A bird's-eye view of Wuxi. [Photo/Wuxi Daily]
Wuxi in East China's Jiangsu province achieved a regional GDP of 378.921 billion yuan ($52.37 billion) in the first quarter of this year, marking a 5.7 percent year-on-year increase, local media reported.
This puts the city on track to meet its annual target of over 5 percent GDP growth.
Wuxi's economic strength stems from its real economy. Driven by the upgrading of traditional industries and the emergence of new business models, Wuxi's industrial sector witnessed consistent enhancements in quality during the first three months, with the added value of industrial enterprises above a designated size growing by 7.5 percent year-on-year.
The value added by the top 10 industrial sectors all experienced positive growth compared to the previous year, with notable achievements in the computer, communication, and other electronic equipment manufacturing industry, the textile industry, and the automobile manufacturing industry, which all achieved double-digit growth.
While traditional industries performed well, the city's promising future industries are also attracting attention. Data reveals that the added value of the high-tech manufacturing industry surged by 10.3 percent year-on-year, surpassing the average industrial growth rate by 2.8 percentage points and contributing to an overall industrial growth increase of 3 percentage points.
From January to March, various consumer promotion policies have further unleashed consumption potential in Wuxi, with the total retail sales of consumer goods in the city reaching 121.14 billion yuan, up by 4.9 percent year-on-year.
Since the start of this year, Wuxi has introduced first stores of various brands spanning catering, retail, and cultural entertainment, with numerous renowned brands signing agreements to establish a presence in the city. The arrival of each flagship store brand has been warmly received by local consumers, resulting in direct consumption growth.
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