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Jiangsu province maintained fast economic growth in 2008

By Song Wenwei (China Daily)
Updated: 2009-02-04 17:17

NANJING: The global financial crisis slowed down the economic development in many places in China in 2008, but Jiangsu province maintained a relatively fast growth rate, sources from Jiangsu provincial government said.

"When financial crisis came, the government reacted quickly and took a series of powerful and effective measures to ensure a continuous steady growth of all the economic sectors," said Xiao Quan, spokesman for the provincial government.

The province yielded a gross domestic product of 3 trillion yuan in 2008, an increase of 12.5 percent year on year basis, ranking among the top three in the country.

"We achieved the result by optimizing industrial structures, encouraging technological innovations, developing service industry and tapping the potential of service outsourcing," said Xiao.

Last years, a total amount of 108 billion yuan was put into scientific and technological projects in the province, of which 54 billion yuan was used for research and development of high-tech industries.

Statistics show that social fixed asset investment grew very fast with a total sum of 1.5 trillion yuan, resulting in an increase of 22.7 percent.

Another feature is the maintaining of export and import momentum, which accounts for a large proportion of the province's GDP.

Though export-oriented enterprises are one of the most hit sectors in the crisis, the province still witnessed an increase of 16.9 percent of its export value with a total value of US$234 billion.

While making efforts to combat the financial crisis, the government paid great attention to such issues as employment, reemployment, training of laid-off workers, medical insurance, pension raises and consumption stimulus.

"It is obvious that all the efforts have paid off and the general situation, in terms of economic development, people's life and social stability, in the province is as good as we could expect," said Xiao.

China Daily Jiangsu Bureau