Suzhou and Economic Trends

Suzhou s a major prefecture level city in Jiangsu Province of East China. Suzhou is bordering Shanghai to the east, Zhejiang to the south, embracing Taihu Lake towards its west and nestled by the Yangtze River to the north. It is home to a population of 13 million on a total area of 8,657 km2.

Under Suzhou City there are four county-level cities, including Zhangjiagang, Changshu, Taicang and Kunshan, and six districts, including Wujiang, Wuzhong, Xiangcheng, Gusu, Suzhou Industrial Park and Suzhou Hi-tech Zone.

Famous in the past for its flourishing silk industry, today Suzhou is one of the most visited cities in China because of its pagodas and canals, which it is known as “the Venice of the East”. 9 Classical Gardens of Suzhou and the Suzhou section of the Grand Canal are listed into the Directory of World Cultural Heritage Sites. The Kunqu Opera, the Suzhou Tapestry Method and the custom of the Suzhou Dragon Boat Festival are also included in the representative list of the UNESCO Intangible Cultural Heritage List.

Suzhou is one of the cities with the highest economic development in China. In 2020, Suzhou’s GDP reached 2,017 billion RMB, ranking sixth in the country and first in Jiangsu province.

Suzhou implements a reform for the business by separating permits from licenses and adopts reform for construction project approval through “more plans and a review”. The total exports hit 1,295 billion RMB and the total imports of 938 billion RMB. In 2020, 2,829 enterprises with foreign investment were registered in the prefecture.

In 2018, “The Yangtze River Delta Integrated development” was upgraded to a national strategy and consists of the construction of a green and integrated development demonstration zone.

Main Sectors in Suzhou:

• Heavy Industry

• Textile Industry

• Raw Chemical Materials and Chemical Products

• General Equipment Manufacture

Main Industrial Areas in Suzhou:

• Suzhou Industrial Park

• Suzhou New District (SND) and the SND Integrated Free Trade Zone

• China Suzhou Innovation Park

• Suzhou High-tech Industrial Development Zone

Suzhou Free Trade Zone

Located in Suzhou Industrial Park, the Suzhou Free Trade Zone (SFTZ) covers 60 km2 and is composed of the High-end Manufacturing and International Trade Zone, Dushu Lake Science and Education Innovation Zone.

The SFTZ will aim to build the world’s first-class high-tech industrial park, firmly grasp the critical national opportunities of the Belt and Road Initiative, the Yangtze River Economic Belt, the integrated development of the Yangtze River Delta and fully play its advantages as a state-level development zone.