East China’s Jiangsu province made every effort last year to stabilize foreign trade and foreign investment and expand consumption in a bid to build a modern commercial circulation system, promote high-level institutional opening up with its import and export hitting a new record, and foreign direct investment ranking first in the country.
In 2022, Jiangsu recorded foreign direct investment of 30.5 billion US dollars, up 5.7% year on year, ranking first in the country. Foreign investment in manufacturing increased by 32% year on year, accounting for 39.3% of the province's total and ranking first in the country. Foreign investment in high-tech industries increased by 50.3% year on year. Profit reinvestment increased by 232.1% year on year.
The growth of FDI has promoted the expansion of foreign investment in Jiangsu, and improved the stability and competitiveness of the industrial chain and supply chain.
The province has also recorded rapid increase in overseas investment. In 2022, the province increased 850 overseas investment projects, with a year-on-year increase of 17.4%. The agreed investment from the Chinese side amounted to US $9.67 billion, up 44.8% year on year.
Last year, Jiangsu organized 20 thousand enterprises to participate in the Canton Fair, 30 overseas and offline key exhibitions and 155 online exhibition matchmaking meetings, which comprehensively promoted the stable, high-quality and innovative development of foreign trade.
In 2022, the province recorded import and export of 5.45 trillion yuan, up 4.8% year on year, reaching a new record high and accounting for 12.9% of the national total. Jiangsu also recorded a 13% increase in exports to emerging markets, accounting for 51% of the province's exports. Market procurement trade increased by more than 50%. The export value of RCEP regional ranked first in the country.
Jiangsu continues to promote the construction of a high-level open platform. In 2022, the Jiangsu Pilot Free Trade Zone produced 83 institutional innovation achievements, of which 7 were replicated and promoted nationwide. Jiangsu has steadily promoted the transformation and upgrading of development zones, with six development zones ranking among the top 30 in the assessment and evaluation of national economic development zones, and Suzhou Industrial Park has continued to rank first in the country for seven consecutive years.
In 2022, Jiangsu registered a total retail sales of consumer goods of 4.28 trillion yuan, up 0.1% year on year, ranking second in the country.
