Suzhou-Yinchuan Industrial Park (SYIP), an industrial cluster jointly developed by China-Singapore Suzhou Industrial Park Development Group Co Ltd (CSSD), China VAST Industrial Urban Development Co Ltd (China VAST) and Yinchuan State-owned Investment Platform, came into operation on Nov 18 in Binhe New District, Yinchuan, capital of Northwest China's Ningxia Hui autonomous region. It reportedly intends to borrow experience from SIP to seek an all-around eco-friendly industrial development.

The 53-square-kilometer SYIP is expected to help greatly promote local economic development with the support from Suzhou and Yinchuan governments, the developers and their partners.

Specifically, the three developers are planning to form a joint venture to take charge of the planning, operation, investment promotion and upgrading of SYIP. Besides, SYIP will enhance interaction with SIP and other industrial parks to introduce advanced development and management concepts and mechanisms. It will also enjoy a series of national and local preferential policies earmarked for pioneering industrial zones of its kind.

At the opening ceremony, Yinchuan government signed agreements with CSSD and China VAST for cooperation in the future development of SYIP, and SYIP Administrative Committee signed agreements with a number of enterprises for 13 projects totally worth RMB 20.995 billion to settle down in the area.