The Suzhou Area of China (Jiangsu) Free Trade Zone. [Photo/szzmq.com]
Geographic range
Located in the Suzhou Industrial Park or SIP, the Suzhou Area of the China (Jiangsu) Free Trade Zone (Suzhou FTZ area) -- covering 60.15 square kilometers, including the 5.28-sq km SIP Comprehensive Bonded Zone -- is regarded as a development corridor area in the region. It consists of the High-end Manufacturing and International Trade Zone, the Dushu Lake Science and Education Innovation Zone, Yangcheng Lake Peninsula Tourism Resort and the Jinji Lake CBD.
Functional positioning
The Suzhou FTZ area’s goal is to evolve into a first-class international high-tech industrial park, an all-round open highland, an international innovative highland, a high-end industrial highland and a modern governance highland.
All-round open highland
The Suzhou FTZ area will adhere to a global vision and strategic position, by striving for higher standards and a comprehensive opening-up. It will facilitate enhanced and liberalized trade and investment. The area will focus on the construction of the Belt and Road Initiative and the integrated regional development of the Yangtze River Delta -- promoting a new round of upgraded opening-up initiatives, winning development and international opportunities with the active implementation of the opening-up initiative, while striving to pioneer high-level opening-up.
International innovative highland
The Suzhou FTZ area will encourage independent innovation in an open environment, pool global innovation resources, actively deploy overseas innovation centers and develop an international and unrestricted innovation system. It will build a development pattern -- where opening-up is integrated with innovation and the mutual promotion of an export-oriented economy that complements an overall innovative economy. Additionally, it will become the preferred destination for top professionals, start-ups and serve as a crucible for internationally advanced technological innovation, while striving to be at the forefront of innovative development.
High-end industrial highland
The Suzhou FTZ area will aggressively develop itself as a new model for manufacturing, other industries and the economy. It will accelerate the integration of advanced manufacturing clusters with modern service clusters. What’s more, the area will drive the comprehensive integration of new-generation information communications technologies with leading and emerging industries. It will delineate and apply industrial road maps, as well as accurately implement projects -- that complement, extend and strengthen industrial chains, creating an independent and controllable modern industrial environment -- and it will strive to be a high-end industrial cluster.
Modern governance highland
The Suzhou FTZ area will focus on industrial development, sci-tech innovation, social governance and other key sectors, to accelerate integrated innovation. It will focus on the development zone management system, the IPO stock market listings of development entities – as well as focus on state-owned assets and SOE reforms and development bottlenecks to accelerate institutional innovation. Moreover, the area will focus on trade and investment, administrative services, the legal system and the business environment -- to accelerate management and service innovation, comprehensively drive reforms and the capabilities of the governance system, as well as strive to become a model for modernized governance.
Development blueprint
The Suzhou FTZ area will aim to build a first-class international high-tech industrial park. It will firmly grasp the critical national opportunities coming from the Belt and Road Initiative, the Yangtze River Economic Belt and the integrated development of the Yangtze River Delta. It will give full play to its advantages as a state-level development zone, a comprehensive national open and innovation pilot zone, a national independent innovation demonstration zone and a national free trade pilot zone.
Based on the prevailing environment for reforms and opening-up and the requirements of high- quality development, the Suzhou FTZ area will comply with high-quality international economic and trade rules, make insightful attempts and modifications, as well as focus on industrial high-end upgrades and innovation-driven development. The area will strive to establish itself as a high-standard and high-quality free trade zone. This will feature liberalized and convenient investment and trade, a first-class business environment, an optimum innovation ecosystem, concentrated high-end industries, enhanced financial services, efficient and convenient supervision, outstanding spillover effects and distinctive development.
Since it was approved in August 2019, the Suzhou FTZ area has concentrated on its functional positioning to make breakthroughs, give full play to the advantages of its Sino-Singaporean commercial and business cooperation and to strongly commit to promote itself with high-quality development.
To date, over 100 national and provincial pioneering and leading institutional innovation achievements have taken place in the Suzhou FTZ area. Of these, four have been listed as best practice cases by the State Council’s pilot project for deepening service trade innovation and development, while another 25 have been demonstrated and promoted in the province.
The Suzhou FTZ area performs exceedingly well, by the standards of the main opening-up economic indicators. By June 2021, its cumulative import and export volume was worth 940.5 billion yuan. About 176 new overseas investment institutions had been registered and the contract foreign investment totaled $1.15 billion. The Suzhou FTZ area is also increasingly becoming one of the free trade areas with the most active institutional innovations, as well as an all-around open area, with the most competitive advantages in its industries.
Overall, the Suzhou Free Trade Zone is fast taking off to become one of the free trade zones with the most active institutional innovations, the most distinctive opening-up dynamics, the most prominent industrial advantages, the strongest innovative driving forces and the most significant comprehensive advantages in its business environment in China.