(MENAFN) Local authorities in Jiangsu Province, situated in eastern China, have reported that the province's gross domestic product (GDP) surged to over 3.1 trillion yuan (approximately 436.4 billion U.S. dollars) in the first quarter (Q1) of 2024, marking a robust year-on-year growth of 6.2 percent.
During the January-March period, the added value of industrial enterprises above the designated size in the province experienced a notable year-on-year increase of 9.5 percent. Notably, data revealed that private industrial enterprises above the designated size contributed significantly to this growth, with a remarkable year-on-year increase of 11.4 percent, accounting for 62.2 percent of the total value increase.
Highlighting the province's emphasis on high-tech sectors, it was noted that these industries contributed an impressive 50.2 percent to the total added value of industrial enterprises above the designated size. This underscores Jiangsu's ongoing success in upgrading its industrial structure and pursuing high-quality development.
Furthermore, in the first quarter, the province's output in key sectors such as solar batteries, lithium-ion car batteries, and charging piles experienced robust growth rates of 19.6 percent, 23.1 percent, and 20.7 percent, respectively. These figures underscore Jiangsu's continued momentum in driving innovation and fostering growth in strategic industries, thus contributing to the province's overall economic expansion and development.
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