Hai'an, a county-level city in Nantong, Jiangsu province, witnessed steady economic growth in the first nine months of the year.

From January to September, the county's GDP reached 111 billion yuan ($15.17 billion), a 6.6 percent year-on-year increase. Industrial sales in the county were valued at 174.55 billion yuan, a growth rate of 3.7 percent compared to the previous year, while the service industry saw 89.66 billion yuan in revenue, boasting an impressive growth rate of 17 percent year-on-year.

This economic stability and growth can be attributed to Hai'an's commitment to improving its business environment, which has driven local enterprises and industries forward.

Hai'an became a pioneer among all counties in Nantong by introducing a series of measures aimed at enhancing the business environment. Thanks to these policies, Hai'an saw 138 newly registered industrial enterprises above designated size and a 10 percent year-on-year increase in the value of industrial output.

In addition to the surge in new enterprises, several significant projects have taken root in the county.

In April of this year, the Fortune Global 500 company Eaton (China) Investment Co Ltd joined forces with Jiangsu Ryan Electric Co Ltd, a leading player in the electrical and power sector in Hai'an. Their joint venture project commenced in late July, with production set to begin in February 2024.

This facility is expected to produce over 20,000 intelligent transformers and a variety of power transmission and transformation equipment, with sales expected to exceed 1.5 billion yuan.

So far this year, Hai'an has launched 26 projects with investments exceeding 500 million yuan and introduced 11 high-tech projects.

The commencement ceremony for Eaton's project in Hai'an. [Photo/Nantong Daily]