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10 Billion RMB SIP Projects Being Promoted in HK

Suzhou Municipality, with per capita GDP six times that of the Mainland China, introduced 23 projects for investment promotion at the briefing on Nov. 30 in Hong Kong. These SIP-located projects involve a total investment of over 10 billion RMB.

Ma Minglong, Chairman of Sipac, listed the six cooperation platforms of CBD, the round-lake commercial belt, the modern logistics park, the Yangcheng Lake vacation Zone, other leisure and holiday-making spots, and human resources, in the following details:

In the CBD-related series are financial institutions, insurance, regional headquarters, sales centers, and cultural and recreational service items, which are estimated to cover a constructed area of 450,000 square meters. The planned 11 star-status hotels will total 340,000 square meters in constructed area. The commercial items in the central area of the new urban district will include the Yangcheng Island, sales boat club, and other tourist items in a planned area of 8 square kilometers, in which 3 sq.m. will be developed into logistics center. Another major emphasis of promotion is to introduce well-known institutions of higher learning and cooperation projects combining learning, production, and research, and human resources into SIP.

Ma Minglong expresses that SIP, as the only project of international cooperation in China, will focus its future development on CBD and vacation zones, giving full support to the ten areas of service sector: finance, logistics, convention and exhibition, science and education, culture and sports, real estate, commerce and trading, tourism, community service, and specialized services.

SIP has so far approved over 2,100 foreign-invested projects, among which 59 involve 100 USD each and 6 one billion USD each. The number is the enterprises is equally divided among those of Eruope and the US, Hong Kong and Taiwan, and Japan and Korea. 80% of them belong to the leading capital and technology intensive enterprises  in the region with high rate of attached values and they normally can retrieve their investment within 4 years. Along with the fast development of manufacturing industries, the modern service industries are also showing rapid growth, with currently over 5,000 projects in operation.

Ma Minglong discloses that since the start of SIP in 1994, the economic grow has maintained an annual growth rate of 40%, and predictably, the year 2005 may hit 60 billion RMB in GDP, an increase of 52 times over the initial stage of SIP development.

Besides, in Suzhou, where SIP belongs, the per capita GDP has exceeded 7,000 US dollars, which makes Suzhou the most dynamic, new-emerging industrial city in China. In 2004, Suzhou ranked the first in utilization of foreign capital, the second in industrial output value, and the third in total import and export volumes among the large and medium-sized cities of China.

Dec. 1, 2005

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