Suzhou Industrial Park (SIP) is a cooperative project of priority between Chinese and Singaporean governments and saw its debut in February 1994 as certified by the State Council of PRC. During the past decade, SIP has seen quick development and the chief economic indices all grow at a rate of around 50%. In 2003 alone, the investment in fixed assets in SIP exceeded 20.2 billion yuan, an increase of 94% over the previous year. The total output value reached 36.5 billion yuan, an increase of 45% over 2002. The local budget revenue registered 2.05 billion, up by 55.8%. The total value of import and export was 14.4 billion USD, in which export accounted for 6 billion, growing 150% and 134% respectively. The newly contracted foreign investment reached 2.1 billion USD and the utilized investment reached 1.2 billion USD, increasing 20% and 32% respectively. The registered domestic investment reached 11.1 billion yuan. During the past decade, SIP has provided over 120, 000 new jobs.