Introduction to Suzhou Economic Environment

In 2024, Suzhou's economic performance will be very impressive, especially in the industrial and consumer sectors. ‌

industrial economy

By 2024, Suzhou is expected to achieve a total industrial output value of 4.68 trillion yuan above designated size, ranking among the top in the country. The industrial system in Suzhou is undergoing significant changes, transitioning from traditional component manufacturing to branding and high-end manufacturing. Suzhou is known as the global capital of electric tools and smart small appliances, with local brand enterprises such as Lake, Ecovacs, and Zhuimi, and has attracted leading companies in the global cleaning industry to invest and settle in. In addition, Suzhou is also transforming into a headquarters economy, with multiple headquarters economic clusters that have attracted a large number of multinational companies and research and development centers. ‌

consumer market

From January to November 2024, the total retail sales of consumer goods in Suzhou increased by 4.9% year-on-year, higher than the national average. Although the growth rate has fluctuated in the first few months, the traditional peak consumption season at the end of the year and the good performance in the first 11 months make Suzhou expected to become the first "trillion yuan consumption" prefecture level city. Suzhou's consumer market has performed well, especially in the high-end consumption sector, with per capita consumption data higher than other major cities. ‌

Service industry and high-tech industry

The output value of high-tech industries in Suzhou accounts for 54% of the total output value of industrial enterprises above designated size, a year-on-year increase of 1.2 percentage points. The production of integrated circuits, sensors, communication and electronic network cables and other products has also significantly increased. In terms of service industry, Suzhou focuses on attracting high-level headquarters enterprises and innovative enterprises, promoting the professionalization and high-end value chain extension of productive service industry, and upgrading the high-quality and diversified lifestyle service industry. The operating revenue of the Internet and related services, scientific research and technology services, software and information technology services all increased significantly. ‌

investment environment

From January to November 2024, fixed assets investment in Suzhou increased by 1.4% year on year, of which industrial investment increased by 11% year on year. The investment in high-tech industries and strategic emerging industries has also performed well, demonstrating Suzhou's strong driving force in attracting foreign investment and promoting economic growth.

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Suzhou maintains a leading business environment in China and has been rated as the "Best Reputation City" for several consecutive years. ‌

The business environment in Suzhou is mainly reflected in the following aspects:

Policy support and facilitation measures: Suzhou has launched multiple policy measures to optimize the business environment, such as the "no application, enjoy" policy. As long as enterprises meet the conditions, they can automatically enjoy relevant government policies, reducing their labor and time costs

In addition, Suzhou has implemented measures such as "certificate free Suzhou" and "data acquisition" to further simplify the business process.

Market Environment and Innovation Ecology: Suzhou's market environment is fair and orderly, actively implementing the negative list for market access and foreign investment access, and promoting fair competition. In terms of innovation, Suzhou has built an efficient innovation ecosystem, attracting numerous high-tech enterprises and research and development institutions to settle in, such as Xinda Biotechnology, which continues to grow and develop in Suzhou.

Government services and legal environment: Suzhou is committed to building an efficient government service system, reducing communication costs between government and enterprises through mechanisms such as the "Assisting Enterprises to Connect" government enterprise symposium, and promptly resolving enterprise issues. In addition, Suzhou has also performed well in the legal environment, ranking first in the evaluation score of the legal environment among prefecture level cities. Economic development and enterprise growth: Thanks to the excellent business environment, the scale of private economy in Suzhou continues to expand. As of the end of November 2023, the total number of private enterprises in Suzhou is 896500, with multiple companies listed in the "China's Top 500 Private Enterprises" and "Fortune Global 500". These measures and achievements have made Suzhou a preferred destination for corporate investment and development, attracting a large number of enterprises and investors.