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Suzhou's GDP expected to grow

Suzhou Bureau of Commerce | Updated:2023-01-10 14:51

An employee works on the production line of a foreign-funded machinery manufacturer in Suzhou, Jiangsu province. [Photo by Zhai Huiyong/For China Daily]

Suzhou in East China's Jiangsu province is expecting its GDP to reach 2.4 trillion yuan ($353.9 billion) in 2022, according to its government work report released on Jan 7.

The city, with 13,400 high-tech companies, 340,000 high-level talents, and 241 listed companies in 2022, has set its 2023 economic growth target at 5 percent.

The city voiced optimism for a robust 2023 due to the implementation of optimized COVID-19 response measures, stronger policy support and a low base for comparison, adding that the growth targets set by local governments point to modest national goals this year.

Suzhou will give priority to the development of the real economy and to promoting the integrated and clustered development of innovative industries. The city also aims to fully develop its digital economy while improving its modern services.

In addition, the total output value of industrial enterprises above designated size in Suzhou is expected to reach 4.36 trillion yuan, up 4 percent year-on-year.

An aerial view of Suzhou. [Photo/IC]

The city has also made efforts to promote shopping in 2022, such as by hosting the third Suzhou Double 12 Shopping Festival. Suzhou will continue to lead the province in terms of the annual total retail sales of social consumer goods, which are expected to exceed 900 billion yuan this year.

Suzhou also took the lead in organizing chartered flights to Japan and Europe to attract investment, helping companies receive orders and increase their presence in overseas markets. The city’s total foreign trade is expected to rise 2 percent year-on-year to 2.59 trillion yuan in 2022.