Latest data reflects resilience of Wuxi's economy

The economic growth of Wuxi, East China's Jiangsu province, remained resilient in the first five months of this year despite the challenges arising from COVID-19 outbreaks, local media reported on July 15.

In the January-May period, the output value of industries above designated size in the city totaled 901.16 billion yuan ($133.38 billion), up 8.2 percent year-on-year.

During the same period, the main operating revenue of four iconic industries in the city, including IoT, software and information technology service, as well as six competitive industries such as high-end equipment and new energy reached 689.72 billion yuan, a year-on-year increase of 2.7 percent.

Local authorities have also set aside 224 million yuan this year to support the digital transformation of enterprises. In the first quarter of this year, 1,324 enterprises above designated size from core digital industries generated nearly 145.58 billion yuan in operating revenue, a year-on-year increase of 15.2 percent.

Eleven intelligent manufacturing factories in Wuxi won provincial recognition during the same period, the most among cities in Jiangsu.

Well aware that favorable tax policies facilitate resilient economic growth, China launched large-scale value-added tax credit refunds to alleviate cash flow pressure on enterprises in April.

Among the beneficiaries is Wuxi-based Sineng Electric Co Ltd, which received 57.04 billion yuan in tax refunds from April to May.