Open economy in Suzhou
The open economy is an important support for the economic and social development of Suzhou, a prefecture-level city in Jiangsu province.
Suzhou is currently home to 17,000 foreign-funded companies, more than 280 foreign-funded regional headquarters enterprises and 28,000 foreign trade enterprises -- forming a solid foundation for opening-up to the outside world, a completely open industrial ecosystem and a business environment geared up to international standards. The open economy contributes 35 percent of Suzhou's fixed asset investment, 60 percent of the total tax revenue and GDP, 70 percent of total industrial output and provides about three million jobs.
All of Suzhou's main economic performance indicators are at the forefront of Jiangsu province and even the country. The value of its total imports and exports consistently ranks fourth and third in the country, respectively. Total foreign trade is in the front rank of the country and it continues to rank first in the province in terms of the total value of contracted foreign investment.
Retail Trade
In 2020, total retail sales of consumer goods in Suzhou came in 770.19 billion yuan ($119.60 billion), ranking it first in the province and seventh in the country.