A Germany-funded company in Taicang, East China's Jiangsu province. [Photo/WeChat account: tcfbgw]

Taicang in Jiangsu province has proposed transforming the city into a business hub over the next five years by attracting more foreign investment and bringing forth new foreign trade development modes.

Taicang will develop itself into a model for cooperation with German companies. The city plans to build a special area and an alliance for cooperation between Chinese and German companies. It will also set up a Sino-German overseas innovation center and an offshore innovation base. The current Frankfurt-Taicang Innovation Center and the Taicang-Dresden Aviation New Materials Center will be further developed.

By 2025, Taicang aims to attract over 500 Germany-funded companies. The city will promote mutual recognition of Chinese and German vocational qualifications to provide abundant human resources. Taicang will enhance exchanges with nine states in southern and western Germany. Taicang port will seek friendly ties with the Port of Hamburg in Germany.

An aerial of Taicang, a county-level city in Suzhou, East China's Jiangsu province. [Photo/WeChat account: tcfbgw]

Taicang will strengthen trade cooperation with the Association of Southeast Asian Nations and countries involved in the Belt and Road Initiative. It will help local companies go global and explore ways of co-building industrial parks with foreign cities. The city will hold a number of roadshows to attract high-quality projects from Germany, Japan and South Korea.

The city will also make more efforts to attract key foreign trade companies and set up a goods shipping and distribution center. It will accelerate the construction of its comprehensive bonded areas.