in on the country’s Made in China 2025 and the Belt and Road Initiative, Guodian Nanjing has strived to expand its presence in emerging sectors and international markets.
The company saw its business in micro grids and regional energy system and the overseas market grow 40% and 30% year on year in the first six months of this year.
In the meantime, the state has taken proactive measures to encourage the development of the brick-and-mortar economy by strengthening their ability to serve the wider economy and stop them being distracted from their intended purpose.
Many small and medium-sized enterprises have therefore seized the opportunity to seek new growth momentum. Jiangsu Weixiang, an enterprise specialized in logistics and clean energy automobile production, has pinpointed the segment market in the emerging industries to enable it secure 680 orders for logistics vehicles in the first half of this year.
The industrial use of electricity in the first six months of this year surged 2.3% year on year and the freight volume 7.4% year on year. The loan for the manufacturing sector maintained consecutive growth for six months in a row.
Major industrial indicators have revealed that the province’s industrial growth is taking the turn for the better from the improved outside environment and the support from the macroeconomic policies.
The economic rebound has also the influx of new emerging forces into the market. The market entities of the manufacturing sector totaled 922700 in the first half of this year, a gain of 8.17% year on year.
66700 new market entities were registered during the six-month period, up 16.03% year on year. Both figures are strong indications of the vitality of the province’s brick-and-mortar economy.
The job vacancies have therefore been increased with the addition of 721000 new jobs in the first half of this year, growing 5% from a year ago.
