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Jiangsu: Market Profile

Major Economic Indicators

Economic Indicators2016Jan–Oct 2017
ValueGrowth
(%, y-o-y)
ValueGrowth
(%, y-o-y)
Gross Domestic Product (RMB bn)7,608.67.81 6,260.537.21
Per Capita GDP (RMB)95,2577.51
Added Value Output
   Primary industry (RMB bn)407.70.71213.532.11
   Secondary industry (RMB bn)3,355.06.612,887.936.61
   Tertiary industry (RMB bn)3,845.89.713,159.038.11
Value-added Industrial Output2 (RMB bn)3,543.37.713,189.77.51
Fixed-assets Investment (RMB bn)4,937.17.54,264.77.2
Retail Sales (RMB bn)2,870.710.92,604.110.8
Inflation (Consumer Price Index, %)2.31.8
Exports (US$ bn)319.3-5.7292.812.5
   By foreign-invested enterprises (US$ bn)186.6-3.8171.112.5
Imports (US$ bn)190.3-8.0185.220.2
   By foreign-invested enterprises (US$ bn)139.4-2.8135.319.8
Utilised Foreign Direct Investment (US$ bn)24.51.1

Notes:

1 In real terms
2 For all state-owned enterprises and other forms with annual sales over RMB20 million
3 Jan-Sep 2017

Sources: Jiangsu Statistical Yearbook 2017, Jiangsu Statistical Bureau, China’s Customs Statistics 12.2016, 10.2017

 

General Background

Jiangsu has a total area of 102,600 sq km. Jiangsu had a population of 79.98 million in 2016. Jiangsu’s GDP ranked the second in China in 2016, after Guangdong, accounting for about 10.4% of the national total. Jiangsu has a strong private sector. By the end of 2016, there were about 2.23 million private enterprises, comparing to 286,000 in 2002. Jiangsu has the second largest number of private enterprises in China.

The southern Jiangsu (蘇南) area – Suzhou (蘇州), Wuxi (無錫), Changzhou (常州), Nanjing (南京) and Zhenjiang (鎮江), which is part of the Yangtze River Delta economic region, is the province’s economic hub. GDP of the southern Jiangsu area accounted for 58.9% of Jiangsu’s total GDP in 2016.

 

Major Indicators of Jiangsu’s Regions (2016)

 Southern Jiangsu
(蘇南)
Middle Jiangsu
(蘇中)
Northern Jiangsu
(蘇北)
GDP (RMB bn)4,479.61,531.91,816.0
Retail Sales (RMB bn)1,658.4511.0701.3
Actual FDI (US$ bn)16.74.94.4
Per capita GDP (RMB)134,56993,22860,225

Source: Jiangsu Statistical Yearbook 2017


Industry

The proportion of industry in GDP increased to 51% in 2006 before edging down to 38.6% in 2016 while the share of services continued to increase in the last decade. Historically, Jiangsu had a much stronger light industry sector. However, after 1993, growth of the heavy industry sector accelerated and overtook that of the light industry. Jiangsu is a strong production base of machinery and it is one of the major petrochemical industry bases of China.

 

Composition of GDP (%)

 20062016
Primary7.15.4
Secondary56.544.1
   Industry51.038.6
Tertiary36.450.5

Source: Jiangsu Statistical Yearbook 2017

 

Composition of Gross Industrial Output (%)

 20002016
Heavy Industry57.072.1
Light Industry43.027.9

Notes: For all state-owned enterprises and other forms with annual sales over RMB20 million
Source: Jiangsu Statistical Yearbook 2017

 

The pillar industries in Jiangsu are electronics, telecommunications, chemicals, machinery and equipment, textiles & garment and metallurgy.

Output Share of Leading Industry Groups (2016)

 % share of gross industrial output
Electronic and Telecommunications12.2
Raw Chemical Materials and Chemical Products11.3
Electrical Equipment and Machinery11.1
General Purpose Machinery Manufacturing5.8
Smelting and Pressing of Ferrous Metals5.7
Manufacture of Automobiles5.0
Textile Manufacturing4.6

Source: Jiangsu Statistical Yearbook 2017

 

Technology-intensive industry and capital-intensive industries (such as electronic and telecommunications etc.) have been developing fast. Jiangsu is moving towards the development of new and high technology products. Jiangsu is now an important IT manufacturing base. Many Taiwanese IT manufacturers are attracted to invest in Kunshan (昆山) and Wujiang (吳江).

