Photo taken on March 14, 2023 shows XCMG participating in the CONEXPO-CON/AGG, a top construction trade show in Las Vegas, Nevada of the US. (CFP Photo)
Jiangsu Province has been committed to developing itself into a key hub of China's opening up, focusing both eastward sea routes and the westward land routes in foreign trade growth.
The coastal province boasts a superior location, competitive industrial strengths, large market and high level of opening up. In pushing a "dual circulation" development paradigm, Jiangsu is constantly improving the quality of international circulation and establishing itself to become a hub of opening up in the two directions.
In the period from January to May, the total added value of industrial enterprises above the designated size in Jiangsu registered a 8.8% year-on-year growth, and the fixed asset investment increased by 5.2% year-on-year.
The provincewide campaign to enhance digital transformation of industrial enterprises also moved ahead. Chen Liang, engineer from Xuzhou Construction Machinery Group (XCMG) said the percentage of workshops undergoing digital transformation in the company rose from 75% to 95%, and the manufacturing efficiency for large cranes has improved from producing one unit every seven days to two units per day.
Data shows Jiangsu has encouraged more than 15,000 enterprises to implement digital or smart transformation in the first half of the year, with 5,300 enterprises successfully completing the transformation.
The province also boasts the highest concentration of comprehensive bonded zones among province-level regions in China. Nanjing Customs has recently implemented 29 measures to optimize the business environment and strengthen the connection between domestic and international markets.
Thanks to the supportive measures, Jiangsu's foreign trade has maintained stable growth. For example, Caterpillar Suzhou Co Ltd has exported over 1,600 units of machinery products this year, with the company's total export value of construction machinery reaching 2.57 billion yuan in the first half of the year, an increase of 33.5%.
In addition, on June 28, more than 700 representatives from multinational companies and key foreign-funded enterprises attended the International Cooperation Conference on Industrial Chain and Supply Chain, concurrently with the Taihu Entrepreneurs Forum. The event saw the signing of agreement for 45 industrial projects, each with foreign investment exceeding $100 million, which amounted to a total investment of $11.7 billion.
As this year marks the 10th anniversary of the Belt and Road Initiative, Jiangsu is expanding its focus beyond Europe and the United States, Japan and South Korea. The province is further developing the ASEAN market, deepening economic and trade cooperation with countries along the BRI, and striving to enhance the level of opening up.
