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East China’s Jiangsu province recorded a year-on-year growth of 5.2% in the completed amount of fixed assets investment, 0.2 percentage points higher than that in the first quarter, and a year-on-year growth of 10.6% in manufacturing investment, 5.4 percentage points higher than the total investment, the provincial statistics bureau said on Wednesday.

Jiangsu recorded a growth rate of over 30% in investment in the electrical machinery and equipment manufacturing industry, as well as automobile manufacturing, further enhancing the contribution of large investment projects to investment growth.

From January to May, Jiangsu recorded a 12% year-on-year increase in projects under construction with a single investment of over 1 billion yuan, stimulating a 3.3 percentage point increase in total investment and contributing 62.9% to investment growth.

In Yancheng High tech Industrial Development Zone, the first phase of the 3-billion-yuan 5GWh Yuanhang Jinli New Energy Storage Battery Project has produced lithium iron phosphate new energy storage cell products with high energy density, efficiency of over 95%, cycle life of more than 10000 times, enabling its overall technology to have reached the international advanced level since it was put into operation in May.

“Our project is expected to achieve an annual revenue of 4 billion yuan.The local government provides strong support and assistanceas well as certain support in equipment subsidies, factory leasing, and related taxes.We have increased the annual production capacity from the original design of 2 GWh to 5 GWhdoubling the overall output value and contribution to the local region”, Liu Haobo, General Manager of Jiangsu Yuanhang Jinli New Energy Technology Co., Ltd., said.

The launch of large-scale energy storage projects has further improved and enhanced the province’s industrial cluster advantages of wind power and photovoltaic industries. The large-scale polarizer projects in Zhangjiagang has solved the situation that China"s core display components rely on imports. BYD is building auto batteries, powertrain and other projects in Sheyang and Changzhou to help Changzhou accelerate its construction into a new energy capital.

Jiangsu recorded an acceleration in high-tech industry investment for three consecutive months, with a year-on-year increase of 9.3% in the first five months, 4.1 percentage points higher than the total investment with a contribution rate of 32.2% to investment growth.