Jiangsu has successfully promoted many famous brands such as Chunlan air-conditioner (春蘭空調), Senda shoes (森達皮鞋), Bosideng down coat (波司登羽絨服), Little Swan washer (小天鵝洗衣機) etc.

Tourism

Jiangsu is a famous destination for tourists. In 2016, Jiangsu received 678 million (+9.4%) domestic tourists and 3.3 million (+8.1%) overseas tourists. Overseas tourists generated a total of US$3.8 billion (+7.8%) foreign exchange revenue while domestic tourists generated a total of RMB995 billion revenue (+13.4%).

Foreign Trade

Major exports included electronic and mechanical products, new and high technology products, automatic data processing machines & accessories, garments and clothing accessories. Major export markets included the US, Hong Kong, Japan and South Korea. In 2016, exports to Hong Kong accounted for 8.7% of Jiangsu’s total exports.

As a manufacturing base, major imports included electronic and mechanical products, high technology products, integrated circuit and liquid crystal display panel. Major import sources included South Korea, Taiwan and Japan.

Foreign investment

Foreign investments in Jiangsu are still mainly engaged in the manufacturing sector, particularly in telecommunication equipments, computer, machinery, chemical products and textiles. However, its share in FDI has continued to decrease. In 2016, utilised foreign direct investment (FDI) in the manufacturing sector amounted to US$10.5 billion, accounting for 42.6% of the total FDI, a drop from 62.4% from 2012.

 

Chart: Utilised FDI of Jiangsu
Chart: Utilised FDI of Jiangsu

 

Jiangsu’s services sector is attracting an increasing share of FDI. In 2016, FDI in the service sector accounted for about 36% of the total, while this share was only 6.5% in 2001. Real estates accounted for about 12.4% of the utilised FDI in 2016.

In 2016, Hong Kong, Singapore, Japan, Taiwan, Korea and the US were the top overseas investors. In 2016, Hong Kong accounted for 62.5% of the total utilised FDI..

Consumer Market

Jiangsu was the third largest consumer market, after Guangdong and Shandong. Retail sales of consumer goods reached RMB2,870.7 billion, accounting for 8.6% of China’s total in 2016. In 2016, annual per capita disposal income of urban households reached RMB40,152 (+8%).

 

Composition of Per Capita Expenditure of Urban Household (%)

 20002016
Food, drinks & alcohol41.128.0
Clothing9.26.8
Household facilities, article and service10.76.1
Medicine & medical services5.56.1
Transportation & communications7.414.9
Recreation, cultural & education12.612.0
Residence8.223.2

Source: Jiangsu Statistical Yearbook 2017

 

Major foreign-invested retail enterprises that have established their presence in Jiangsu include Walmart from the US, Metro from Germany, Carrefour from France, Auchan from France, and China Resources from Hong Kong. Meanwhile, indigenous enterprises have also grown quickly, for instance, Suguo (蘇果), Suning (蘇寧), Wenfeng Big World (文峰大世界).

 

Economic Indicators of Jiangsu Cities (2016)

CitiesGDP
(RMB bn)
Per Capita GDP
(RMB)
Gross Industrial Output*
(RMB bn)
Retail Sales
(RMB bn)
Exports
(US$ bn)
 Suzhou (蘇州市) 1,547.5145,5563,071.4493.7163.9
 Wuxi (無錫市) 921.0141,2581,435.3311.942.9
 Nanjing (南京市) 1,050.3127,2641,294.5508.829.6
 Zhenjiang (鎮江市) 383.4120,603872.3123.77.0
 Changzhou (常州市) 577.4122,7211,209.7220.320.9

* For all state-owned and other forms of enterprises with annual sales over RMB20 million
Source: Jiangsu Statistical Yearbook 2017

 

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