Wuxi, a city that was grappling with economic stagnancy a few years ago, has reported good results for 2017, due to strenuous efforts made in economic transformation and industrial upgrading.
According to statistics provided by the Jiangsu provincial statistics bureau, Wuxi’s GDP exceeded 1 trillion yuan ($159 billion) for the first time, arriving at 1.05 trillion yuan in 2017. The city’s GDP growth rate was 7.4 percent last year, which was higher than the average 7.2 percent registered in Jiangsu province. It is the first time in five years that Wuxi’s GDP growth has overtaken the provincial average.
In a way, the latest numbers represent a return to form for Wuxi, which was home to a number of domestic pioneering entrepreneurs in the 1920s and became a role model of township enterprises in the 1970s. But the city ran into huge difficulties in the past decade due to overexploitation of natural resources and a lack of resources.