[photopress:suzhou_industrial_park.jpg,full,alignright]The China-Singapore Suzhou Industrial Park has made great progress in the past 13 years due to policies encouraging innovation and investment.
The park covers about 4% of Suzhou’s land yet produces 15% of the city’s GDP, 25% of its foreign investment and 30% of foreign trade.
It was built in May 1994 in the east end of Suzhou in Jiangsu province and operates under the principle of ‘selective investment’.
It mainly targets capital-intensive, technology-intensive and flagship projects.
A joint project between the Chinese and Singaporean governments, the industrial park has set up a comprehensive network to attract investors and guarantee the park secures multibillion-dollar projects.
The park has recently put more emphasis on projects that highlight science, technology and service.
It has approved over 3,000 foreign-backed companies with total actual foreign direct investment of $13.4 billion. The park’s trade volume has increased to $56.7 billion from a mere several million when it first opened.
It has created more than ten policies to improve innovation and encourage investors to set up research and development centers. It’s also launched plans to encourage intellectual property right protection and lure skilled professionals. It may be a model for industrial parks.
Source: China Daily