East China’s Jiangsu province has made unremitting efforts to promote high-level opening up by following General Secretary Xi Jinping’s series of important speeches so as to implement new development concepts, opens up traffic arteries, optimize the business environment, promote the liberalization and facilitation of trade and investment, improve the energy level and vitality of an open economy in all respects, and open wider to the outside world.
Murata Electronics Co., Ltd., a Fortune 500 company, has been a large foreign investor in Wuxi for 26 years. From January to September this year, its sales revenue increased by 120% from five years ago.
Over the years, the local government has continued to optimize the factor supply policy and support the enterprises to increase capital and expand production.
Facing the turbulent international economic situation, Jiangsu has acted accordingly to promote the East Asian circulation cycle and fuel the international cycle so as to accelerate the construction of a new development pattern.
The province has introduced a series of policies to relax market access, gather innovative resources, and secure project land to promote the transformation and upgrading of foreign investment.
In the meantime, Jiangsu has repeatedly revised its economic incentive policies to attract foreign capital headquarters, support foreign companies in innovative research and development, and form industrial chain clusters.
During the "Thirteenth Five-Year Plan" period, foreign-funded enterprises in Jiangsu provided a quarter of the province's fixed asset investment and taxes, and more than 30% of jobs.
From January to September this year, Jiangsu reported US$22.09 billion of actual use of foreign capital, reaching the level five years ago and continuing to rank first in the country.
Jiangsu has also witnessed the strong momentum of foreign trade development.
An "IKEA" multimodal train was recently launched in Suzhou. Through the relay of roads, railways and waterways, IKEA will send goods from the Yangtze River Delta region to all parts of the world through Shanghai Port, connecting domestic and international transportation into an organic whole.
In response to the logistics constraints of high global shipping prices and tight shipping capacity in recent years, Jiangsu has taken the China-Europe freight train as a breakthrough to build an all-round open pattern.
The China-Europe Express has become a strong artery for Jiangsu to promote the dual economic cycle. In the first three quarters of this year, Jiangsu sent off 1,255 China-Europe trains, nearly twice the number of the entire year of 2016.
Over the past five years, Jiangsu has continued to consolidate its supply chain, optimize customs clearance supervision, and reduce operating costs. The province’s imports and exports have grown at an average annual rate of about 5.6%, maintaining the second largest scale in the country.
