New Plan to Further Promote Suzhou Industrial Park

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Last updated at: (Beijing Time) Friday, May 10, 2002

New Plan to Further Promote Suzhou Industrial Park

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The China-Singapore Suzhou Industrial Park, the largest inter-governmental co-operation project between China and Singapore, will further beef up its development efforts to meet the intense competition expected now that China is a member of the World Trade Organization, pledged a leading city official.

Chen Deming, Secretary of the Suzhou Municipal Committee of the Chinese Communist Party, made these remarks yesterday at a seminar marking the eighth anniversary of the establishment of the park.

The park, launched in May 1994 with approval from the State Council, involved the joint efforts of the Chinese and Singaporean governments.

Since its establishment, the park has become a hub for foreign investors, attracting a total of 725 foreign-invested enterprises, among which 41 are connected with world Fortune 500 companies.

By April 2002, the park had clinched contracted investments of US$13.15 billion, with investment in three projects surpassing US$1 billion each.

In 2001, the park hit a new record by attracting US$4.47 billion in contracted foreign investment, a 350-per cent increase over that in 2000. The park's gross domestic product (GDP) reached 18.02 billion yuan (US$2.18 billion) in 2001, a rise of 38 per cent over that for 2000.

Chen attributed the fast development to the park's unique geographic location and scientific planning.

To further boost the park's development, the Suzhou municipal government formulated a three-year development plan (2002-04) for the park, hoping to build it into a high-tech industrial park up to international standards by the year 2004.

According to the blueprint, the park plans to attract contracted foreign investment of US$20 billion over the three years, with actual use of foreign investment topping US$10 billion. At the same time, the park will invest 10 billion yuan (US$1.2 billion) to complete the second and third phase of the main transport network and the basic infrastructure construction in the park.

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