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Wuxi's GDP up 5.8% year-on-year in Q1-Q3

Updated : 2023-10-27
(en.wuxi.gov.cn)

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A bird's eye view of Wuxi. [Photo/Wuxi Daily]

The GDP of Wuxi in East China's Jiangsu province grew by 5.8 percent year-on-year in the first three quarters of 2023 to over 1.1 trillion yuan ($150.37 billion), posting a steady recovery despite downward pressures, the Wuxi municipal bureau of statistics said on Oct 26.

Industries were the support of the city's stable economic growth. The added value of its first, second, and tertiary industries was valued at 8.09 billion yuan, 517.43 billion yuan, and 574.54 billion yuan respectively in the first nine months, up 1.6 percent, 6.8 percent, and 5.0 percent year-on-year.

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An intelligent workshop in Wuxi. [Photo/Wuxi Daily]

Viewed from the major industrial sectors, the added value of electrical machinery, steel, chemical engineering, nonferrous metals, rubber, and plastics in Wuxi experienced double-digit increase during the same period.

High-level opening up efforts showcased Wuxi's attractiveness to foreign investment. In the January-September period, the actual use of foreign capital in the city surged 9.8 percent year-on-year to $3.63 billion and local authorities approved 360 foreign-invested projects, 31 more than that last year.

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Nianhua Bay, a popular attraction in Wuxi, lights up at night. [Photo/Wuxi Daily]

From January to September, fixed-asset investment in the city expanded by 9.8 percent compared with a year earlier, reaching 341.71 billion yuan with investment in strategic and emerging industries increasing by 15.6 percent.

Wuxi also saw an orderly recovery in consumer markets in the first three quarters of this year. Retail sales in the city rose by 7.2 percent compared to the same period last year to 266.15 billion yuan. Forty-four key retail sales enterprises generated 893 million yuan during holiday periods, up 8.8 percent from last year.

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