Xinwu achieves remarkable economic growth in 2023

Wuxi National Hi-Tech District, also known as Xinwu district, in Wuxi, Jiangsu province experienced substantial economic growth in 2023, with an anticipated regional gross domestic product exceeding 253 billion yuan ($35.31 billion), a year-on-year growth rate surpassing 5.8 percent.

The output of industrial companies above the designated scale in Xinwu is set to surpass 650 billion yuan, marking a 5-percent increase over the previous year, while revenue from service sectors above the designated scale is expected to reach around 63.5 billion yuan, up 9 percent from 2022.

The industrial landscape witnessed notable improvements, with sectors such as the internet of things, integrated circuits, biopharmaceuticals, intelligent equipment, and new energy growing at rates of 8.5 percent, 10 percent, 14.9 percent, 10 percent, and 14 percent, respectively.

In terms of opening up and international cooperation, Xinwu district approved 15 new foreign-funded projects each with an investment exceeding $30 million in 2023. Its service trade value reached approximately $3.5 billion, an 8-percent year-on-year increase.

The district also invested in 23 projects, worth $207 million in total, along the Belt and Road. Additionally, the construction of the Wuxi Sino-European Industrial Innovation Zone has been initiated.

Urban residents experienced a boost in their living standards, with the per capita disposable income reaching 75,500 yuan and the per capita GDP being the highest among all regions of the same administrative level. The total retail sales of social consumer goods in Xinwu amounted to 42.6 billion yuan.

As the district looks forward to 2024, major development goals include 6-percent growth in regional GDP, a 7-percent increase in retail sales of social consumer goods, an actual utilization of foreign capital of around $1.45 billion, and the creation of over 20,000 new urban jobs.