The construction of the CEC Yangquan Economy Industrial Park, co-built by the municipal government and subsidiaries of China Electronics Corp, is currently in full swing in Yangquan. [Photo/Yangquan Daily]

The city of Yangquan in North China's Shanxi province has enjoyed robust economic development since the start of the year, while remaining alert in COVID-19 epidemic prevention and control.

From January to November, the added value of industrial enterprises above a designated size – those with annual revenue of 20 million yuan ($3.14 million) or more – increased 12.2 percent year-on-year. The fixed asset investment increased 10.2 percent year-on-year.

Retail sales of consumer goods by wholesale enterprises with annual revenue of 20 million yuan and above, retail enterprises with annual revenue of 5 million yuan, and above and accommodation and catering enterprises with annual revenue of 2 million yuan and above, grew 20.5 percent year-on-year to 5.79 billion yuan. 

The total fiscal revenue of local government was 10.92 billion yuan, up 29.2 percent. 

In the past 11 months, the city's emerging industries accelerated their development, especially the value added of strategic emerging industries, which increased 16 percent year-on-year and exceeded the growth rate of the coal industry by 2.5 percentage points. 

Among strategic emerging industries, new materials industries – such as carbon-based materials, semiconductors, new non-ferrous metals, green building materials and the new energy battery sectors – have accelerated cluster development. 

The digital economy during the period grew stronger in the city which has been approved as a pilot smart city in Shanxi. The built-up areas in local counties and urban districts achieved continuous 5G signal coverage, while leading companies in the digital sector – including Baidu Inc and China Electronics Corp – have expanded their business in Yangquan.

The Yangquan Wanda Plaza is under construction in the city. [Photo/Yangquan Daily]

The platform economy, modern logistics, culture, tourism and the health care industries got a major boost in Yangquan. From January to November, investments in the service sector increased 46.9 percent year-on-year, contributing 217.3 percent to the city's total investment growth during the period. 

The introduction and construction of projects have injected new momentum into Yangquan's high-quality development. The city contracted 75 projects with a total investment of 48.48 billion yuan over the past 11 months, with 67 projects starting construction in the current year.

Since the start of 2021, Yangquan has placed innovation at the core of its overall development. 

To date, 10 provincial-level innovation platforms and 114 high-tech enterprises have been established in the city. Meanwhile, the National Innovation Center of Leading Science and Technology Talent has settled there. 

In addition, the city has reportedly continued to optimize its local business environment, which has promoted the vitality of market players. By the end of November, there were 98,100 business entities in Yangquan, a year-on-year increase of 7.3 percent.