Jiangsu’s economic recovery gains momentum in first two months

2023-03-25 14:07:00

Jiangsu has achieved a smooth economic recovery in the first two months of the year with more growth momentum built up and more positive outlooks from market players, according to data released by the province’s Bureau of Statistics on March 24.

The total added value of industrial enterprises above the designated size registered a year-on-year growth of 3.9% in the period, including a 4.1% increase in the manufacturing sector. Data also showed the added value in specific manufacturing fields of electrical machinery and equipment, pharmaceuticals, and automotive expanded by 14.9%, 8.5%, and 6.8%, respectively.

In Jiangsu, the fixed-asset investment went up 4.5% year-on-year, 0.7 percentage points faster than the growth recorded last year. During the two months, the total retail sales of consumer goods achieved 760.83 billion yuan, up 4.9% year-on-year, 4 percentage points faster than the figure in December 2022.

The province's general public budget revenue and spending reached 229.64 billion yuan and 256.09 billion yuan, up 8.7% and 0.1% year-on-year, respectively. At the end of February, the province's total outstanding yuan deposits stood at 22.83 trillion yuan, up 14.8% year-on-year, and the balance of loans in Chinese yuan reached 21.51 trillion yuan, up 15.7% year-on-year.

In addition, the consumer price index (CPI) for the first two months and February grew by 2% and 1.7% from a year earlier.