Wuxi's high-tech manufacturing industry sees positive growth in the first half of the year. [Photo/wxrb.com]
Major economic indicators have shown signs of recovery in Wuxi, East China's Jiangsu province, while efforts have been made to navigate the unprecedented difficulties encountered during the COVID-19 outbreak in the first half of the year.
Wuxi's first-half GDP increased 0.8 percent year-on-year to 551.6 billion yuan ($78.6 billion). The value-added output of the secondary industry increased by 0.6 percent year-on-year to 250.3 billion yuan in H1, while that of the tertiary industry witnessed a 1.0-percent year-on-year growth to 296.8 billion yuan in the same period, according to officials.
Emerging industries boost local economy
Local government officials said that the positive results did not come easy as Wuxi's GDP had declined by 5 percent during the first quarter compared to the previous year. The continued rebound of economic indicators can be largely attributed to the rise of emerging industries and the efforts made by the government to improve business environment and encourage technological innovation.
From January to May, the total profit of the high-tech manufacturing industry above designated size recorded a year-on-year growth of 23.2 percent to reach 8.4 billion yuan despite a recession.
JCET Group, a Jiangyin-based Chinese chip packaging and test company, said that its production and operations have been stable in H1. In February, its operating income increased by 68.7 percent year-on-year due to increasing number of orders.
Meanwhile, Huahong Group's new integrated circuit research and development and manufacturing center in Wuxi raked in $7.4 million in revenue just three months after it began operations last September.
In April, the local government announced that it will enhance efforts to develop the digital and headquarters economies and transform Wuxi into an economic hub in the Yangtze River Delta region.
Wuxi later unveiled 60 measures as part of efforts to further optimize the business environment in April. These measures include improving government service efficiency, building a standardized market environment and promoting a fair legal system.
Since implementing these measures, the time required to set up a business in the city has been reduced to less than one working day. About 95 percent of tax matters can also be managed online or through self-service machines by the end of 2020.
