Jiangxi optimizing industrial structure by Muhammad Zamir Asadi Bureau Reporter BATIE GHAR

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Nanchang, Jiangxi, September (30):East China’s Jiangxi province has found a way to build up an innovative, open and green economy maintained steady economic growth, optimizing its industrial structure and shifting to new engine of development, said representative of provincial government.
While addressing to the group of South Asian and South East Asian journalists, officials told that provincial GDP grew 9 percent to 1.8 trillion Yuan last year, with industrial added value hitting 780 billion Yuan, also increasing 9 percent from 2015.
The high-tech sector announced for more than 30 percent of the total industrial added value, officials went on saying.
They told that, for the first time the service industries contributed more than 40 percent to GDP. “Technological innovation is the key to nurturing new driving forces of development, which used to be a shortcoming of Jiangxi,” they added.
It was told that government has carried out a series of policies to encourage innovation, including increased investment and awards, mechanism for cooperation between companies and research institutions, restructuring research teams and the introduction of top personnel.
Jiangxi’s companies, organizations and individuals filed more than 60,000 patent applications last year, up 65.9 percent from 2015 while the growth rate topped the nation.
At the same time, more than 31,000 patents were approved, up 30.3 percent – three times the national average growth.
Research and development expenditure in the province accounted for 1.1 percent of GDP. The total import and export volume of Jiangxi increased from 33.4 billion USD to 40.1 billion USD over the past five years, and high techs products have seen increasing shares in exported goods market, according to the statistics available, they also shared.
An open economy requires inclusive minds, cooperation and innovation. An improved market system, a well- established foreign investors’ management mechanism and greater trade facilitation was being implemented.
Jiangxi will actively take the opportunities created by the Belt and Road Initiative (BRI) and globalization to open its economy to other regions in China and the outside world.
There were more than 11,000 Hong Kong funded companies in the province by the end of 2016 and about 80 new ones were approved in the first four months of this year.
In one of Jiangxi’s most recent overseas investment attraction campaigns, held in early June in Hong Kong , 300 projects were promoted, which were worth more than 700 billion Yuan in total.
The provincial government believes the environment is the greatest advantage and wealth for Jiangxi.

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