The opening ceremony of MoldTecs Automotive Systems (Taicang) Co is held in Taicang, a county-level city of Suzhou on Aug 2. [Photo provided to Suzhou Bureau of Commerce]
Suzhou, renowned for its burgeoning business climate and good living environment, has witnessed a substantial influx of new residents in the first half of this year, local media reported on Aug 18.
Approximately 89,700 individuals have recently registered their residency in Suzhou, a notable increase of 37,900 – or 73 percent – from the same period last year.
The driving forces behind this trend extend beyond the city’s relaxed residency policies and favorable living conditions.
On Aug 2, MoldTecs Automotive Systems (Taicang) Co, a subsidiary of the Germany-based Mutares Fund, commenced operations. This would not have been possible without last year's Suzhou charter flights to Europe for investment promotion.
Heiko Baufeld, global CEO of MoldTecs and partner of the German Mutares Fund, expressed his unwavering optimism towards the Chinese market. "We chose Taicang due to its good location and well-established supply chain. We plan to acquire new businesses, develop novel products, and continue expanding our presence within China."
Suzhou boasts 35 major industrial categories, 172 intermediary categories, and 513 minor industrial categories. As of the end of June, the city was home to about 2.92 million market entities.
On July 21, coinciding with "Entrepreneur's Day," Suzhou launched the "Suzhou-style Business Environment 6.0," unveiling 126 initiatives and 239 concrete measures. The initiative aims to maximize efficiency in administrative processes, strengthen the investment environment, and increase satisfaction among enterprises considering investing in Suzhou.