Nanjing's economy is mainly based on electronics, cars, petrochemicals, iron and steel, and power, referred to as the "five pillar industries". It has been overtaken economically by cities like Suzhou and Wuxi in recent years, leaving it only third in Jiangsu. Nanjing's GDP grew 11.7% RMB720.2 billion in 2012..
Nanjing has been developing its economy, commerce, industry, as well as city construction. Car production is set to become more important, with Mazda having moved the Chinese production of its Mazda 3 model to Nanjing, while a domestic carmaker, Shanghai Automotive Industry Corp, opened a RMB2.6 billion plant that will have an annual production capacity of 200,000 cars and 250,000 engines. The city government is also building industrial parks to improving the desirability of the city to investors. Nanjing faces a tough contest to main attractiveness in face of the competition from rivals from within the province.