Jiangsu Province has recently rolled out 28 measures to promote sustained economic recovery, including specific plans to enhance the stability and quality of foreign trade and investment via initiatives of developing shared overseas warehouses and facilitating customs clearance.
The province aims to tackle multiple challenges, such as the sluggish recovery of the global economy and declining exports, and also build resilience and competitiveness in international markets.
From January to July, Jiangsu achieved a month-to-month increase in foreign trade for three consecutive months. Private enterprises continued to make progress, and trade with countries involved in the Belt and Road Initiative also increased during this period. Notably, exports of three new energy products- lithium batteries, solar cells and electric passenger vehicles - amounted to 121.23 billion yuan, which was highest among provincial-level regions and represented a 23.4% year-on-year growth. Specifically, exports of lithium batteries and electric passenger vehicles surged by 51.4% and 410%, respectively.
Among the new developments, Phoenix Contact held a ceremony in Nanjing on September 7 to celebrate the company’s 100th anniversary and 30th years in China. Frank Stührenberg, CEO of Phoenix Contact, announced an additional investment of 160 million yuan for the company’s third project in Nanjing, focusing on new energy vehicles.
This announcement underscores Jiangsu’s development opportunities and its commitment to further opening up. In 2022, the province's actual use of foreign investment surpassed $30 billion for first time, reaching $30.5 billion - a 5.7% year-on-year increase. Jiangsu has maintained its place as the top investment destination in China for five consecutive years.
The province’s 28 measures also include strong support for foreign-funded R&D centers and regional headquarters. For key projects that involve an investment of at least $100 million and align with industrial development goals, provincial authorities will lead the coordination and provide prioritized support. Jiangsu will also ensure that qualified foreign-funded R&D centers will benefit from favorable policies, such as R&D expense deductions, deferred tax treatment for reinvestment using profits, and reduced income tax for high-new technology enterprises. Jiangsu will also provide financial support for multinationals looking to establish regional headquarters and functional facilities in the province.
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