Asia China Economy Industry Infrastructure Projects Innovation Investment

The Yangtze River Delta is the Anchor of China’s Economic Growth


Economic development in China’s Yangtze River Delta region is predicted to be an anchor for the
stability of China’s national economic growth, according to an index report on the driving forces of
innovation in the region.

Between 2018 and 2022, the average annual growth rate of innovation drivers in the region
reached 4.8 percent, which is basically in line with the economic growth rate, said a report released
by the Shanghai Academy of Social Sciences recently.

In the same period, the Yangtze River Delta region’s Gross Domestic Product (GDP) grew at an
average annual rate of about 5.5 percent, accounting for 24 percent of the national total. The
number of cities in the region that recorded a GDP of more than 1 trillion yuan (1 yuan = IDR 2,167)
or around 139.28 billion US dollars (1 US dollar = IDR 15,861) increased from the original six to
eight cities, accounting for about a third of national total.

According to research by the Shanghai Academy of Social Sciences, the Yangtze River Delta
region is currently on its way to building world-class industrial clusters in various fields including
integrated circuits (IC), biomedicine, artificial intelligence and new energy vehicles.

In 2022, IC’s business revenue in the Yangtze River Delta broke through 720 billion yuan,
accounting for more than 60 percent of the national total. Among China’s more than 3,000
biotechnology and pharmaceutical-related companies, nearly half are in the region.

The academy estimates that from 2018 to 2022, the total foreign trade of the Yangtze River Delta
has increased by 4.01 trillion yuan, with the average annual growth rate standing at 6.38 percent,
accounting for about 36 percent of the total foreign trade that country.

Source : Antara

Translate