Window close

February 22, 2019

Mizuho Bank, Ltd.

Mizuho concludes memorandum of understanding for business cooperation with the Suzhou Xiangcheng Economic Development Zone Administrative Committee in China's Jiangsu province

Mizuho Bank, Ltd. (President & CEO: Koji Fujiwara) and our China–based subsidiary, Mizuho Bank (China), Ltd., today signed a memorandum of understanding (MOU) for business cooperation with the Suzhou Xiangcheng Economic Development Zone Administrative Committee in China's Jiangsu province, for the purpose of promoting investment in the region and developing policy aimed at attracting foreign firms.

The Xiangcheng district of Suzhou is centrally located within one of China's three major economic zones, the Yangtze River Delta. Xiangcheng is often referred to as the “only intersection of the Yangtze River Delta” and this geographically advantageous location makes it a key target for transportation infrastructure development, including a high–speed railway currently being constructed to connect the cities of Nantong, Suzhou, Jiaxing, and Ningbo.

The Economic Development Zone was established in 2002 and is a national level development zone. A broad range of industries are concentrated in the zone, including auto parts, precision machinery, and information technology, and further growth is expected going forward. Currently, a China–Japan smart manufacturing innovation industrial park is being established with the aim of creating a hub for smart manufacturing. This industrial park will be designed to attract Japanese companies specializing in advanced technologies in fields such as next–generation information technology, robots, and new materials.

Based on this MOU, Mizuho will provide a range of support including providing advice on how to further develop and attract corporations to the Suzhou Xiangcheng Economic Development Zone, and holding investment seminars. This will strengthen our ability to advise clients operating in the region, as well as the investment environment information we provide to clients considering entering the region and the support we provide to clients newly entering the region. Additionally, by introducing Japanese companies and sharing our knowledge on topics such as industrial optimization, we will contribute to economic transformation and industry development in Xiangcheng and Suzhou as a whole.

Overview of Xiangcheng district, Suzhou (figures as of 2017)
Overview Xiangcheng is centrally located within Suzhou, Jiangsu province and is a transportation hub.
(Land area: 489 km²; Population: around 1 million)
Main industries Machinery manufacturing, electronic equipment manufacturing, etc.
GDP CNY 70 billion