Suzhou, Jiangsu province. [Photo/2500sz.com]
Suzhou in East China's Jiangsu province saw its GDP expand by 0.3 percent year-on-year to about 1.1 trillion yuan ($162.35 billion), showing positive and stable economic fundamentals thanks to its supportive measures and strong industrial chains.
In the first half of the year, Lexy, a Suzhou-based manufacturer of home appliances, had to halt production due to the COVID-19 epidemic. With preferential tax policies for high-tech enterprises, the local government reduced taxes by more than 60 million yuan for the company, allowing the firm to invest more in digital transformation, research and development, and marketing.
The city has implemented multiple policies to support enterprises this year. The online platform "Sushangtong" was also upgraded to allow users to handle bushiness affairs more easily.
From January to July this year, Suzhou also saw robust foreign trade growth.
The total value of the city's total imports and exports hit 1.26 trillion yuan from January to June, up 8.7 percent year-on-year. Its exports rose 10 percent to 744.8 billion yuan, while its imports rose by 7 percent to 519.13 billion yuan.
Major projects such as the Wusong River Remediation Project and the Shanghai-Suzhou-Jiaxing Intercity Railway were started. Agreements for projects with foreign investment, including the Airbus China R&D Center, were also signed.
As a competitive city in the manufacturing market, Suzhou's total industrial output value above designated size increased by 3.1 percent yearly to 2.05 trillion yuan in the first half of the year.