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3 Investment Focuses in Weiting's Service Industry

Situated on the crossing of the two business strips along the Jinji Lake and Yangcheng Lake, Weiting Township, in its efforts to build up a "backyard of SIP", is beckoning investors from all quarters with a clear-mapped development program and preferential policies. In its recent briefing on service industry development, the township listed the 3 major focuses of investment: real estate, business, and leisure and holiday-making services.

Under the favorable influence of SIP, Weiting has shown a head-on momentum in economic and social development in the last few years, maintaining an average of 50% increase in its major economic targets. Last year, the township registered GDP of 5.59 billion RMB, and a general local financial revenue of 310 million RMB, ranking the 5th among rural townships of Suzhou. A registered foreign capital of US$ 960 million was added last year, putting the township in the first place. This year, Weiting kept its top place among al townships in developing external-oriented economy by increasing a registered foreign capital of US$ 630 million.

Along with the high economic growth, Weiting has set up a goal to "build the township into the backyard of SIP with thriving business and better living environment" from a high starting point, accentuated by its unique geographical location, scientific planning, highly-efficient service system, adequate support of policies, and bountiful service resources. The culinary culture highlighted by "the fresh-water giant crabs", the religious culture represented by Chong Yuan Monastery, the waterscape culture demonstrated in Yangcheng and Qingjian Lakes, and the historical relics found in Caoxie Hill have become glamorous showcases of Weiting. The service industries in Weiting will be divided into two types: north of Shanghai-Nanjing Expressway will be a tourist and vacation zone in the background of the picturesque Qingjian and Yangcheng Lakes, where special cuisine, sales of aquatic products, leisure and entertainment, tourism and holiday-making will be vigorously promoted; the area south of Shanghai-Nanjing Expressway will be the urban district and new and hi-tech industrial zone of Weiting, where shopping streets with large stores, chain supermarkets, specialized markets, shopping malls will be located to develop retail of commodities, trade, transportation, and other traditional services and all kinds of community service.

A whole set of policies have bee promulgated by the township government to support the accelerated development of service industries, such as financial assistance to the investing enterprises and rewarding to the promotion agencies. At the official briefing, it was announced that 1,000 mu of land in the central area will be allocated for real estate development, and a total of 200,000 square meters of business facilities, including large supermarket, shopping arcade, special marketplaces, and star-status hotels will be offered to investors by way of lease or transfer of operation rights. In the tourism and vacation zone, the 33-kilometer shoreline of Yangcheng Lake in excellent ecological conditions has captured the attention of many tourist enterprises, and upon their survey of the location, many travel agencies have expressed keen interest in developing catering, fitness building, and entertainment items in this potential tourist destination.

July 25, 2005

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