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Suzhou in East China's Jiangsu Province yesterday inked ten contracts with Hong Kong companies, with contracted investment amounting to US$443 million.
The city, known for its legendary parks and rich cultural resources, looks to expand closer economic cooperation with Hong Kong, pledged a top Suzhou official.
"Suzhou has retained sound economic co-operation with Hong Kong ever since the beginning of the opening-up, especially during the last few years," said Wang Guoxing, the city's vice-mayor, at an investment promotion in Hong Kong yesterday.
According to Wang, Hong Kong is Suzhou's fourth largest trade partner, with their trade value reaching US$1.3 billion in 2001.
By the end of 2001, a total of 2,585 investment projects, with value of US$9.1 billion from Hong Kong had been signed.
So far, over US$6.4 billion of investment from Hong Kong has been used, making Hong Kong the largest investor in Suzhou.
Suzhou's gross domestic product (GDP) reached 176 billion yuan (US$21.2 billion) in 2001, an increase of 12.3 percent over the previous year. This made the city the sixth largest in terms of GDP output, ranking after Shanghai, Beijing, Guangzhou, Shenzhen and Tianjin.
By the end of April, as many as 8,000 foreign-invested enterprises had been incorporated in Suzhou, with total investment reaching US$46.8 billion.
Wang attributed Suzhou's fast development to its unique closeness to Shanghai and its improved construction in basic infrastructure.
He anticipated that from now till 2005, the city's GDP output will grow at an annual rate of 12 percent.
By the end of 2010, the per capita GDP of Suzhou is expected to rise to US$8,000, according to Wang.
(China Daily HK Edition June 7, 2002)
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