East China’s Jiangsu province has reported a stable recovery of its industrial economy since the fourth quarter of last year. In the January-February period, the province reported a year-on-year increase of 3.9% in the added value of industries above designated size, 1.5 percentage points higher than the national average.
The recovery of market demand has led to a general increase in orders won by enterprises this year, and production has also resumed. In January and February, the province reported a year-on-year increase of 1.8% in the output value of industries above designated size, while the output value of electronics, medicine, light industry, and machinery industries increased above the provincial average.
The output value of the electronics industry increased by 7.2% year-on-year, while the photovoltaic industry maintained a rapid growth trend since last year, with a year-on-year growth of 32.9%. The battery manufacturing industry was driven by the rapid development of new energy vehicles, with a year-on-year growth of 36.0%.
Driven by the growth of orders from key enterprises, the output value of the communication equipment manufacturing industry increased by 56.6% year-on-year. The output value of the pharmaceutical industry increased by 7%.
The province also reported a rapid growth in the output value of new energy vehicles, railway transportation equipment manufacturing, shipbuilding and related device manufacturing industries in the machinery industry.
The rapid growth of green industries such as photovoltaic, new energy vehicles, and batteries has benefited from the in-depth promotion of the country’s green and low-carbon strategy.
The rapid growth of the communications, railway transportation equipment, and shipbuilding industries is attributed to the gradual recovery of market demand after the epidemic, with Jiangsu taking the lead in recovering as a leader in related industries.
In January and February, the province reported a year-on-year increase of 8.2% in industrial investment, while 1437 newly registered technological transformation projects were added, with a planned total investment of over 100 billion yuan, laying a solid foundation for the next step of stable industrial growth and high-quality development in the province.
