In the first five months of 2021, Jiangsu’s economy maintains steady growth

According to Jiangsu Provincial Statistics Administration, Jiangsu’s economy continued to operate steadily from January to May, and the momentum for recovery was obviously enhanced. Major economic indicators such as industry, investment and consumption maintained steady and restorative growth.

In terms of industrial production, most industries in Jiangsu maintained fast growth. From January to May, the added value of industries above a certain designated scale in Jiangsu increased by 23.8% year-on-year, with an average growth rate of 10.9% in recent two years, 5.7 % higher than that in the same period of 2019. In terms of industries, from January to May, the growth rates of added value of ten key industries were above 15%, and the growth rates of electrical, automobile, special equipment, general equipment and metal products manufacturing industries all exceeded 30%. The output of new products increased rapidly. In May, the output of new energy vehicles, rare earth magnetic materials, integrated circuits, urban rail vehicles, carbon fiber and related composite materials increased by 261.2%, 179%, 50.4%, 44.1% and 40.6%, respectively.

From January to April, the income of Jiangsu’s service industry above a certain designated scale increased by 39.7% year-on-year, with an average increase of 13.7% in recent two years. The two-year average growth rates of income of the top ten industries were positive, and seven industries achieved double-digit growth. Among these industries, business services grew by 15% averagely in recent two years, software and information technology services grew by 23.1% averagely in recent two years and Internet and related services improved by 29.8% averagely in recent two years. The year-on-year revenue growth of producer-oriented service industry has obviously accelerated. From January to April, the income of transportation, warehousing and postal services increased by 48.3% year-on-year; information transmission, software and information technology services increased by 29.8%; leasing and business services increased by 43.2%, and the two-year average growth rate are 11.7%, 17.6% and 15.2% respectively, all higher than the same period in 2019.

From January to May, fixed asset investment increased by 12.8% year-on-year in Jiangsu. Industrial investment increased by 11.6%, infrastructure investment grew by 3.5%, private investment was up by 15.7%, and real estate development investment increased by 17.5%. The stabilizing effect on investment by large-scale projects is remarkable. From January to May, there were 2,244 projects with an investment of over RMB 1 billion in Jiangsu, up by 28.6% year-on-year. The completed investment of projects with an investment of over RMB 1 billion increased by 22.4% year-on-year, driving the total investment to increase by 5.2%. Jiangsu’s investment in high-tech industries increased by 28.9% year-on-year, with an average increase of 21% in recent two years, among which the investment in high-tech service industry increased by 58% year-on-year.

Market demand continues to pick up, especially in the accommodation and catering industry. From January to May, the total retail sales of consumer goods in Jiangsu increased by 31.2% year-on-year, with an average increase of 7.3% in recent two years, higher than that of the same period of 2019, which was 6.4%. Sales of wholesale and retail businesses above a certain designated size increased by 40.5% and 31.5% year-on-year respectively. Turnover of catering industry and accommodation industry increased by 57.6% and 70.5% respectively.

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