East China’s Jiangsu province has aimed at the shortcomings of the supply side to promote the deep integration of new technologies and manufacturing sector so as to transform the momentum of economic growth to quality-driven and efficiency-oriented.
The important path for the brick-and-mortar economy to boost the supply-side reform is to promote the deep integration of Internet, big data, artificial intelligence and brick-and-mortar economy so as to cultivate new growth engines and form new kinetic energy in the fields of high-end consumption, innovation leading, green Low-carbon, share economy, modern supply chain, human capital service and many others, according to the report of the 19th CPC National Congress.
The manufacturing industry in Jiangsu has ranked first in the country for many years. In the process of the supply-side reform, Jiangsu has focused on quality and efficiency for transformation and upgrading. The province’s investment on industrial technology innovation reached more than 1 trillion yuan in the first three quarters of this year, up 10.2% year on year.
In the meantime, Jiangsu has unveiled comprehensive incentive subsidy policies for technical renovation through the continuous implementation of new technologies, processes, new equipment, the application of materials, promote textile, petrochemical and other traditional industries to accelerate the upgrading of advanced manufacturing.
By centering on the strategic emerging industries in accordance with the Made in China 2025 Jiangsu Platform for Action, Jiangsu has been concentrating resources and integrating policies by focusing on high-end equipment manufacturing, energy-saving and environmental protection to seek breakthroughs in the key areas of high-end links and core technologies.
Since the start of this year, Jiangsu has earmarked more than 100 million yuan for the digitalization, intellectualization and Internet-based whole process transformation of corporate equipment to enhance the competitive advantage of the province’s manufacturing industry. The province has now established 388 smart workshops.
In the first three quarters of this year, the province’s output value from the new and hi-tech industry surged 14.5% year on year, accounting for 42% of the entire industrial added value above the designated scale and 0.3 percentage points higher from the first half year.
The output value from the emerging industries of strategic importance increased 13.4% year on year, 1.4 percentage points faster from the first half year. The industrial profits in the first three quarters totaled 812 billion yuan, growing 16% from a year earlier with its profit aggregate continued to rank first in the country.
