The meeting highly appraised the achievements of the Suzhou Industrial Park during the past six years.

Vice-Premier Li Lanqing and Singapore Deputy Prime Minister Lee Hsien Loong co-chaired the meeting. Both are the council chairmen of their countries.

Last June, the two sides signed a memorandum of understanding, which agreed that beginning from January 1, 2001, the shareholding ratio of the Singapore and Chinese Consortia, the financial arm of the industrial park, in China-Singapore Suzhou Industrial Park Development Co Ltd will be adjusted. The Chinese side will accordingly assume the management responsibilities of the majority shareholder by then.

At the press conference held after the meeting, Li reiterated the Chinese government's commitment that the framework of Sino-Singapore co-operation will remain unchanged.

The meeting examined and approved the work report submitted to the council by the co-chairmen of the joint working committee.

According to the report, the Chinese side and the Singaporean side have earnestly implemented the memorandum, focusing on completing the development of the first-phase 8 square kilometres and continuing to improve the investment environment and further enhancing the competitiveness of the Suzhou Industrial Park.

Preparatory work on adjusting the share ratio in the industrial park development company progressed smoothly, said the report. Both sides agreed that it would be carried out by a joint evaluation team.

"The first-phase construction of the park has set up a good example for the future development of the park,'' said Lee at the press conference.

He hoped that co-operation between the two governments will continue and the new board of the industrial park development company will better serve the future construction of the park.

According to the report, the signing of the memorandum marked the entry of the park into the new phase of development.

(China Daily 10/17/2000)