Jiangsu’s Economic Data Opened to Large Provinces in the First Three Quarters and Its Pace to the World Becomes More Self-confident

Since the beginning of this year, downward pressure on domestic and foreign economies has further increased. What is the performance of Jiangsu, a big province with an open economy, in the new situation, new challenges and new opportunities? The latest report card shows that from January to September, Jiangsu’s import and export trade grew steadily, the quality of foreign capital utilization improved, and “going out” became the conscious pursuit of more market players. Jiangsu is more confident in its pace towards the world.

Jiangsu's Economic Data Opened to Large Provinces in the First Three Quarters and Its Pace to the World Becomes More Self-confident
Jiangsu’s Economic Data Opened to Large Provinces in the First Three Quarters and Its Pace to the World Becomes More Self-confident

Market Optimization, Export Growth to “the belt and road initiative”

On October 26, Shen Xi, manager of the second part of the complete set project of Haiqi Group, flew from Nanjing to Bishkek, capital of Kyrgyzstan, with a bid of 35 kg, to participate in the bidding for the renovation project of Kyrgyzstan’s hydropower station on the afternoon of the 30th. Last time, they successfully completed the renovation of the Toktogor hydropower station, ensuring that one third of the generating units in Kyrgyzstan can generate electricity smoothly in winter.

Using project contracting to drive foreign trade exports not only expands the export scale but also improves the export quality. With the deep cultivation of the “the belt and road initiative” market, the construction of complete sets of overseas engineering equipment covers 18 countries along the “the belt and road initiative”. From January to September this year, Haiqi Group realized the increase of import and export scale and the increase of total profit.

Since this year, the province’s foreign trade imports and exports have maintained a steady growth on a high base. Nanjing Customs statistics show that the province’s foreign trade between January and September reached 100 million yuan, up slightly from the same period last year, accounting for 14% of China’s total import and export value during the same period. Among them, exports reached billion yuan, up from the same period last year.

According to expert analysis, one of the highlights of our province’s foreign trade import and export this year is the steady improvement of market development effect, especially the import and export growth rate of countries along the “the belt and road initiative” route is higher than that of the whole. From January to September, the province’s export growth to countries along the “the belt and road initiative” route was 8 percentage points higher than the overall growth rate of foreign trade. Trade volume between Jiangsu Province and Africa increased by 13% year on year, which is 3 percentage points higher than the overall growth rate of foreign trade. Exports to the EU and ASEAN also maintained a relatively high growth rate.

Suzhou private enterprise Baoshide Technology (China) Co., Ltd. is a representative of the transformation and upgrading of foreign trade enterprises. In practice and exploration, the company has developed from trade to industry, OEM to international self-owned brand, and has become a multinational company with international high-end brand of electric tools integrating research and development, manufacturing and marketing of electric tools. In the first three quarters of this year, exports totaled US$ 100 million, up 18% year-on-year.

The company attaches great importance to scientific and technological innovation and product research and development, and has set up two overseas research and development subsidiaries in Italy and Australia, with research and development investment accounting for 6%-7% of the overall sales. By the end of September, more than 6,400 patents had been applied and more than 3,600 patents had been authorized worldwide, of which more than 50% were for innovative inventions.

In order to help enterprises expand their exports, relevant government agencies in Jiangsu have also continuously improved their services and enhanced the efficiency of government services. As the first enterprise in China to produce sterilized egg liquid products, Suzhou orfu egg industry has annual sales of about 500 million yuan. Since this year, Hong Kong and Macao customers have increased their demand for liquid egg products with short shelf life of 45 days. According to the contract requirements signed between the enterprise and the Hong Kong customers, the products must arrive at the warehouses of the Hong Kong and Macao customers within 10 days from the date of production to ensure a 30-day guarantee period, which puts forward extremely high requirements on the customs clearance time of the products. On the premise of ensuring safety, Wujiang Customs will reduce the customs clearance time for products that have been drawn for inspection by another 16%. From January to September of this year, the company exported 58 batches and tons of egg products, increasing by times and times respectively.

Structural Optimization, Accelerating Utilization of Foreign Capital by Emerging Industries In late November this year, Combibloc, which has been located in Suzhou Industrial Park for 15 years, will hold a foundation stone laying ceremony for its second factory, which is dedicated to the production of independently developed new packaging and production equipment. The first phase of the project will be put into operation by the end of next year, with a production capacity twice that of the first factory.

The person in charge of the company frankly said, “Affected by the economic environment, some domestic counterparts have reduced production capacity and some have transferred production lines to neighboring countries. Combibloc’s capital increase and production expansion against the current trend depend on the support of Suzhou Company’s technological innovation and research capability as Combibloc’s Asia-Pacific headquarters, which makes us full of confidence in the future Chinese and international markets. ”

At the conference on promoting the economy of Jiangsu province’s foreign capital headquarters on October 21, 58 foreign capital enterprises were awarded licenses by regional headquarters and functional organizations of provincial transnational corporations. Increasing investment is a common feature of these foreign headquarters.

