Taicang in Jiangsu province saw steady growth in its industrial economy in the first three quarters of 2019, local media reported on Nov 3.

According to the municipal bureau of industry and information, from January to September, Taicang's industrial output totaled 207.18 billion yuan ($29.49 billion), up 2.9 percent year on year.

The number of industrial enterprises above designated size, those with annual sales of more than 20 million yuan, amounted to 1,010. These enterprises contributed to an output of 174 billion yuan, up 3 percent year on year.

Among the enterprises above designated size, 309 high-end equipment manufacturers had a total output value of 59.82 billion yuan, up 5.8 percent year on year. The outputs of 292 new material and 34 biological medicine enterprises were valued at 57.17 billion yuan and 7.35 billion yuan, respectively.

According to the commerce bureau, a total of 320 German enterprises have invested over $5 billion in Taicang and boast an annual industrial output of over 50 billion yuan.

German-based Schaeffler Group, for example, reached an industrial output of 10.98 billion yuan from its factories and headquarters in Taicang. The group's investment in the county-level city were mainly spent in the manufacturing and R&D of new energy vehicles, aviation parts, and special equipment.

The presence of German companies has attracted and nurtured more than 400 local private companies to provide supporting manufacturing and services. These local companies are growing alongside the German ones, allowing them to upgrade their facilities and management to be smarter, more automated, and more digital.