CGTN reports on the significant contribution of China’s leading provincial economies to the nation’s overall growth, emphasizing the focus on technological innovation, new quality productive forces, and the private sector.

BEIJING, March 05, 2025 — Jiangsu Province’s GDP expanded by 5.8% year-on-year in 2024, surpassing the national growth rate by 0.8 percentage points, reaffirming its key role in China’s economic advancement.

Similar to Jiangsu, major provincial economies in China are increasingly vital in propelling national growth. In 2024, ten provinces and municipalities—Guangdong, Jiangsu, Shandong, Zhejiang, Sichuan, Henan, Hubei, Fujian, Shanghai, and Hunan—accounted for over 60% of the country’s GDP.

President Xi Jinping stressed the importance of these economic powerhouses in achieving the goals outlined in the 14th Five-Year Plan (2021-2025), urging them to take a leading role in national development during a session of the National People’s Congress.

Xi, who is also the General Secretary of the CPC Central Committee and Chairman of the Central Military Commission, addressed these points during a discussion with Jiangsu lawmakers at the third session of the 14th National People’s Congress.

Xi stated that Jiangsu should spearhead technological and industrial innovation, deepen reforms, pursue high-standard opening up, implement key national development strategies, and strive to achieve prosperity for all.

Tech innovation

President Xi highlighted technological and industrial innovation as the core drivers for developing new quality productive forces.

Since introducing the concept in September 2023, Xi has consistently emphasized the importance of cultivating new quality productive forces to foster new growth engines and promote high-quality development.

Driven by innovation, these new quality productive forces stem from continuous advancements in science and technology, fostering strategic future and emerging industries that could bring disruptive technological improvements in the age of intelligent information.

New quality productive forces and industrial upgrades are prominent in China’s local economic strategies. For example, Jiangsu led the nation in newly approved unicorn and potential unicorn enterprises in 2024.

Support for private sector

Xi also called for the implementation of the principles discussed at a high-level symposium on private enterprises, which took place shortly before the annual sessions of China’s top legislative and advisory bodies.

The symposium, attended by Xi, highlighted the Chinese government’s commitment to strengthening confidence and promoting the development of the private sector.

Private enterprises constitute over 90% of all businesses in China, having increased more than fivefold between 2012 and 2024. Their global presence has also expanded, with approximately 30 Chinese private companies now listed in the Fortune Global 500.

Xi emphasized that enterprises under all ownership forms must be treated equally, and sustained efforts are necessary to improve the business environment.

Bigger role in major national strategies

Xi stated that key provincial economies should take on greater responsibilities in implementing major national development strategies.

He urged Jiangsu to proactively coordinate efforts in the integrated development of the Yangtze River Delta, the Yangtze River Economic Belt development, and other development strategies.

Xi encouraged Jiangsu to align with strategies like the coordinated development of the Beijing-Tianjin-Hebei region and the Guangdong-Hong Kong-Macao Greater Bay Area, and to actively participate in high-quality Belt and Road cooperation.

In its annual work report, the Jiangsu provincial government set a GDP growth target of over 5% for 2025, pledging to maintain stable economic growth and enhance its role as a growth driver.

CONTACT: Contact: cgtn@cgtn.com

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