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Taicang GDP up 757-fold over 40-years of reform, opening up

( chinadaily.com.cn )

Updated: 2018-09-30

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The GDP of Taicang, Jiangsu province is predicted to multiply by 757 times over the 40-year period since the implementation of the reform and opening up policy, rising from 350 million yuan ($50.73 million) in 1978 to 265 billion yuan in 2018.

The policy, which was launched in 1978, has created China's economic miracle, and is still considered as the only way for modern China to make progress in its economic development. The meteoric increase of Taicang's GDP reflects the high-quality development of its economy and industries over the past 40 years, which has heavily depended on the sound development of the two economic zones in the area.

Construction started on Taicang's economic development zone in 1991, with Taicang Port opening in the same year.

With the continuous development over the years, the Taicang Port Economic Development Zone has been built into a national-level new energy equipment industrial base, Asia's largest paper industry base, the nation's largest advanced lubricating oil production base, and the largest dry cargo container and power production base in East China.

The Taicang High-tech Zone, gathering more than 300 Germany-invested companies and with the reputation of "China's hometown of German companies", was named as a Sino-German small and medium-sized enterprises cooperation demonstration area by the Ministry of Industry and Information Technology in 2012.

Taicang GDP up 757-fold over 40-years of reform, opening up

Taicang High-tech Zone in 2018. [Photo/WeChat account: tcfbgw]

As a result, the output value of the two zones from January to August this year amounts to 71.4 percent of the city's total.

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