China is going further and further on the road of economic development. This is not only reflected in its overall strength. On the contrary, every province has contributed. Looking around, the development of some old countries in the world is also the goal of many countries to catch up.

As a developed country, the UK's economic strength should not be underestimated. So if we compare the UK with Jiangsu, a rapidly developing province in China, which one is better? The UK's 67 million people can create a GDP of 3.3 trillion, so how much can Jiangsu's 85 million people create?

U.K.

Chapter 1: The Afterglow and Challenges of the British Empire

Britain has also left a significant mark in the course of historical development. In particular, from the birthplace of the Industrial Revolution to the peak of the colonial empire, Britain's economic development process almost condenses the entire history of the world economy.

Coal, steel, textiles, these industries that seem a bit traditional today were cutting-edge technologies that led the world trend at the time. With these industrial tools, Britain built a world-class navy and controlled global maritime trade routes. A steady stream of wealth flowed into Britain from all over the world, laying the foundation for its "Empire on which the Sun Never Sets".

U.K.

During that special period of colonization, Britain used this labor force to rapidly develop industry. As a result, the ancient city of London became a global financial center, the pound became the main currency for international trade, and British financial institutions played a leading role in the global economy.

After World War II, the colonial system collapsed and Britain's economic dominance began to waver . The former advantages have now become obstacles to development. The outdated industrial structure and dependence on the colonial economy have made Britain falter in the global competition.

UK Cities

Although London remains an important global financial center, the UK's financial industry is facing unprecedented challenges under the impact of emerging economies. High-end manufacturing, especially pharmaceuticals and aerospace, is still a bright spot in the UK economy, but it is difficult to cover up the reality of its overall economic growth slowdown.

Brexit has brought a lot of uncertainty to the British economy. The once closely connected European market has now erected trade barriers, dealing a heavy blow to the UK's import and export trade. The aging population has also become a hidden worry for the UK's economic development.

City

Labor shortages and increased social welfare spending have brought additional burdens to the British economy. Despite many difficulties, the UK's economic foundation is still very solid. London's financial strength, advanced technology in high-end manufacturing and global perspective are all important pillars of the British economy.

How to deal with the impact of Brexit, how to adjust the industrial structure to adapt to the new global economic landscape, and how to solve the problems brought about by an aging population are all key to the future development of the British economy.

street

The acceleration and transformation of the Oriental giant

Compared with the ups and downs of the United Kingdom over the past century, the history of Jiangsu's economic development is more like a documentary of accelerated progress. From the "Southern Jiangsu Model" in the early days of reform and opening up to the current innovation-driven development , Jiangsu's economic growth rate has always impressed the world.

From a geographical point of view, Jiangsu can be said to connect the north and south of China. Not only that, the special geographical location makes "going global" easier. Suzhou Industrial Park, a landmark project of China's reform and opening up, has become a successful example for Jiangsu to attract foreign investment and develop high-tech industries.

industry

Jiangsu's manufacturing industry is a shining name card of the Chinese economy. It covers many fields, from traditional textile and machinery manufacturing to emerging electronic information and biomedicine, and has a strong strength.

The continuous promotion of modern industries has also injected new blood into Jiangsu. Of course, the rapid growth of the service industry has also injected strong impetus into Jiangsu's economic transformation and upgrading. The rapid development of modern logistics, financial services, scientific and technological services and other fields has not only enhanced Jiangsu's economic strength, but also optimized its industrial structure.

port

However, rapid development has also brought new challenges. The pressure of upgrading the industrial structure , the contradiction between environmental protection and resource utilization, and the imbalance of regional development are all issues that need to be addressed for the future development of Jiangsu's economy.

How to maintain sustained and stable economic growth, how to promote the optimization and upgrading of the industrial structure, and how to achieve high-quality development are the keys to the future development of Jiangsu's economy.

Media Coverage

Data showdown: the former empire and the Eastern newcomer

Comparing the economies of the UK and Jiangsu, there is a huge gap between the two, one is an old developed country and the other is a province in a developing country .

