East China’s Jiangsu province reported steady economic growth in the first quarter of this year with its economy shifting from a structural recovery to a full recovery while the momentum for economic growth has been enhanced, latest statistics show.
A survey of 1,200 key companies showed that 51.9% of the companies reported a year-on-year growth in the number of newly-signed contracts and 32.2% of the companies maintained the same level in the new signings.
A survey of 606 large-scale foreign trade companies shows that more than 50% of the companies are expected to increase their exports throughout the year.
By signing more orders, more enterprises have shown their willingness to make further investment.
The provincial economic operation monitoring platform survey shows that 41% of industrial enterprises are expecting to further investment plans in the next six months, an increase of 4 percentage points from the previous quarter and a new high since 2019.
As an internationally accepted economic monitoring indicator, the "Purchasing Manager Index" or PMI also confirms that the market is expected to continue its upward trend.
In March, Jiangsu recorded a manufacturing PMI of 52.1%, which was in the expansion range for 10 consecutive months. The non-manufacturing PMI was 50.2%, which is the first-time positive growth since the start of this year. The business activity index was 52.2%, indicating improving expectations for the development of service-related industry.
