Jiangsu leads China’s economic growth with strong GDP and innovation-driven development
Jiangsu Province continues to cement its position as a key driver of China’s economy, recording a 5.8 percent GDP growth in 2024, which is 0.8 percentage points higher than the national rate. This growth underscores the crucial role of major provincial economies in shaping China’s overall economic landscape.
In 2024, ten provincial economies, including Guangdong, Jiangsu, Shandong, and Zhejiang, collectively contributed to over 60 percent of China’s GDP, demonstrating their increasing significance in national development.
During the third session of the 14th National People’s Congress, Chinese President Xi Jinping urged these economic powerhouses to accelerate innovation, deepen reforms, and implement national development strategies to achieve the targets set in the 14th Five-Year Plan (2021-2025).
Innovation as the Driving Force of Economic Growth
President Xi emphasized that technological and industrial innovation are critical to developing new quality productive forces and sustaining economic momentum.
Jiangsu has been at the forefront of this transformation, leading China in newly approved unicorn and potential unicorn enterprises in 2024. These high-growth startups play a pivotal role in driving strategic future industries and disruptive technological advancements in the age of intelligent information.
Xi’s vision aligns with China’s broader push for high-quality development, where emerging technologies and industrial upgrades are expected to reshape the nation’s economic structure.
Strengthening the Private Sector for Economic Stability
Alongside innovation, Xi reaffirmed China’s commitment to the private sector, which accounts for over 90 percent of all enterprises in the country. The number of private firms has grown fivefold since 2012, with around 30 Chinese private companies now listed in the Fortune Global 500.
Xi called for equal treatment of all enterprises, regardless of ownership structure, and stressed the importance of improving the business environment to boost investor confidence.
The recent high-level symposium on private enterprises, which Xi attended, highlighted the government’s determination to support private businesses in navigating challenges and expanding their global presence.
Jiangsu’s Role in Major National Strategies
Jiangsu is expected to play a pivotal role in China’s major national development strategies, particularly in:
- The Yangtze River Delta integration
- The Yangtze River Economic Belt development
- The Beijing-Tianjin-Hebei regional coordination
- The Guangdong-Hong Kong-Macao Greater Bay Area expansion
- Belt and Road Initiative (BRI) cooperation
Xi urged proactive engagement in regional and global economic collaborations, reinforcing Jiangsu’s position as a hub for trade, innovation, and industrial transformation.
Jiangsu’s 2025 Growth Outlook
Looking ahead, Jiangsu has set a GDP growth target of above 5 percent for 2025, pledging to maintain economic stability while driving technological and industrial advancements. The province’s commitment to innovation, private sector development, and national strategy alignment positions it as a cornerstone of China’s long-term economic success.
