Taicang, located in Suzhou, Jiangsu province, has experienced a steady economic recovery in 2023 as it achieved gross domestic product growth of 5 percent compared to the previous year, according to the fourth session of the 17th Taicang Municipal People's Congress held on Jan 9.

In 2023, the city achieved a general public budget revenue of 18.94 billion yuan ($2.64 billion), with tax revenue reaching 16.03 billion yuan, representing respective year-on-year increases of 6.5 percent and 9.8 percent.

During the congress, plans for Taicang's development in 2024 were discussed, focusing on driving the development of major projects, establishing platforms for international cooperation, and promoting technological innovation.

This year, Taicang aims to foster the continuous growth of billion and multi-billion-yuan project clusters, particularly in leading industries such as high-end equipment, advanced materials, aerospace, and biopharmaceuticals.

Furthermore, the city is preparing to start construction on the Taicang Port Comprehensive Hub Logistics Park while continuously optimizing the customs clearance environment at Taicang Port.

Taicang also plans to develop a demonstration area for Sino-German (Taicang) industrial cooperation and improve the overseas liaison system of the office in Germany to further advance Sino-German collaboration.

In the coming year, the city will guide enterprises to increase their investment in technology and industrial enterprises above the designated scale will be encouraged to aim for research and development expenditures exceeding 9.2 billion yuan. To attract more innovative talents to Taicang, the city will introduce additional preferential measures and is expected to construct 10,000 talent apartments.