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SIP Leads in Suzhou's Export-oriented Economy

The first 6 months of 2005 saw sustained rapid economic growth in SIP in finance, business, and population growth. Marked results are achieved in marketing for foreign investment, while the industrial scales keep expanding with improved quality in the utilization of foreign capital. From January to June, SIP ranked first in Suzhou Municipality in the four targets of total import and export volume, export volume, contracted foreign investment, and paid-up foreign investment capital, and it continued the spearhead momentum in Suzhou's export-oriented economy.

The latest statistics from SIP show that in the first 6 months, SIP fulfilled US$ 18.2 billion import and export volume, of which the export volume consisted US$ 8.6 billion, showing increase of 42% and 65% respectively. Added to the first 6 months are contracted foreign investment of US$ 2.16 billion and paid-up foreign investment capital of 750 million. In the face of sustained investment amount, the policy of screening investors and projects has led to optimization of project structure and more rational deployment of industries.

According to SIP sources, 239 foreign investment projects and 915 domestic projects were approved in the first half of the year, and 190 enterprises began construction, and 170 went into operation, averaging 2 enterprises daily. In the central area of SIP, 40% of enterprises registered in this year and 89% of those registered last year have started construction. A striking feature of foreign investment from January to June is that projects of industrial chains and R&D from Europe and America are in conspicuously large proportion. Altogether 98 projects from Europe and America were added during this period, comprising 41% of the total. A number of national industrial platforms, such as integrated industrial park, cartoon industrial base, and software export project for Europe and America, etc., have been located in SIP to give more powerful industrial support. Meanwhile, service industries are keeping pace with the fast industrial growth. The backbone software enterprises have doubled their sales revenue. In the “doubling plan” of service industries, 2.19 billion RMB sales revenue was earned in SIP’s service sector. The fast-speed Weiting-Shengpu Road and Shuang Yang Road are nearing completion. The major service projects, Kowloon Hospital, Jinji Lake Business Square, and Lakeside New Commercial Plaza, etc., were being completed one after another. An encouraging situation of finance, business, and population growth is appearing in SIP.

The 4 major stresses in SIP's marketing for foreign investment are: to combine Europe and America with Asia-Pacific region in marketing, to combine hi-tech with traditional industries, to combine productive projects with HQ economy, and to combine sustained industrial development with big leaps of service sector. In marketing under the principle of continued optimization of industrial structure, SIP will develop more domestic-sale, tax-paying, and resource-type of projects so as to give full play to the impact of industrial chains and their functions, while expanding such new growths as regional HQ, sales HQ, logistic centers, technological centers, and R&D centers.

July 28, 2005

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