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The strong performance of financial service outsourcing businesses located in the Huaqiao Economic Development Zone is one of the reasons why Kunshan has been selected to host the fourth China Financial Outsourcing Summit. Photos Provided To China Daily
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At the fourth China Financial Service Outsourcing Summit, enterprises from around the world will converge on Kunshan on Oct 16 to discuss the opportunities created by the growing trend toward outsourcing as a means to lower risks in the so-called post-crisis era.
Neighboring Shanghai and Jiangsu's provincial capital of Nanjing, Kunshan is considered an ideal place for the summit thanks to its Huaqiao Economic Development Zone, the only provincial-level development zone in Jiangsu province that has a primary focus on modern services.
As a crossroads between two major metropolitan areas, Huaqiao's natural geographic advantages have enabled it to achieve rapid development.
Huaqiao has a sound base and bright prospects for the further development of its financial services outsourcing industry.
Since 2005, Huaqiao has become a top choice as a location for the regional headquarters of enterprises from China and abroad, and it serves as a center for the modern logistics industry and the commercial service industry.
The zone has also constructed basic facilities to support industrial development. For example, it has advanced telecom services as well as an energy-efficient supply of water, heat and electricity.
Additionally, it has well-planned communities containing all the necessary conveniences of daily life, including supermarkets, clubs, hotels and employee training centers.
So far, a number of companies in the financial services outsourcing industry have developed a cluster in the zone.
Notable names include Capgemini, one of the world's most renowned counseling and outsourcing service providers, as well as Centrim Data and GDS Services, both of which are leading domestic information providers. This group makes Huaqiao an influential financial services outsourcing base in the country.
Furthermore, Huaqiao has gained rich experience as the host of summits, forums and conferences on the subject of financial services outsourcing. It was the host of the first China Financial Service Outsourcing Summit.
Huaqiao also cooperated with world-renowned advisor and counselor McKinsey & Company to draft China's first report on the country's financial services outsourcing industry.
The Kunshan government has been hard at work building Huaqiao into a new "Silicon Valley" in China.
In 2009, Huaqiao was recognized as China's best financial services outsourcing base and one of China's 10 best services outsourcing parks.
To build on its current momentum, the Kunshan government has further plans for Huaqiao's future. It aims to increase annual financial services outsourcing revenue to 14 billion yuan (about $2.2 billion) by 2015. According to plans, the number of people working in services outsourcing is projected to surpass 60,000 by that time.
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(China Daily 10/15/2012 page4)
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