Despite global pandemic uncertainties and economic downturn, East China’s Jiangsu Province has managed to achieve new growth in its advanced manufacturing industry in the first half of the year.
Data showed the value-added of industrial enterprises above designated size increased by 21.5% year on year, 4.8 percent points higher than the same period in 2019.
The electricity consumption in the industries, a key barometer of economic activity, reached 238.85 billion kWh in the first six months, and textile and other sectors hit hard by the pandemic in 2020 also saw a rapid recovery in electricity consumption, signs of the strong resilience of the province’s economy, said Gao Qian, head of the statistical analysis division of the development planning department, Jiangsu branch of State Grid.
Thirty-eight out of the province's 40 industry categories reported a year-on-year growth of added value, including a growth rate of over 20% in categories of general equipment manufacturing, manufacture of electrical machinery and equipment, manufacture of communication equipment, computers and other electronic equipment, and manufacture of special purpose machinery.
Among industrial enterprises above designated size, the added value of high-tech manufacturing and equipment manufacturing sectors grew by 23.6% and 27.7% year-on-year respectively. The output value of high-tech industries accounted for 47.7% of the total, 1.2 percentage points higher than last year. The production of new energy vehicles increased by 167.8%, and 92.8% for industrial robots.
In the first half of the year, all types of enterprises continued to improve their business performance. From January to May, the profit margin of the province's industrial enterprises above designated size reached 6.6%, 1.7 percentage points higher than the same period last year. Entrepreneur confidence index reached 136.2, 21.2 points higher than last year.
According to the province’s Department of Industry and Information Technology, Jiangsu will strengthen the research efforts of core technologies and aim to make technical breakthroughs first in sectors of integrated circuits, high-end special equipment, connected vehicles and new materials. In the second half of the year, Jiangsu will focus on measures that can help build a strong industrial chain, support the development of industry-leading companies, and boost the driving force behind emerging industries, and improve the role of Jiangsu as a manufacturing powerhouse.
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