Jiangsu, one of the key provinces of the Chinese economy, has confirmed its role as the country's main growth engine. The province's gross domestic product (GDP) grew by 5.8 % year-on-year in 2024, 0.8 percentage points higher than the national average.
Similar to Jiangsu, other major provinces play an important role, including Guangdong, Shandong, Zhejiang, Sichuan, Henan, Hubei, Fujian, Shanghai and Hunan. In 2024, these ten regions contributed more than 60 % to China's total GDP.
Chinese President Xi Jinping on Wednesday urged economically strong provinces to play a key role in the country's overall development and help fulfill the goals set out in the 14th Five-Year Plan (2021-2025). During a discussion with delegates from Jiangsu province at the third session of the 14th National People's Congress, he stressed the need to link technological and industrial innovation, promote deep reforms, market openness and implement national development strategies.
Technological innovation as the key to the future
Xi Jinping has also focused on technological progress as a fundamental path to developing new productive forces. This concept, which he first introduced in September 2023, emphasises the development of breakthrough technologies, the promotion of strategic future sectors and innovative industries.
Jiangsu led China in the number of newly approved "unicorns" (startups valued at over $1 billion) and potential unicorn companies in 2024, confirming its role as a leader in technology innovation.
Private sector support
The President also stressed the importance of supporting the private sector, building on the recent Private Enterprise Summit. This sector accounts for more than 90 % of all Chinese enterprises and more than doubled between 2012 and 2024.
Xi Jinping stressed the need to ensure a level playing field for all forms of business ownership and to continue reforms to improve the business environment. China is also strengthening the global presence of its private companies, with the number of Fortune Global 500 companies rising to around 30.
Involvement in national strategies
Key provinces, including Jiangsu, should play a more prominent role in implementing major national strategies, according to the President. Jiangsu should actively participate in the integrated development of the Yangtze River Delta, the promotion of the economic belt along the river and other strategic projects.
At the same time, the province is to engage more intensively in the development of areas such as the Beijing-Tianjin-Hebei and Guangdong-Hong Kong-Macao Greater Bay Area, as well as in high-quality cooperation under the Belt and Road Initiative.
According to the Jiangsu Provincial Government's annual report, the GDP growth target for 2025 is set at over 5 %, with the priority remaining on stable economic development and strengthening Jiangsu's role as a key driver of China's economy.
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