Taizhou posts strong industrial growth over past decade

chinadaily.com.cn | Updated: 2022-08-11

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A sewing machine produced by Jack Sewing Machine Co Ltd based in Taizhou, East China's Zhejiang province. [Photo/taizhou.com.cn]

Taizhou's industrial output value increased from 128.92 billion yuan ($19.83 billion) in 2012 to 216.23 billion yuan in 2021, official statistics show.

The added value of industrial enterprises above designated size surged from 70.52 billion yuan to 145.39 billion yuan over the past decade.

In addition, the number of above-designated-size enterprises in the city climbed from 3,377 to 4,684 during the 10-year period, with their combined profits growing from 16.88 billion yuan to 43.84 billion yuan.

More than 300 products produced in the city have seen their market share top their niche markets at home or abroad.

Sustained R&D investment by enterprises has been the prime engine driving local industrial growth.

One company that has been doing so is Jack Sewing Machine Co Ltd, which has been leading the sewing machine industry in terms of the number of patent filings for nine years in a row. As of the end of 2021, it had 2,294 valid patents, and its R&D expenses accounted for 6.35 percent of its sales revenue last year.

In 2018, Jack Sewing Machine became the world's largest industrial sewing machine manufacturer in terms of both sales and sales volume.

The company has also been promoting "future plant" construction, which is estimated to increase production efficiency by 20 percent and decrease defective product rate by 20 percent.