CBD Coming Soon in SIP
At the SIP tertiary industry development meeting held in May, the objective of building a municipal central business district (CBD) was officially put on the agenda by the SIP authorities. The capital-talent-information-intensive CBD is supposed to provide a powerful economic boost for Suzhou.
When & What
According to the newly-postulated guidelines for the SIP tertiary industry, the next five years from 2005-2010 will be of key importance to the development of CBD in Suzhou.
As planned, the CBD will serve as a business center in the SIP. In addition, three business circles, complemented by commercial streets of various features, will be built around Jinji Lake, Dushu Lake and Yangcheng Lake. Upon the completion of these projects, the tertiary industry in the SIP will be fully developed to meet the ever-increasing needs of production and people's daily life.
The SIP CBD, with a planned area of about three sq.km is composed of two parts on the east and west banks of Jinji Lake. The CBD area on the west bank is to cover about 0.86 sq.km and will mainly be developed for office buildings to attract international businesses headquarters, financial settlement centers, foreign-invest banks, and the like.
The CBD area on the east bank of the lake will cover about two square kilometers which will be developed into commercial, cultural and exhibition blocks centered around high-class shopping malls, department stores, hotels and large-scale catering businesses.
The lakeside business circle around Jinji Lake will be a comprehensive business district integrating commerce, tourism and aquatic sports. Its water-themed landscaping, together with fine commercial facilities, will offer the best view of the lakeside vista and views of the islands in the lake.
Dushu Lake and Yangchen Lake business circles will have their own specific orientations. The former will be for scientific, cultural and sporting events, while the latter for leisurely activities.
Where & Why?
Contrary to the conventional concept of a commercial center or street, the CBD should be an advanced form of tertiary industry. It will be characterized by its highly profitable industries, best accessibility in terms of transportation, high-quality social services and desirable urban infrastructure and cityscape.
In this sense, the SIP is well qualified to build its CBD. It has had a good start although this initiative has taken place fairly recently.
Over the past decade, the SIP has established a comprehensive competitiveness in its IT-led hi-tech industry. Statistics show that the SIP currently boasts a total area of 680,000 square meters for large production facilities (such as the SIP international Science Park, Suzhou Modern Logistics Center, Suzhou Dushu Lake Higher Education District, International Exhibition Center,) and 500,000 sq.m for daily life facilities. Hence, the SIP has laid a solid foundation for building its CBD.
Meanwhile, a full-fledged financial service is up and running. To date, the SIP has introduced 12 banks, one security company, four insurance companies and two foreign-funded financial offices. In the real estate market the SIP has seen an investment of RMB 16.06 billion in the construction of 7.95 million sq.m for commercial housing, with 3.15 million square meters already completed.
Emerging industries such as trade, logistics and exhibition are developing fast. Businesses of world acclaim, such as Auchan shopping center, B&Q hardware store, Prologis distribution service, Sompo Japan Insurance, HSBC Hong Kong and Deloitee & Touche Tohmatsu accounging firm, are already operating in the SIP.