The gross domestic product of Rudong, a county in Nantong, Jiangsu province, in 2023 is estimated at 140 billion yuan ($19.45 billion), a growth of about 6.4 percent compared to the previous year, according to official data released on Wednesday.

A significant catalyst for this economic surge is the rapid development of the industrial sector in the county.

From January to November last year, the county's industrial sector above the designated scale achieved an output value of 179.95 billion yuan, a year-on-year growth of 9.17 percent. The cumulative growth rate of the industrial added value during this period was 10.6 percent.

In the midst of this industrial surge, Jiangsu Yuchuan New Energy Technology Co Ltd, based in Rudong, has emerged as a prominent player in the new energy automotive sector. Established in 2019, the company has since become China's leading supplier of gear reducers for new energy vehicles, holding a 10 percent market share in the country.

Furthermore, a growing focus on internal circulation by various enterprises has strengthened their competitiveness and contributed to the overall industrial development of Rudong.

Initiatives like internal collaboration within Jiangdong Electronics and Jiangdong Alloy in the Rudong Economic Development Zone have not only achieved the local supply and sale of raw materials but also led to the realization of real-time data sharing for quality testing and the resource utilization of production waste.

The Chemical Industry Park in Yangkou town has also formed an integrated industrial chain within a small scope, addressing sales and transportation challenges for chemical products. This has not only enhanced interconnectivity among enterprises but also bolstered the resilience of the high-end chemical industrial chain within the park.

The factory of a local enterprise in Rudong. [Photo/Nantong Daily]