Suzhou seeds

The idea for the China-Singapore Suzhou Industrial Park sprang in 1992 from remarks by former leader Deng Xiaoping that China should emulate Singapore's success in economic development and administrative management.

Singapore responded enthusiastically and when Senior Minister Lee Kuan Yew visited China in September 1992, he expressed a desire to cooperate.

The two sides later conducted several rounds of negotiations and inspections and finally selected Suzhou as the site to jointly establish the model industrial park.

On February 26, 1994, Chinese Vice-Premier Li Lanqing and Singapore's Lee signed an agreement to develop of the park.

On May 12 that year, first-phase construction began.

On June 28, 1999, the two sides signed a memorandum to adjust the shareholding structure of the joint venture company China-Singapore Suzhou Industrial Park Development Co. The China side increased its stake to 65 percent from the original 35 percent, and became responsible for the park's major administrative issues.

By the end of 2003, the company had made enough profits to pay off its accumulated debts.

In 2006, the State Council approved expanding the park from 70 sq km to 80 sq km.

(China Daily 03/03/2008 page10)