More Jiangsu companies go global
2018-03-02 17:45:00

Jiangsu Province’s government work report in 2018 showed output value from companies in new and high-tech industries accounted for 42.7 percent of provincial GDP, while companies in the strategic emerging industry took 31 percent of the share.

The province saw some companies take the global lead and some are now the industry benchmark, with international mergers and acquisitions thought to be the key driving force.

In explaining Jiangsu’s economic growth features, Ma Minglong, Director of the Department of Commerce, said M&Es have become the main form of outbound investment from the province.

Jiangsu enterprises favored the manufacturing industry in the wave of overseas M&Es, with Europe and the United States the main investment destinations. The top five regions that attracted M&Es by Jiangsu companies last year were the United States, Spain, Hong Kong, Germany and Thailand.

To promote open and high-quality growth, Jiangsu has made overseas M&Es an economic priority, and is mulling a five-year M&E act for listed companies to accelerate the process. An official with the department of commerce said Jiangsu will stick to market-orientated approaches and government-guided principles, support projects that can improve the company’s core competitive edge and benefit the province’s economic restructuring and upgrading while helping companies engage in rational M&Es and avoid rat races. Meanwhile efforts will be made to strengthen cooperation with relevant agencies to improve services and facilitate success.

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