Jiangsu province has been promoting supply-side structural reform since 2015 as well as the 13th Five-Year Plan (2016-20). Its economy has been developing steadily.
Its GDP in the first quarter of 2018 reached 2.11 trillion yuan ($305.82 billion), an increase of 7.1 percent year-on-year.
The value added of the provincial agricultural sector in the first quarter of 2018 increased 2.9 percent while that of industrial enterprises with an annual industrial output value above 20 million yuan rose by 7.8 percent, a growth rate 0.8 percent higher than that of the same period last year.
The total profit of industrial enterprises with an annual industrial output value above 20 million yuan in January and February was 119.24 billion yuan, a year-on-year increase of 5.1 percent.
The value added of the provincial service industry in the first quarter of 2018 increased by 7.6 percent and accounted for 53.2 percent of Jiangsu's GDP, 0.6 percent higher than that of the same period last year. Its profit totaled 205.24 billion yuan, increasing by 10.8 percent.
Sales conditions in Jiangsu in the first quarter of 2018 continued to improve. Total retail sales of consumer goods reached 833.23 billion yuan, an increase of 9.7 percent.
Supply-side structural reform has yielded fruitful results. Investment in the environmental protection and governance industry, the air transportation industry, and the telecommunications, radio, television and satellite transmission services industry rose by 33.3 percent, 116.1 percent, and 39.2 percent respectively.
The province's industrial structure continues to upgrade and optimize. In the first quarter of 2018, the output value of the high-tech industry increased by 11.5 percent year-on-year, accounting for 43.1 percent of the total output value of industrial enterprises with an annual output value above 20 million yuan.
Jiangsu also continues its innovation-driven development strategy. With its innovation capacity continuing to strengthen, the operating incomes of the research and development service industry and the professional services industry increased by 11.7 percent and 13.2 percent.