H1 fiscal revenue puts Songjiang among top 3 city districts

The 2020 fiscal report for Songjiang’s first half year economic achievements shows that the suburban district’s economic development ranks near the top in Shanghai, with a financial revenue of 14.55 billion yuan (US$2.09 billion) putting it in the top three among the city’s 16 districts.

The district’s economic development has maintained a positive growth for 54 consecutive months, the report says. The output of industrial enterprises above designated scale in the district and the industrial investment in fixed assets from January to June amounted to 136.27 billion yuan and 8.27 billion yuan, respectively, both ranking second citywide.

Contracted foreign investment and paid-in investment rose by 144 percent and 95.5 percent, respectively, year on year. The district’s total export-import volume increased by 3.5 percent annually, ranking second citywide. The gross export-import of goods in Songjiang’s comprehensive bonded zone stands first among all city comprehensive bonded zones. During the first half of the year 32 of the district’s transformation projects of new and high-tech achievements won city-level approval, ranking third in the total number citywide, according to the report.

The economic achievements are mainly due to the district’s improved business environment, a vigorous market and its emphasis on science and technology development.

“The certainty of Songjiang’s improved business environment offsets the uncertainty of a larger outer economic environment, its comprehensive industrial chain featuring creativity counters a volatile global industrial condition, and a well-targeted policy backup is a foil against a wait-and-see atmosphere in the market,” said Cheng Xiangmin, Party secretary of Songjiang.

A batch of enterprises in the district have accelerated their technology upgrade and won market share during the coronavirus pandemic.

CSG Smart Science & Technology Co, for example, has developed unmanned robots for disinfection and a smart production line that can produce 1,000 pieces of face masks in a minute.

The district, thanks to its comprehensive industrial chains, has helped companies with their work resumption when the coronavirus epidemic in the country weakened earlier this year.

“We were worried about unstable supply chains due to the pandemic. The district government helped in negotiating with our raw material suppliers in the district and in Shanghai to resume work ahead of time and this solved our problem and protected our productivity,” said Hu Entai, public relations director of the Songjiang-based Taiwan Semiconductor Manufacturing Co.

In addition, agreements on a group of industrial projects with an investment amount at or above 10 billion yuan have been signed between the Songjiang government and various industrial companies this year.

Recently, Evergrande Group inked an agreement with the Songjiang government to establish its motor production base in the district, the total investment amount reaching 10 billion yuan.

In May approval for constructing Tencent’s Yangtze River Delta artificial intelligence supercomputing center in Songjiang was hastened thanks to the district’s streamlined approval procedures and construction work for the center started on June 6.