Jiangsu's GDP Growth Outpaces National Average, Boosting China's Economy - CGTN

KUALA LUMPUR, March 6 (Bernama) -- Jiangsu Province has achieved a 5.8 per cent growth in its gross domestic product (GDP) in 2024, surpassing the national average by 0.8 percentage points.

This growth highlights the growing role of China's provincial economies in the country's overall economic expansion. In total, 10 key provinces, including Guangdong, Jiangsu, and Shandong, contributed over 60 per cent of China's GDP in 2024.

Chinese President Xi Jinping emphasised the importance of these economic powerhouses in driving national development to meet the targets set in the 14th Five-Year Plan (2021-2025).

During a discussion with Jiangsu lawmakers at the 14th National People's Congress, President Xi urged the province to lead the integration of technological and industrial innovation, advance in-depth reform and high-standard opening up, implement major national development strategies, and set an example in bringing prosperity to all.

Xi also stressed that technological and industrial innovation are essential for the development of new quality productive forces—a concept he introduced in September 2023. These forces drive breakthroughs in science and technology, paving the way for disruptive advancements in emerging industries.

Jiangsu has already made significant strides, leading the country in the number of newly approved unicorn companies in 2024, according to a statement.

The president also called for efforts for the private sector, which comprises more than 90 per cent of China's enterprises. The number of Chinese private firms in the Fortune Global 500 list has grown significantly, underlining the global expansion of this sector.

“Equal treatment must be ensured for enterprises under all forms of ownership, and sustained efforts must be made to improve the business environment,” Xi said.

Xi further urged Jiangsu to make proactive and coordinated efforts in the integrated development of the Yangtze River Delta, the development of the Yangtze River Economic Belt and the implementation of other development strategies.

Jiangsu's provincial government has set a GDP growth target of over five per cent for 2025, vowing to maintain stable economic growth and enhance its contribution to the national economy.

-- BERNAMA