A city in inland Anhui province hopes to raise several billion yuan in Hong Kong to help fund its infrastructure construction and expand its pillar and export-oriented industries.
Suzhou, not to be confused with Suzhou in Jiangsu province, is the focus of a four-day trade promotion visit that reflects the rising urgency felt by small and medium-sized cities to brace for the new challenges and opportunities to arise from China's imminent entry to the World Trade Organisation.
Suzhou officials today will sign four agreements worth a combined US$10 million with Hong Kong, Canadian and Japanese companies. Wan Bei Pharmaceutical will unite with Hong Kong-based New Timely Development in a US$3 million deal to export Wan Bei's products next year.
On the back of a state initiative to promote light-weight, low-energy consumption and low pollution construction materials, Suzhou will team up with a Canadian company in a US$3 million joint development and production project.
The city's textile industry, hoping to expand capacity as WTO entry eliminates existing export restrictions, has struck a US$2 million equipment import deal with a Japanese manufacturer.
A separate agreement with a Hong Kong trading group, also worth US$2 million, is to boost local textile companies' exports.
The four are among 38 projects for which the 50-strong delegation is trying to attract foreign capital.
