Jiangsu Province’s gross domestic product (GDP) reached more than 6.33 trillion yuan in the first half of 2024, representing a 5.8% year-on-year growth, according to data from the province’s Bureau of Statistics released on July 24.

A breakdown of the data showed that the added value of the primary, secondary and tertiary sectors amounted to 173.62 billion yuan, 2.77 trillion yuan and 3.39 trillion yuan, respectively, marking year-on-year growths of 3.0%, 7.1% and 4.8%.

Furthermore, the total retail sales of consumer goods reached abut 2.42 trillion yuan, an increase of 4.9% year-on-year. Fixed asset investment increased by 3.7% year-on-year, and manufacturing investment expanded by 12.6%. The province’s per capita disposable income stood at 29,194 yuan, an increase of 5.0% year-on-year in nominal terms.

Jiangsu’s development featured a strong role of new drivers and a steady upgrade of industrial structure in the first half of the year. The output value of high-tech industries and strategic emerging industries accounted for 50.6% and 41.3% of the total of industrial enterprises above designated size, respectively. The added value of high-tech manufacturing companies and core digital product manufacturers above designated size increased by 8.9% and 11.4% , respectively. The added value of “little giants," which refer to competitive manufacturing SMEs that specialize in a niche market and boast cutting-edge technologies, increased by 9.5% year-on-year. Data also showed an accelerated pace of transformation and upgrading of traditional industries, with investment for such purpose increasing by 8.9%. Notably, investment in technological transformation projects launched this year increased by 33.1% year-on-year.

In the first half of the year, Jiangsu’s agricultural production remained generally stable, with its summer grain output reaching 14.3 million tonnes, 233,000 tonnes higher than the previous year.

The added value of industrial enterprises above designated size increased by 8.6% year-on-year, and 9.1% year-on-year for the equipment manufacturing industry. The added value of the computer, communication, and other electronic equipment manufacturing sectors also achieved rapid growth, becoming important drivers of the industrial economy.

The steady recovery of the service sector provided strong support for the expansion of the tertiary industry. The added value also achieved robust growths in the accommodation and catering sector, the wholesale and retail sales, and the transportation, warehousing and postal services.

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