Official data released recently by the Suzhou Municipal Statistics Bureau show that Suzhou’s GDP reached 2,672.70 billion yuan, an increase of 6.0% year-on-year (similarly hereinafter) at constant prices. Of this total, the value added of the primary industry hit 20.20 billion yuan, up by 3.1%, the value added of the secondary industry reached 1,251.67 billion yuan, up by 7.1%, and the value added of the tertiary industry totaled 1,400.83 billion yuan, up by 5.0%.
Industry is a crucial engine for economic growth. As a large industrial city, Suzhou has been striving to promote new industrialization, focusing its efforts on accelerating the construction of the “1030” industrial system to consolidate the foundation of industrial development. In 2024, the total output value of the city’s industrial enterprises above designated size increased by 9.2% to exceed 4.7 trillion yuan. Among them, the city’s electronic information industry achieved an output value of 1,431.25 billion yuan, an increase of 9.2%, generating 57.7 percentage points of growth for the city’s industries above designated size. The output value of the automobile manufacturing industry and the special equipment manufacturing industry increased by 7.6% and 7.9% respectively. The operating revenue of the service enterprises above designated size increased by 8.6%.
Suzhou has made all-out efforts to promote the cultivation and development of new quality productive forces and the industrial transformation and upgrading. Last year, the output value of high-tech industries in Suzhou reached 2,572.63 billion yuan, an increase of 7.7%, accounting for 54.7% of the total output value of the city’s industries above designated size.
In 2024, Suzhou issued 10 favorable policies to optimize the business environment and implemented 20 measures to boost the private economy. Official data show that last year, the city’s private industries above designated size achieved an output value of 2,316.31 billion yuan, an increase of 8.9%. The operating income of private service enterprises above designated size reached 432.93 billion yuan, up by 10.2%, generating 78.8 percentage points of growth for the city’s service industries above designated size.
The major projects serve as a stabilizer and booster for economic development and a vital means of investment attraction. Statistics show that in 2024, Suzhou’s industrial investment was 212.19 billion yuan, an increase of 12.8%. There were 3,267 projects with investment exceeding 100 million yuan in the city, an increase of 116 over the previous year, and the completed investment grew by 5.9%, which generated 3.1 percentage points of growth for the city’s investment in fixed asset.
Suzhou is one of the most open cities in China. In 2024, the city’s foreign trade totaled 2.62 trillion yuan, hitting a record high. Its trade with emerging markets kept a rapid growth. The imports and exports with Belt and Road partner countries grew by 11.8% to 1.07 trillion yuan, accounting for 41% of the city’s total (exceeding 40% for the first time). The import and export volume of mechanical and electrical products reached 1,983 billion yuan, an increase of 9.0%, accounting for 75.7% of the city’s total, 1.5 percentage points higher than the previous year. The imports and exports in cross-border e-commerce surged by 86.3%.
Emphasizing innovation as the primary driving force for development, Suzhou has stepped up efforts to accelerate scientific and technological innovation, so as to achieve high-level sci-tech self-reliance and continuously inject new momentum into high-quality development. As of the end of 2024, the city had more than 17,400 high-tech enterprises, ranking 4th in the country. It had 24,300 national-level science and technology SMEs, maintaining the first place among all cities in the country. And it had 18 and 108 national-level unicorn enterprises and potential unicorn enterprises, ranking 6th and 3rd in the country, respectively. Last year, there were 206 more Suzhou-based enterprises designated as national-level “specialized, sophisticated, distinctive and innovative” SMEs, making the total number reach 607, which ranked first in the province.
Practicing a people-centered philosophy of development, Suzhou has made all-out efforts to continuously improve the well-being of the people. It was once again selected as the happiest prefecture-level city in China in 2024. The city took multiple measures to stabilize employment and increase residents’ income. Data show that 417,500 new jobs were created in Suzhou last year, ranking first in the province. The per capita disposable income of permanent residents in the city reached 77,524 yuan, an increase of 4.7%, and the urban-rural income ratio declined to 1.77:1.
