Suzhou leads Jiangsu province

City ranks in top five among Chinese cities for foreign trade, Xu Xiao reports.

Suzhou in East China's Jiangsu province has developed into one of the economic powerhouses of the nation in recent decades.

The prosperous Yangtze River Delta city is now at the forefront of China's economic opening-up.

Accounting for less than 0.1 percent of the country's land area, it ranked fourth, third and sixth among China's large and medium-sized cities in terms of import volume, export volume and actual utilized foreign capital, accounting for 7.23 percent, 7.73 percent and 6.8 percent of the national totals in 2014.

Suzhou's foreign trade has led the province for a number of consecutive years. It now boasts five State-level export bases, 16 provincial-level export bases and four provincial-level import trade centers.

In 2014, the city's imports and exports amounted to $311.31 billion.

The value of its offshore service outsourcing broke through the $5 billion benchmark last year.

The city is also one of the top foreign investment destinations in Jiangsu, with its utilized foreign capital totaling $8.12 billion yuan in 2014.

By the end of 2014, 147 Fortune 500 companies from 18 countries and regions had invested in more than 400 projects in Suzhou, including regional headquarters.

The service industry received 37.61 percent of the total actually utilized foreign investment in 2014, 10.3 percentage points higher than in 2010. About 47 percent the utilized investment went to strategic emerging industries and high-tech sectors.

To offer a better business environment to foreign investors, the city had built 13 State-level development zones, seven comprehensive bonded areas and one free trade zone by the end of 2014.

Suzhou's history of developing industrial zones and parks dates back to the early 1990s. Led and planned by local governments and featuring constant innovation, the zones developed rapidly.

Suzhou's 13 State-level development zones now account for more than one-third of the province's total, making it the first ranked among all Chinese cities.

The Suzhou Industrial Park and the Kunshan Economic Technological Development Zone are among the best in the country, according to local government officials.

Suzhou's outbound investment has led the province for 11 consecutive years to reach more than 90 countries and regions. Private enterprises account for 70 percent of total outbound investment.

Local company investments are mainly in resource development, high-tech, manufacturing and service industries. The Ethiopia Oriental Industrial Park, one of the national overseas economic and trade cooperation zones developed by a Suzhou company, has attracted more than 20 Chinese enterprises.

Suzhou has also cooperated with other cities in China to develop industrial zones and parks.

For instance, Suzhou has built 15 development areas in northern Jiangsu province, Shannxi province and the Xinjiang Uygur autonomous region, as destinations to relocate its manufacturing industries and emerging industries.

Contact the writer at xuxiao@chinadaily.com

The eastern city of Suzhou has developed into an economic boomtown in China, with its exports, imports and inbound foreign investment accounting for 7.23 percent, 7.73 and 6.8 percent of the nation's total last year. Photos provided to China Daily

The Suzhou Comprehensive Bonded Area is a favored investment destination, with a range of incentives to facilitate trade and logistics.

(China Daily 04/25/2015 page5)