Since the initiation of economic reforms in 1990, Jiangsu has been a hot spot for economic development, and now has the highest GDP per capita of all Chinese provinces. Its nominal GDP as of 2011, based on 2012 exchange rates, is half the size of India's.

Jiangsu is very wealthy among the provinces of China, with the second highest total GDP, after Guangdong Province. Cities like Nanjing, Suzhou and Wuxi have GDP per capita around twice the provincial average, making south Jiangsu one of the most prosperous regions in China.

In 2011, Jiangsu's nominal GDP was 4.80 trillion yuan (US$759 billion), making it the second largest GDP of all the provinces and an annual growth rate of 12.4%. Its per capita GDP was 52,448 yuan (US$7,945). In 2009, the share of GDP of Jiangsu's primary, secondary, and tertiary industries were 6.4%, 54.1%, and 39.5% respectively.
Jiangsu is home to many of the world’s leading exporters of electronic equipment, chemicals and textiles. It has also been China's largest recipient of foreign direct investment since 2006. 

Jiangsu is historically oriented towards light industries such as textiles and food industry. Since 1949, Jiangsu has also developed heavy industries such as chemical industry and construction materials. Jiangsu's important industries include machinery, electronic, chemicals, and automobile. Recently the government has worked hard to promote the solar industry and hopes by 2012 the solar industry will be worth 100 Billion RMB. The economic reforms of Deng Xiaoping have greatly benefited southern cities, especially Suzhou and Wuxi, which outstrip the provincial capital Nanjing in total output. In the eastern outskirts of Suzhou, Singapore has built the Suzhou Industrial Park, a flagship of Sino-Singaporean cooperation and the only industrial park in China that is in its entirety the investment of one single foreign country.