Home > News > Latest

Suzhou makes efforts to integrate into global economy

Suzhou Bureau of Commerce | Updated:2023-02-08 17:20

A night view of Suzhou, Jiangsu province. [Photo/IC]

Suzhou in East China's Jiangsu province saw a significant increase of 35.9 percent year-on-year in foreign investment in 2022, amounting to a total of $7.42 billion, according to official data from the Suzhou bureau of commerce.

The city contributed significantly to the country's overseas investment in 2022, setting up 381 new projects and recording a total of $25.63 billion in intended investment, accounting for 45 percent and 27 percent of the province's total, respectively.

In addition, the city's actual overseas investment stood at $17.43 billion, maintaining its top position in the province.

Containers from all over the world wait to be loaded or unloaded at Taicang Port in Suzhou. [Photo/ourjiangsu.com]

Suzhou's overseas investment is playing a key role in boosting the local economy and promoting the growth of the local industry.

The city's manufacturing industry accounts for almost 70 percent of total investment, while non-trade investment projects make up over 90 percent of the total. It saw 106 overseas mergers and acquisitions, largely focused on high-tech industries, with an investment agreement of $9.75 billion, accounting for nearly 40 percent of the total.

The city also invested in 381 new projects in countries and regions involved in the Belt and Road Initiative, recording $25.63 billion in intended investment, a year-on-year increase of 35 percent and 63 percent, respectively.

In 2022, Suzhou saw a decrease of 1.3 percent year-on-year in foreign trade to $386.6 billion. Exports saw an uptick of 0.9 percent yearly to reach $23.24 billion, while imports decreased by 4.6 percent yearly to $15.41 billion.