Economy in Jiangsu Sees the Light of Spring
The latest figures from the provincial statistics have shown that Jiangsu province is rejuvenating after the blow of the global financial recession and radiating potential of steady growth this year.
Jiangsu, obviously shown from the statistics, regained investment growth in the last two months of 2008. Also, the vitality was resumed to the sales of commercial residential properties with the 233 percent monthly growth in residential space last December. Even the companies, mainly dealing with export business and being one of the targets that the global financial crisis attacked most severely, have found its turning point. There is a total value of $234 billion in this respect, with an increase of 16.9 percent.
The provincial governor Luo Zhijun made the comment in his government report at the second session of the 11th provincial people’s congress that opened on February 5. He said, “Jiangsu will make greater effort to accelerate the nation’s economic recovery in the way of maintaining steady economic growth, in spite of the ongoing impact of the economic crisis.”
Jiangsu, known as the root of economy of the country apart from Zhejiang province and Shanghai municipality, was described by Guo as “risk-resistant” and “innovative” when confronting the economic recession.
He also said that with the primary task of speeding up the economic development, Jiangsu would never stop stimulating domestic demand and developing an open economy this year. For the latter part, rural reform and development and infrastructure spending would come as the decisive fields.
As a place gathering a large number of private firms, the province would enhance the support for the development of small and medium-sized corporates and hi-tech companies by granting them rights to get loans. At the same time, he added, the province would bring in investments to such important factors as R&D, logistics, environmental protection and services.
“As a matter of fact, the financial crisis has brought us a chance to optimize industrial structures and encourage technological innovations,” the governor said.
“My company was carried out of a tough period by the generally confidence and optimism delivered by the governor,” said Sha Weiping, chairman of Jiangsu Silk Group which achieved double-digit growth in profit last year through persistent investment in R&D and production.
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