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Joint Project
July 10, 2007

Suzhou Park gets development boost
China, Singapore agreed on July 10 to sharpen the international competitiveness of the Suzhou Industrial Park (SIP), a joint project between the two countries, in the coming years.

Visiting Chinese Vice Premier Wu Yi and her Singapore counterpart Wong Kan Seng co-chaired the 9th meeting of the Joint Steering Committee of the project, a high-tech industrial base launched in east China's Jiangsu province in 1994.

The committee decided to optimise the second 10-year targets for the park to be attained by 2014, lifting the service sector value added and the expense of research and development (R&D) up to 40% and 5% of gross domestic product (GDP) respectively, and meanwhile reducing the energy consumption to the level of developed countries.

Both sides vowed to create a favorable environment for the development of the park through further cooperation and positive measures.

The committee praised the progress in construction and development of the park since 2005, noting that annual economic growth of the park has remained at 23%.

Last year, the park recorded US$45 billion of GDP, 1.9 times over that of three years ago. During the past three years, the park has approved another 1500 foreign-invested projects, with a contractual investment of US$11.7 billion and actual investment of US$6 billion.

Wu, who arrived in Singapore on July 9, is paying a four-day visit to Singapore at Wong's invitation.

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