A cargo ship departs from Taicang Port in Suzhou, Jiangsu Province, September 10, 2024. (CFP)

Jiangsu Province recorded smooth commercial development in the first eight months of the year, with continuous structural optimization and key development indicators leading nationally, according to a press conference on deepening reform and opening-up held on September 24.

From January to August, Jiangsu's total trade in goods reached 3.65 trillion yuan, marking a year-on-year increase of 8.5% and maintaining its position as second nationwide. The province’s actualized foreign investment amounted to $14.8 billion, the highest in the country, accounting for 18.1% of the national total. Jiangsu also secured first place in terms of profits reinvestment by foreign-funded companies for six consecutive years, and the amount of foreign investment in the manufacturing industry. Furthermore, Jiangsu’s cross-border e-commerce has been growing steadily, with an increase rate higher than the national average.

In promoting digital trade, Jiangsu has leveraged its manufacturing strengths to promote the integrated development of industrial belts and cross-border e-commerce, focusing on its competitive sectors like new energy, automotive components, light textiles, machinery, and smart home appliances.

Jiangsu has also encouraged these sectors to shift to a low-carbon development pattern. For example, Jiangsu organized training sessions on green trade and advised foreign trade companies on managing product carbon footprints.

“We will focus on innovating service trade, and enhancing public platforms for digital trade, primarily through institutional innovation,” said Chen Tao, director of the Department of Commerce.