During the 12th five-year plan period, Taicang experienced tremendous growth in both economic and social construction. This laid a foundation for steady and continuous attainments in the five-year plan period from 2016 to 2020.

Over the five years ending in 2015, Taicang strove to become a city of modernization, innovation, high-tech industries and sustainable growth. Its endeavors have resulted in it ranking seventh among the top 100 counties (county-level cities) in overall competitiveness in China in 2015, according to a list compiled by the Medium and Small City Economic Development Committee.

GDP per capita on par with developed countries

In 2014, Taicang's GDP grew 8.6 percent to 106.53 billion yuan ($16.65 billion) and the GDP per capita, calculated in terms of its registered residents, was $ 24,504.

A continued steady GDP growth in 2015 is a foregone conclusion.

The robust growth is attributable to recent industrial upgrades, thanks to which Taicang has surpassed the period of development that relied on natural resources consumption and came at a cost to the environment.

The city is now building a modern industrial system that encompasses advanced manufacturing, modern service industry, and modern agriculture in pursuit of a low-carbon economy that is competitive in regional and global markets, according to an official with the city's development and reform commission.

Investment in fixed assets increased rapidly

In the complicated economic situations of recent years, the Taicang government targeted fixed assets investment as the leading driver of growth.

Emerging industries such as new material, high-end equipment manufacturing, bio-pharmacy and new energy and modern services benefited the most as these areas were prioritized for investment.

This November saw 58 major projects either start construction or go into operation, involving overall investment of up to 19 billion yuan. Fifty projects in the manufacturing sector, led by new material, energy saving, bio-pharmacy and auto parts making, attracted a total investment of 13.4 billion yuan. Eight projects in the service sector drew another 5.5 billion yuan.

Baking bigger pies of financial support

Not long ago, Taicang allotted 26.9 million yuan in incentives to help enterprises undergo industrial upgrading and transformation, according to an official of the city's commission of economy and informatization.

Leveraging favorable policies in finance and taxation, Taicang allocated 48.1 billion yuan to shift its industrial structure in the past 5 years. The government promoted informatization among enterprises and forced out backward industrial capacities. It also stimulated financial institutions to offer loans to small and medium-sized start-ups.

These moves, intended to cultivate sustainable business growth, have built a solid foundation for increasing government revenues.

Taicang's revenue was 10 billion yuan in 2013. Its combined general budget revenue between 2011 and 2015 is expected to reach 49.74 billion yuan.