According to statistics from the Provincial Department of Commerce, from January to September, 2,391 new foreign investment projects were set up in the province, with 42.5 billion US dollars in new contracts and 100 million US dollars in actual use.

Not only has the quantity and scale of foreign capital steadily increased, but also its quality has steadily improved. From January to September, the actual use of foreign capital in the province’s manufacturing industry was US$ 100 million, up from a year earlier, accounting for the actual use of foreign capital in the province. The actual use of foreign capital in the province’s service industry is US$ 100 million, accounting for the actual use of foreign capital in the province. The actual use of foreign capital in strategic emerging industries was US$ 100 million, up from the same period last year, accounting for 10% of the province’s actual use of foreign capital, up from the same period last year. Among them, the actual utilization of foreign capital in digital creative industry, biotechnology and new medicine industry, high-end software and information service industry increased year-on-year.

Choosing Jiangsu, foreign-funded enterprises generally won good growth. As Belgium’s first foreign-funded enterprise in China, Bekaert Steel Wire Products Co., Ltd. was established in Jiangyin in 1992. So far, it has 20 operation sites in 10 cities across the country, with a total investment of more than 1.4 billion euros, of which Jiangsu invested nearly 1 billion euros in Jiangyin from 6 operation sites.

“When we first entered China, our output value accounted for a few percent of the world and now accounts for 1/4 of the whole world. This is due to China’s leading manufacturing industry to ensure the competitiveness of enterprises.” The person in charge of the company said that more than 90% of the new online products in the market are exported from China. Through school-enterprise cooperation, the transformation of new technologies has been further accelerated, bringing many benefits to enterprises and society. For example, our connection line is getting thinner and thinner and the strength is getting higher and higher, which allows tire companies to make the cord fabric thinner, not only reducing the cost, reducing the consumption of materials, but also improving many properties.

“Go out” to speed up the pace of “block head” bigger Overseas investment, as an important way to make better use of “two markets and two resources” both at home and abroad under the new situation, has become a common practice among enterprises in Jiangsu.

Statistics from the Provincial Department of Commerce show that from January to September, 615 foreign investment projects were added in the province, up from the same period last year. China has agreed to invest 700 million US dollars, an increase. Among them, Jiangsu invested 230 projects in countries along the “the belt and road initiative”, up from the same period of last year. The newly-added agreed investment from China was US$ 100 million, up 37% and 44% respectively.

In the third quarter, overseas investment went to manufacturing industry in the amount of US$ billion, up 2% year on year. US$ 300 million went to the tertiary industry, accounting for 4% of the province’s total. There are 125 foreign investment projects with a total investment of more than 10 million US dollars, and Jiangsu’s “going global” projects are getting bigger and bigger.

Longdaubert Tire Industry Co., Ltd., established by Wuxi Longdaubert Technology (Jiangsu) Co., Ltd. in the United Arab Emirates, has a project agreement investment of US$ 100 million. This project is the province’s largest foreign investment project since this year. The factory plans to start production in October 2020, with an annual output of 3 million passenger car tires and 1 million truck tires in the initial stage of the project. It is expected that the output of passenger car tires will increase to 10 million tires per year by 2022, creating 1,200 jobs.

To adapt to the new situation, Jiangsu enterprises are expanding their “going out” in the country market, while the ways and means of overseas investment are becoming more and more diversified.
In September this year, Shagang completed its acquisition of Global Switch (GS), the world’s third largest data center enterprise, with an investment of over 30 billion RMB, becoming the absolute controlling shareholder of GS. Steel is the basic industry of industrial economy, while data center is the important infrastructure of digital economy. After fully demonstrating the overseas big data industry, Shagang led a joint domestic financial investor to acquire 51% of GS51% equity in the world’s third largest data center enterprise in December 2016, and then made two acquisitions of the remaining 49% equity. “Through the acquisition of GS, Shagang Group has cut into the data center field, feeding back the steel industry with the development of big data industry, driving the development of enterprises and enhancing their core competitiveness. Overseas investment in big data industry has provided important support for the transformation and high-quality development of enterprises.” Qian Zheng, executive vice chairman of Shagang Group Investment Company, said that China Telecom and Huawei have signed comprehensive strategic cooperation agreements with GS respectively. Using GS’s existing resources, China Telecom will rapidly complete the deployment of overseas core nodes, and GS data center will become the best quality and safest data node for Chinese enterprises overseas.


Original Artical,Author:China Trade Agent,if repost,please give references :https://offers-bg.com/jiangsus-economic-data-opened/

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