Jiangsu sets 2023 GDP target at around 5%

Jiangsu has set its GDP growth target in 2023 at around 5%, according to the draft plan for the province’s economic and social development, released at the first session of the 14th Jiangsu Provincial People’s Congress on January 15.

The added value of manufacturing industry aims to make a stable proportion of the regional GDP, and the total retail sales of consumer goods is set to increase by more than 6%, according to the draft plan. Besides, Jiangsu will also improve the quality in ensuring the stable growth of foreign trade and foreign direct investment inflow.

As digital economy becomes a key driver, the province plans to promote the intelligent and digital transformation at about 10,000 industrial enterprises above designated size, in order to increase the efficiency of traditional sectors.

The government work report has also put forward a series of initiatives to improve people’s livelihood. In 2023, the per capita disposable income aims to keep pace with economic growth, the number of newly created urban jobs is set to hit 1.2 million, and consumer price is expected to rise about 3%.

As a major task to promote common prosperity, Jiangsu will also step up efforts to narrow income disparity. Deputies to the people’s congress have suggested to vigorously promote cross-region economic cooperation, coordinate urban renewal and rural development, expand the size of the middle-income group, and enhance farmers’ income.