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Suzhou empowered by opening-up over past 10 years

Suzhou Bureau of Commerce | Updated:2022-09-19 18:08

Containers of cargo are loaded at a port in Suzhou, East China's Jiangsu province. [Photo/Kan Suzhou App]

Suzhou has ranked fourth in foreign trade value among Chinese cities for 10 consecutive years, local media outlets reported.

Statistics show that the total value of its exports and imports rose from $300.9 billion in 2011 to $392.1 billion in 2021 and is estimated to surpass $400 billion this year – a record high.

"Our sales value has registered an annual average growth of nearly 20 percent over the past 10 years, and our number of researchers was three times that in 2012," said Georges Andary, general manager of Bosc

Automotive Products (Suzhou) Co and regional president of Bosch Automotive Electronics China.

"We could not achieve such rapid development without the sound business environment provided by Suzhou," Andary said.

To attract more foreign investment, Suzhou released a package of policies to support the headquarters economy of foreign enterprises, launched eight incentives for funds and honors, and provided 48 facilitation measures to benefit enterprises.

There are currently about 17,000 foreign-invested companies in Suzhou, with actual use of foreign capital exceeding $150.5 billion, ranking third in China.

\Suzhou enterprises are exploring overseas markets at the same time. They have invested approximately 2,000 projects in 100 countries and regions over the last decade, with contracted foreign investment totaling around $24 billion, registering an annual growth rate of 11.6 percent. The manufacturing industry, services industry, resource development industry and high technology industry are thus developing simultaneously.