US$300m technology park for Changzhou

A SCIENCE technology development zone covering 1,600 hectares has been planned for Changzhou, according to deputy mayor Xue Feng.

Mr Xue said in Hong Kong yesterday the science technology development zone, financed by Singapore, would involve an investment of US$300 million and was expected to be completed in five years.

The first phase of the development zone, covering 384 hectares, is under construction with an investment of $50 million.

The development zone is the second of its type financed by Singapore, following the one in Suzhou which is also the biggest investment project by Singapore in China.

'We are planning to develop US and Canada science technology zones also,' said Mr Xue.

In August, Changzhou, Suzhou and Wuxi co-operated to draw up a strategic plan for development of the three cities.

'The idea is a composite part of the Chang Jiang River Delta Strategic Plan stipulated by the State Council.

'The plan suggested the economic development, starting from the coastal cities with Shanghai as the centre, should radiate to the north and south,' said Mr Xue.

Changzhou's industrial output value amounts to 73 per cent of the total output value of the city.

Foreign investment has risen $250 million last year to $1.7 billion this year.