Wuxi's economy shows stable growth in 2022

The economy of Wuxi in East China's Jiangsu province has shown stable growth over the past year despite a global economic downturn and the COVID-19 epidemic, local media reported on Dec 29.

In the first 11 months of the year, the output of industries above designated size in the city reached about 2.16 trillion yuan ($310.14 billion), up 9.4 percent year-on-year, while imports and exports totaled 676.63 billion yuan, a year-on-year increase of 10 percent.

The actual utilization of foreign capital in Wuxi was $3.68 billion in the Jan-Nov period, up 15.4 percent year-on-year and ranking third in Jiangsu.

From January to November, the output of strategic and emerging industries above designated size grew 12 percent year-on-year and accounted for 42.9 percent of the city's total.

Wuxi authorities have since this year further streamlined administrative approval to help accelerate the construction of new projects, with 47 projects having benefited from such practices this year.

Local businesses have also sped up overseas expansion. CITIC Pacific Special Steel Group Co Ltd made full use of the Regional Comprehensive Economic Partnership agreement to set up branches in South Korea and Germany; Jiangsu Lettall Electronic Co Ltd increased investment in Mexico and Vietnam; and WEIFU Group purchased Italian auto parts manufacturer VHIT.

The contracted foreign investment by Wuxi businesses amounted to $3.98 billion in the first 11 months of the year, a sharp rise of 223.8 percent year-on-year and ranking first in the province.