Suzhou, located 100 kilometres northwest of Shanghai, is on its way to become the region’s next business magnet. Last year, the city had attracted a total of US$132 billion in foreign direct investment (FDI).
Suzhou’s gross domestic product is expected to grow at an annualised pace of 6 per cent between this year and 2022, its government has said. To help boost its economic growth further, the city is committed to strengthening its manufacturing sector, particularly its advanced equipment, medical devices and nanotechnology industries.
South China Morning Post reports that, to promote international investment in the city and region, the city intends to reward officials and organisations playing a role in drawing top foreign businesses. They will be granted cash awards out of a fund of 200 million yuan (US$28.7 million) reserved for this purpose.
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