Data released on Oct. 27 by the Suzhou Municipal Bureau of Statistics show that Suzhou’s GDP reached 2,119.09 billion yuan in the first three quarters of this year, representing a year-on-year increase of 5.6% at constant prices, 0.4 percentage points higher than the provincial average and 1.0 percentage points above the national average.
What matters more than the 5.6% growth rate is what underpins this figure. In the January-September period, the added value of the secondary industry grew by 7.3% to 955.951 billion yuan, while that of the tertiary industry rose by 4.3% to 1,151.655 billion yuan. Industry contributed 58.5% to economic growth. Foreign trade exceeded 3 trillion yuan with an improved structure, and both investment and consumption are shifting toward new growth drivers.
In the first three quarters, the total output value of industrial enterprises above designated size stood at 3,844.01 billion yuan, an increase of 7.2%; their added value rose by 9.1%. The industrial foundation remained solid: the top six industries achieved an output value of 2,517.84 billion yuan, up 8.9%; the output values of the electrical machinery and equipment manufacturing, special-purpose equipment manufacturing, and electronic information industries grew by 11.4%, 10.7%, and 10.4%, respectively; the output value of the top 100 enterprises grew by 9.2%, contributing 42.0% to the growth of the gross output value of industrial enterprises above designated size.
The service sector grew by 4.3%, with its structure also improving. The added value of leasing and business services, information transmission, software and information technology services, and scientific research and technical services went up by 11.9%, 9.5%, and 8.4%, respectively. From January to August, the operating revenue of service enterprises above designated size climbed by 9.4%, of which producer services grew by 10.9%, accounting for 67.0% of the growth, while high-tech services grew by 11.2%, with a contribution of 41.1%. The operating revenue of scientific and technological achievement transformation services surged by 41.8%.
From January to September, Suzhou’s total import and export volume reached 3,073.30 billion yuan, up 51.9%, exceeding 3 trillion yuan for the first time and surpassing the full-year figure for last year. Exports amounted to 1,799.09 billion yuan, up 42.1%, while imports reached 1,274.21 billion yuan, up 68.2%. The 51.9% growth rate was 33.1 percentage points higher than the national average and 22 percentage points higher than the provincial average.
Industrial upgrading relies on supportive investment. In the first three quarters, manufacturing investment totaled 173.67 billion yuan, rising 8.9%, of which investment in newly launched projects grew by 11.8%, contributing 31.2% to the growth of manufacturing investment. Investment in the purchase of equipment, tools and appliances saw a rise of 8.8%. Investment in high-tech industries increased by 6.7%, accounting for 48.8% of industrial investment, 0.8 percentage points higher than a year earlier. Among them, investment in computers and office equipment manufacturing, aerospace manufacturing, electronic and communication equipment manufacturing, and instrument manufacturing grew by 15.5%, 15.1%, 12.6%, and 9.1%, respectively.
In addition, Suzhou made persisted efforts to energize the consumer market. In the January-September period, more than 1,000 consumption-boosting activities of various kinds were rolled out. Quality consumption maintained robust growth, with retail sales of high-energy-efficiency home appliances and smartphones among businesses above designated size soaring by 77.1% and 65.6% respectively. From January to August, the operating revenue of tourism sightseeing and entertainment services and elderly care services among service enterprises above designated size grew by 12.9% and 9.0% year on year, respectively.
