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SIP scripts a success amid odds

By Song Wenwei (China Daily)
Updated: 2009-05-27 08:08

Vice-Premier Wang Qishan (center) and other officials attend the ceremony in Suzhou, Jiangsu province yesterday. [China Daily]

The Suzhou Industrial Park (SIP), a hallmark of cooperation between China and Singapore, could serve as the model for other development zones in China, according to Wang Rong, Party secretary of CPC Suzhou committee.

He was speaking at the park's 15th anniversary ceremony held in Suzhou yesterday.

"We are celebrating the park's birthday to hail the achievements of our joint efforts. We will also take it as the new start of further cooperation," said Wang Qishan, vice-premier of the State Council, the country's cabinet.

He added that the SIP should learn more from Singapore and do a better job in combining it with the local situation for future development.

The SIP is today virtually a city by itself and contributes enormously to the social and economic development of the 2,500-year-old city of Suzhou.

Statistics show that SIP creates 16 percent of Suzhou's GDP, with 3.4 percent of the city's area and 5 percent of the population. Its total exports and imports have hit $50 billion, with major economic indicators growing 40 percent annually.

Over the past 15 years, the SIP has also managed to attract nearly 3,600 foreign enterprises and companies, most of them in the hi-tech industry. It has $35.3 billion of contracted foreign investment and actual investment of $16 billion.

"I am glad to see that our first trial to export knowledge and technology has succeeded in China owing to the support of the leaders of our two countries and the efforts of all the people involved," said Lee Kuan Yew, senior minister of Singapore and co-proponent of the SIP, in his speech at the ceremony.

He expects the SIP to continue growing at a fast speed and make more contributions to China's overall development.

The park's journey began in the late 1980s when China's modernization drive started gathering momentum. The country was at that time keen on embracing modern management methods, while Singapore was planning economic regionalization focused on overseas investment.

Related readings:  The SIP: "Just like home"  SIP a model for development

After many rounds of discussions, the two governments decided to join hands to develop a modern industrial park in Suzhou and signed the Agreement for the Joint Development of Suzhou Industrial Park on Feb 26, 1994.

During the past 15 years, the two sides have worked closely at every stage of the development. As a result, the SIP has maintained an annual growth rate of 30 percent, much higher than the average national figure.

Present at the celebrations were other officials including former Vice-Premier Wu Yi and Wong Kan Seng, deputy prime minister of Singapore and some provincial and municipal leaders.