Wuxi achieves impressive 6.8% GDP growth in early 2024

Downtown Wuxi. [Photo/Wuxi Daily]

The gross domestic product (GDP) of Wuxi in Jiangsu province exceeded 258.4 billion yuan ($49.61 billion) in the first quarter of 2024, up 6.8 percent year-on-year, according to local authorities.

In the first three months of this year, the added value of the city's primary industry totaled 1.86 billion yuan, up 0.4 percent year-on-year, while that of its secondary industry reached nearly 160 billion yuan, up 7.1 percent year-on-year. The added value of its tertiary industry grew 6.6 percent to 196.6 billion yuan.

A bird's-eye view of Wuxi. [Photo/Wuxi Daily]

Industrial production in Wuxi continued to accelerate with significant contributions from private businesses in the Jan-March period. The added value of industries above designated size expanded by 8 percent from the previous year, while that of private industries above designated size increased 10.3 percent year-on-year.

Wuxi also increased its industrial investment in the first quarter of this year. During this period, the city finished 93.04 billion yuan in fixed asset investment, up 10.1 percent year-on-year, including 41.55 billion yuan in industrial investment, marking a 26.2 percent year-on-year increase.

A busy port in Wuxi. [Photo/Wuxi Daily]

The city's foreign trade also rebounded significantly with a rapid increase in exports to emerging markets in the first three months. Its foreign trade totaled 173.23 billion yuan, up 12.3 percent year-on-year. Exports amounted to 114.1 billion yuan, a 7 percent year-on-year increase, while imports jumped 12.3 percent from the previous year to 59.14 billion yuan.

In the same period, Wuxi offered jobs to 355,000 residents and the per capita disposable income climbed 4.6 percent year-on-year to 22,598 yuan.