Zhangjiagang, a county-level city of Suzhou, Jiangsu province, has experienced robust development in its service industry this year, with various segments generating substantial growth.
In the first three quarters of the year, the city recorded an added value of 120.18 billion yuan ($16.55 billion) in the service industry, accounting for 51.2 percent of the gross regional product. Investment in the sector reached 19.18 billion yuan, representing 50.1 percent of total fixed asset investment. Total retail sales of consumer goods in the city hit 61.22 billion yuan, up 2.2 percent year-on-year.
A star performer in the productive service sector is Kerry Chemical Logistics (Zhangjiagang) Co. In recent years, the company has strategically established temperature-controlled warehouses for the semiconductors industry in response to market dynamics. As one of the few enterprises specializing in hazardous chemicals storage within a free trade zone in China, the company has also streamlined the intermediary trade of hazardous chemicals – attracting BASF, the world's largest chemical company, to settle in the city.
In the first three quarters, the company's revenue grew by over 80 percent year-on-year, with profits shooting up by nearly 50 percent.
Businesses in the life service industry also saw rapid development in the period. Leading mobile phone agent Zhangjiagang Qineng Communication Co has, for example, opened 20 new stores in the current year and upgraded five existing ones across the city. The company has also focused on boosting its service system to provide locals with high-quality consumer experiences right on their doorsteps. By the end of this year, the company's revenue and sales are projected to increase by more than 40 percent.
An aerial view of a commercial district in Zhangjiagang at night. [Photo/WeChat account: zhangjiagangfabu365]
Looking ahead, Zhangjiagang plans to continue enhancing the supply capacity of the production-oriented services while attracting large-scale, innovative, and highly influential production-oriented service projects, as well as popular life-oriented service projects, to invigorate the city's service industry.