In 2023, the UK's total economic output will be approximately 3.34 trillion US dollars, which is equivalent to 23.54 trillion RMB. It should be noted that such data should be created by a total population of 67 million.

City

The total economic output of Jiangsu is approximately 1.9 trillion US dollars, which is equivalent to 12.8 trillion yuan in RMB. However, as a province of China, Jiangsu has a permanent population of 85 million, even more than that of the United Kingdom.

However, judging from the total economic output alone, the UK is still much larger than Jiangsu. This means that although Jiangsu's per capita GDP is lower than that of the UK, its total economic output is close to half of that of the UK. The UK's per capita GDP is about US$49,000, while Jiangsu's per capita GDP is about US$21,300. There is still a big gap between the two.

Media Coverage

This reflects the advantages of the UK as a developed country in terms of economic development level and residents' living standards. But at the same time, it should be noted that Jiangsu's per capita GDP has exceeded the global average and is still growing rapidly, which shows that Jiangsu has great potential for economic development.

In terms of economic growth, the UK's economic growth has slowed down significantly in recent years, and even negative growth has occurred, while Jiangsu's economic growth has remained at a relatively high level.

Media Coverage

This shows that Jiangsu's economy is more dynamic and has greater potential for future development. The UK's economy is mainly supported by the service industry, among which the financial industry and high-end manufacturing industry are particularly important. Jiangsu's industrial structure is more diversified, with manufacturing, service industry and agriculture accounting for a considerable proportion, and the proportion of emerging industries is also increasing.

The collision and integration of development models

The UK and Jiangsu represent two different economic development models. The UK is a typical developed country model, dominated by the financial industry and high-end manufacturing industry, emphasizing technological innovation and brand value.

Jiangsu is a typical latecomer catching-up model , which gives equal weight to manufacturing and service industries, and emphasizes scale effect and cost advantage. Both models have their own advantages and disadvantages, and are constantly evolving. The UK's financial industry has a long history and strong strength, and London is one of the world's important financial centers.

Modernization of Britain

The UK's high-end manufacturing industry, especially in the fields of pharmaceuticals, aerospace, etc., has world-leading technologies and brands. However, the UK economy is also facing the risk of "de-materialization". Over-reliance on the financial industry may lead to an imbalance in the economic structure and a decline in risk resistance.

After Brexit, the UK's financial industry is also facing new challenges. How to maintain London's status as an international financial center is a question that the UK economy needs to consider for its future development. Jiangsu's manufacturing industry started late, but its development speed is amazing.

U.K.

With abundant labor resources, low production costs and an open market environment, Jiangsu's manufacturing industry has risen rapidly and become an important manufacturing base in China.

At the same time, Jiangsu's service industry has also developed rapidly , with modern logistics, financial services, scientific and technological services and other fields developing rapidly, providing strong support for the transformation and upgrading of Jiangsu's economy.

Industry Development

The two different development models are not clearly defined, but there is the possibility of mutual learning and integration. The UK can learn from Jiangsu's experience in developing manufacturing and service industries to promote the diversified development of the economic structure. Jiangsu can learn from the UK's experience in the financial industry and high-end manufacturing industry to enhance its own scientific and technological innovation capabilities and brand value.

The rise of emerging economies, accelerated technological innovation and the deepening of globalization will bring new challenges and opportunities to the economic development of the UK and Jiangsu.

Whoever can better seize opportunities and cope with challenges will stand out in the future competition. The future of the two economies, Britain and Jiangsu, which intersect on the timeline, is worth waiting for.

street

Main sources

Overseas Network "British media: The UK economy will fall into recession from the second half of 2023, and the annual per capita GDP will drop by 0.7%" 2024-03-28

Global Times: Britain, 0% 2023-11-12

China National Radio "Jiangsu Province's GDP to exceed 12.82 trillion yuan in 2023, up 5.8%" 2024-01-29