Jiangsu FTZ drives higher-level opening-up

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With abundant resources and a high level of openness, the Suzhou area of the Jiangsu Pilot Free Trade Zone (FTZ) is becoming one of the areas in China that are rich in high-tech innovation and favored by domestic and foreign investors, a Jiangsu Pilot FTZ official said. 

Zhu Huan, deputy director of the Coordination Bureau of the Suzhou Area of the Jiangsu Pilot FTZ, highlighted the achievements made in the area at a press conference on Sept. 4, 2020. 

As one of the six pilot FTZs approved by the State Council on Aug. 26, 2019, the China (Jiangsu) Pilot FTZ covers three areas in Nanjing, Suzhou, and Lianyungang, among which the Suzhou one covers an area of 60.15 square kilometers, making up over half of the FTZ.

According to Zhu, since its founding last year, over 200 foreign-invested enterprises have been set up in the Suzhou area, and foreign investment has reached 1.157 billion US dollars; the total value of imported and exported goods stands at around 462 billion yuan, of which high-tech products account for more than 70%.

It is particularly noteworthy that the Suzhou area of the Jiangsu Pilot FTZ is a joint project by China and Singapore. 

Drawing on the experience of Singapore’s free trade port, the Suzhou area is committed to creating a more favorable business environment and promoting technological innovation, financial sector opening-up and trade in services. 

At the end of last month, the Myanmar Singapore Industrial Park project, which was jointly developed by China-Singapore Suzhou Industrial Park Development (CSSD) and Singapore Sembcorp Industries, was approved by the Myanmar government.

The Suzhou area has also been focusing on the transformation and upgrading of the real economy and developing industrial clusters, including new-generation information technology, high-end equipment manufacturing, biomedicine, and nanotechnology application.

Currently, the total number of high-tech firms in the area exceeds 1,400, and the proportion of high-tech industry output value in the total industrial output value above the designated size increased to 72%. 

Companies in the Suzhou area of Jiangsu Pilot FTZ have been participating in the development of COVID-19 vaccines using two of the five technical routes in China.  

Zhu Huan emphasized that in the past year, the Suzhou area has taken an active role in implementing national strategies, including the Belt and Road and the integrated development of the Yangtze River Delta region.

“We have promoted cooperation with Shanghai Hongqiao Central Business District and participated in the joint construction of the G60 Science and Technology Innovation Corridor,” Zhu said. “We have supported 69 companies to invest in 78 projects and agreements overseas, with the contracted investment reaching 776 million dollars.”

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