Suzhou's economy sees robust growth in H1

In the first half of 2024, Suzhou achieved a regional gross domestic product (GDP) of more than 1.2 trillion yuan ($166.47 billion), marking a 6.2 percent year-on-year growth rate, according to the data from the Suzhou Bureau of Statistics.

Real economy grows rapidly

In the first half of the year, the growth rates of industrial output value and enterprise output value in industries above designated size increased by 8.6 and 10.1 percentage points, respectively, year-on-year.

The growth rate in the added value of industrial enterprises above designated size was 9.5 percent, with double-digit growth achieved in the electronic information and automobile manufacturing industries.

The output of sensors, medical instruments and equipment, optoelectronic devices, and integrated circuits increased by 75.5 percent, 27.2 percent, 23.9 percent, and 22.6 percent, respectively, compared with the same period last year.

The added value of the city's service industry accounted for 54.9 percent of the regional GDP, increasing 2.5 percentage points compared to last year as a whole.

From January to May, the operating income of the city's service industry above designated size increased by 13 percent, maintaining double-digit growth for 15 consecutive months. Among the 29 sectors in the service industry above designated size, 22 sectors saw an increase in operating income, with 13 of them achieving double-digit growth.

Suzhou is making every effort to increase the efficiency of project investment and construction. In the first half, the city's fixed asset investment increased by 5 percent, with investment in industry rising by 12.9 percent, accounting for 30.8 percent of fixed asset investment.

New quality productive forces advance

Suzhou is advancing the high-end, intelligent, and green transformation of the manufacturing industry to foster new quality productive forces.

In the first half, the output value of the city's high-tech manufacturing industry increased by 10 percent year-on-year, accounting for 37.1 percent of the total industrial output of enterprises above designated size.

Specifically, the output value of the electronic and communication equipment manufacturing industry and the aerospace equipment manufacturing industry increased by 17.3 percent and 18.4 percent, respectively.

The high-tech manufacturing industry drove a 3.6 percentage-point increase in the total industrial output value, 3.3 percentage points higher than the same period last year.

High-tech manufacturing allocated investments totaling 43.22 billion yuan, representing 42.2% of industrial investments. Its output value accounted for 54.7 percent of the total industrial output value.

During the same period, the city's expenditure on science and technology in the general public budget increased by 41.9 percent year-on-year, accounting for 11.1 percent of fiscal expenditure, with a 3.2 percentage-point increase compared to the previous year.

The number of provincial small and medium enterprises (SMEs) that use specialized and sophisticated technologies to produce novel and unique products increased by 547, while the number of provincial innovative SMEs increased by 2,866, ranking first in Jiangsu province.

Level of openness increases

Suzhou is adhering to the opening up strategy. At the 2024 Suzhou Global Investment Promotion Conference held in April, 367 projects were signed into effect, with a total investment of 372 billion yuan, including 30 projects from Fortune 500 companies.

In the first half of the year, the city's total import and export volume increased by 9.2 percent year-on-year, with exports increasing by 9.9 percent. The export volume accounted for 6.3 percent and 44.3 percent of the national and provincial total, respectively.

Exports to emerging markets such as the Association of Southeast Asian Nations (ASEAN), India, Kazakhstan, and the United Arab Emirates increased by 14.9 percent, 18.6 percent, 42.9 percent, and 66 percent, respectively.