Wuxi is located in the north of Taihu Lake in Jiangsu Province, encompassing an area of approximately 4787.61km2. Wuxi has a domestic and international reputation for its rich cultural heritage and historical relics. It is also endowed with abundant natural resources, such as minerals, fresh water, rare species of herbs and animals. In regards to its industrial developments, Wuxi has strong primary and secondary industries; its tertiary industry is focused on internet technology, renewable energy, biomedical technology, agricultural biology, microelectronics etc.
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|GDP (billion)||RMB 756.81||RMB 575.80||RMB 441.90|
|Primary Industry||1.8 percent||1.8 percent||N/A|
|Secondary Industry||54.2 percent||55.7 percent||N/A|
|Tertiary Industry||44 percent||42.5 percent||N/A|
|GDP Per Capita||RMB 117,400||RMB 90,392||RMB 72,443|
|Minimum Monthly Wage||RMB 1,320|
Wuxi has a modern and developed infrastructure. Wuxi invested 8 billion RMB into transport infrastructure in 2013, signifying a long-term commitment toward the city’s future development.
Nine highways connect Wuxi with important cities includingShanghai, Nanjing, and Hangzhou. The Shanghai-Nanjing Railway and Shanghai-Nanjing Expressway pass through the city. Both the Wuxi-Jiangyi Expressway and the Jiangyin Yangtze River Highway Bridge have been opened to traffic in recent years, as well as state highways No. 312 and 104.
Wuxi Railway station is an important railway hub in East China due to its important geographic location. Wuxi is conveniently situated on the Jinghu Railway, linking it directly with the provincial capitals of Nanjing and Shanghai, which are both less than two hours away. There are also departure trains for Hangzhou, Shanghai, Nanjing, Ningbo and Yichang. By 2020, Wuxi is expected to have at least 7 railway lines.
Wuxi Airport, which opened in 2004, is situated 14 kilometers from the city center and has nine airlines with direct flights to Beijing, Guangzhou, Shenzhen, Hong Kong, and other major Chinese cities. The city is also situated 180 kilometers from Shanghai Pudong International Airport, 120 kilometers away from Shanghai Hongqiao International Airport, and 180 kilometers from Nanjing Lukou International Airport.
Ports & Waterways
Through its historic reliance on the Yangtze, the Grand Canal, and the Lake Tai, Wuxi now has seven waterways that connect via a network that is1656 kilometers long. The city center is 40 kilometers away from the harbors in Jiangyin and Zhangjiang, which handle shipments to more than 140 countries and regions worldwide. Furthermore, Wuxi is 165 kilometers from the port of Shanghai. Wuxi is one of the 35 main port hubs in China.
Although its land area and population is small relative to other Chinese cities, Wuxi’s contribution to the country’s entire economic volume is vast. Per capita GDP in Wuxi was last pegged at RMB 117,400. In 2012, Wuxi’s GDP was RMB 756.815 billion.
The city has evolved from a primarily textile-based industry in the early 20th century to its present day status where it now relies on five key sectors, namely electronics and IT, fine chemicals, precision machinery, metallurgy, and high grade garments.
Heavy industry still makes up for 74.5 percent of all of Wuxi’s industries. The city has around 36,000 enterprises with over 6000 production lines. In 2010, 587 new foreign-invested enterprises established themselves in Wuxi and the number of Fortune 500 companies in the city rose to 144, representing a large share relative to other regional cities. One such company is Caterpillar, which has engine construction facilities and R&D projects based in the city. Caterpillar recently opened a 23,000 square meter power train facility and completed a 17,000 square meter expansion to the company’s pre-existing component facility.
Wuxi has become a major manufacturing base in the YRD area in recent years and is also developing production-oriented services to help transform the city into an international manufacturing base with a business-friendly environment. The city is also placing priority on the environment, with several proposed projects being rejected on the grounds of pollution concerns, whilst existing heavy polluters will not be allowed to expand their businesses.
In line with China’s broader economic realignment, Wuxi has recently taken steps to replace its manufacturing focus with a growing service outsourcing industry orientation. New plans aim to attract USD 30/40 billion for service outsourcing businesses and create service outsourcing jobs for one million people by 2020. Between 2006 and 2011 one of Wuxi’s key economic development strategies was the Wuxi “530” plan, a program targeted to attract overseas entrepreneurs. Wuxi’s “530” project was extended into the ongoing “530” plus project, which aims to attract 30 foreign high-tech entrepreneurs within 2 years (2011-2013), particularly in the fields of new energy, pharmaceutical and medical, IT, new material, advanced manufacturing, and environment protection.
Utilized FDI reached USD 3.3 billion in 2010, with 587 new foreign invested projects being realized. In 2010, Wuxi was host to projects from 544 Fortune 500 companies. Imports and exports have grown to USD 24.90 billion and USD 36.27 billion respectively.
Wuxi New District:
WND is a state development zone approximately 120 kilometers west of Shanghai. Since its foundation in 1992, the zone has evolved into one of the major industrial parks in China focusing on precision machinery. A wide variety of components, sub-systems, and original equipment are made in the zone. With 13 percent year-on-year growth, the GDP of WND reached RMB 110 billion in 2011, contributing more than 16 percent to Wuxi’s GDP.
The park has an area of 220 square kilometers, with a local population of 600.000. The site also includes vocational schools, one college, two expressways, and an on-site airport.
Shanghai Port is about 50 miles west of WND, enabling international freight services. Two Yangtze River Ports are located within 30 miles of WND, providing economical barge transportation to inland, coastal, and international destinations. Wuxi port is situated on the bank of the Grand Canal and is capable of accommodating sailing barges of 300 tons, which can arrive at the Shanghai Port all year round.
The zone is home to more than 80 Global 500 facilities and among these 35 Fortune 500 Enterprises have established R&D centers in the park. The zone also has its own customs and export processing zone, making foreign business far more convenient.The zone is managed by the New District Administrative Committee of the Wuxi municipal government, which has been given the task of improving the manufacturing capacity of the city and creating new job opportunities. Based on the performance of WND over the last 15 years, Taihu Lake Science Park was launched in 2006 to accommodate R&D and technology innovation, complementing WND’s core manufacturing functions.