Despite the complicated macro economic environment and the heavy tasks to maintain reform and development in 2015, under the strong leadership of the Changzhou Municipal Committee of Communist Party of China and the Changzhou Municipal People’s Government, Changzhou actively adapted itself to the economic “new normal”, adhered to innovation, accelerated transformation, and properly managed multiple tasks of stabilizing growth, restructuring industries, promoting reforms, improving people’s living standards, and guarding against risks. As a result, the city maintained a steady economic and social development and made new achievements in 2015.

I.  Overview of the Local Economy

The local economy maintained a steady growth. Preliminary accounting shows that Changzhou’s gross domestic product ( GDP ) of 2015 hit 527.32 billion RMB, up by 9.2% ( calculated at constant prices ) in comparison to 2014. Of this total, the value added of the primary industry grew by 3.2% to 14.66 billion RMB, that of the secondary industry grew by 8.5% to 251.62 billion RMB, and that of the tertiary industry grew by 10.5% to 261.04 billion RMB. The value added of the tertiary industry accounted for 49.5% of the GDP, up by 1.5% over 2014. And this makes the tertiary industry take over the secondary industry to be the No.1 contributor to the GDP for the first time. As a result, the local economy was restructured from the previous structure in which the secondary industry was the lead contributor to GDP, the tertiary industry was the No.2 contributor, and the primary industry was the No.3 contributor to the new structure with the tertiary industry being the top contributor, the secondary industry being the No.2 contributor, and the primary industry being the No.3 contributor. The per capita GDP ( by resident population ) reached 112,221 RMB, equal to 18,018 US dollars ( converted at the average exchange rate ).

Fiscal revenues grew steadily. In 2015, the general public budgetary revenues grew by 7.5% to 46.63 billion RMB, among which tax revenues grew by 7.3% to 37.37 billion RMB, accounting for 80.1% of the total. And among all tax revenues, value added tax ( VAT ) revenues ( including those transformed from the business tax ) grew by 6.4% to 7.08 billion RMB, business tax revenues grew by 19.1% to 11.38 billion RMB, and corporate income tax revenues grew by 1.4% to 4.26 billion RMB. The general public spending in 2015 grew by 10.2% to 47.92 billion RMB, among which  spending on education grew by 12.2% to 7.65 billion RMB, that on science and technology grew by 8.4% to 2.35 billion RMB, that on social security and employment grew by 8.3% to 5.32 billion RMB, and that on health care and family planning grew by 22.4% to 3.92 billion RMB.

The local private sector slowed down. By end of 2015, there were 363,000 private enterprises and individual businesses with a total registered capital of 481.47 billion RMB. The value added of the private sector grew by 9.0% ( calculated at constant prices ) to 354.14 billion RMB, down by 1.1% in comparison to the growth rate of 2014. And the private sector accounted for 67.2% of the GDP, down by 0.3% over the previous year.

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