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10 Billion RMB Investment Goes Into SIP Service Sector

In persistent adherence to scientific and coordinated development, SIP has made marked progress in implementing the "three major plans" since the beginning of this year, namely, the plans to upgrade manufacturing industries, to double the service industries, and to quicken the pace of science and technology advancement. From January to July, SIP realized general budgeted revenue of 3.45 yuan RMB, increasing 31.2% over the corresponding period of last year, total import and export volume of 23.4 billion US dollars, export volume alone being 11.6 billion USD, which increased 30% and 37% respectively. Newly registered foreign investment amounted to 2.67 billion USD, and paid-up investment 930 million USD. All the major targets in external-oriented economy in SIP ranked first in the whole municipality.

In upgrading and restructuring manufacturing industries, a focus has been on selection of investment projects and integrated development mode. In the first 6 months of this year, 320 industrial projects and 746 service projects have been added in SIP, and projects of agriculture and tertiary industry are showing interactive impact on one another. R&D and Fortune-500 projects are given priority in investment promotion, and those with domestic sales network, high added values and taxes, such as Johnson Pharmaceuticals and Ingersoll-Rand, have further optimized the industrial structure of SIP. In striving to build the resource-saving and environment-friendly "national ecological demonstration industrial park", SIP has reduced the unit energy consumption (based on 10,000 RMB industrial output value) by 8%, and saved land resources by 30% without affecting the investment scale.

The plan to double service industry growth is going on smoothly. Projects of Wal Mart, Times Plaza, and Yangcheng Lake Tourism and Vacation Zone have got underway, and Golf Course, State Guesthouse of Jinji Lake Hotel, Shilla Suzhou Hotel of Genway Group, and Modern Leisure Plaza have been completed for business operation. From January to July, SIP has invested a total of 20.77 billion RMB in social fixed assets, in which tertiary industry claimed over 10 billion RMB, or 55% of the total. With the construction of round-lake commercial belt and the development of new leisure and tourism resources at Yangcheng Lake, SIP is fast becoming a haunt for citizens and tourists. The total sales revenue from service industries in the first 7 months amounted to 27.8 billion RMB.

New growth is seen in the science and technology promotion plan. Already under construction are projects of China-Singapore Science Hub, the bio-nanotech park, and the creation industrial town, with 490,000 square meters floor space. In the first half the year, newly added institutions included 10 R&D units, 20 software and IC designing institutions. A number of national-level projects of technological cooperation have settled in SIP. The proportion of new and hi-tech industries has risen to 58% of the total industrial output value. Efforts are being stepped up to build up the 5 functional platforms of HR service, technological development, industry promotion, technological service, and intellectual property rights management, while scale and amount of funds are being further expanded for industrial investment, risk investment, venture guarantee, etc.

In the next few month of the year, SIP will go all out to build up the second largest IC designing and manufacturing base in China by introducing more IC designing enterprises and chip production lines into SIP and fostering more independent intellectual property rights, as well as "the first software park of Jiangsu Province" and a demonstration base of consigned software service. Meanwhile, bionanotech industry will be greatly promoted to be the fourth pillar industry in SIP.

Aug. 14, 2006

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