Wuxi in East China’s Jiangsu province is developing from a traditional manufacturing city that relies on labor and resources into a smart city focusing on intelligent manufacturing. [Photo/IC]

Wuxi has become the third prefecture-level city in East China's Jiangsu province with general public budget revenue exceeding 100 billion yuan ($14.7 billion).

According to the Wuxi Finance Bureau, Wuxi's general public budget revenue reached 101.228 billion yuan in 2018, an increase of 8.8 percent year-on-year.

Not only has the city witnessed its best growth rate since 2012, it has also exceeded the National People's Congress target set at the beginning of the year.

Industries are the basis for promoting Wuxi and innovation is a major source of development.

Wuxi company Xingcheng Special Steel Works became the second company to earn over 100 billion yuan after the apparel manufacturer Heilan Group in 2018, expanding an average of 30 percent year-on-year.

The industrial-academic-research cooperation has helped to promote the development of the city. A series of polices were also launched to help over 1,300 science and technology enterprises in Wuxi to grow. In 2018, the total sales of these companies is estimated to have grown 8 percent year-on-year.