Suzhou-Yinchuan Industrial Park (SYIP), an SIP-like industrial park that came into operation in Yinchuan, capital of Northwest China’s Ningxia Hui autonomous region in 2018, has become a hot land for investment. SYIP is a cooperative project between the governments of the cities of Suzhou and Yinchuan with the support from the provincial-level authorities at both sides.
SYIP boasts an industrial layout highlighting medical and healthcare services, electronic information and advanced manufacturing, with fine chemical engineering and modern textiles as a supplement. This year, despite of the global COVID-19 outbreak, SYIP has seen the launch of 24 projects with a total investment of RMB3.8 billion, along with an increase of 187% in investment in fixed assets, 836% in paid-in foreign investment, and 31.4% in tax revenue. Moreover, by the end of October, SYIP had recorded 240 newly registered businesses, and the number of projects landed in it had reached 62, with a total investment of RMB7.14 billion.
SIP’s successful experience has contributed a lot to the robust development of SYIP. For example, following the lead of SIP, SYIP authorities frequently send investment promotion teams to different areas to attract investment, and are sparing no efforts to improve local business environment, including continuously optimizing services for businesses and talents.
With high development standards, SYIP is expected to become a demonstration area for east-west coordinated development and integrated industrial and urban development, and a driver for the implementation of the country’s Belt and Road Initiative.
December 2, 2020
