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The Huaqiao Economic Development Zone in Kunshan city "made great progress in the first half of 2012 in building an international hub for service businesses", said Shen Huafei, deputy-director of the zone's administration committee.
The area had 6.6 billion yuan ($1 billion) in GDP from January to June, an increase of 22 percent compared with the same period last year. The service sector contributed more than 4 billion, up 38.7 percent.
Companies with headquarters in the zone generated more than 1 billion yuan in production value, with service outsourcing companies hitting an output valued at 520 million yuan, a 56.8 percent year-on-year rise.
Over the same period, the area attracted about $200 million in overseas investment to the service industry, already meeting the full-year target. It attracted another 2 billion yuan investment from the domestic private sector, 1.9 billion yuan of it in the service industry.
Twenty-five new service outsourcing companies started operation in the first half of this year, among them 19 fund and fund management companies with a total of 8 billion yuan under management.
Cultural and media companies opened 12 offices in the zone over the period.
A number of urban infrastructure improvement projects are underway, including transformation of the old town and upgrading public transportation. Projects covering 1 million square meters were completed in the first half of this year, with another 900,000 sq m underway.
As well, about 700,000 sq m of green space was added.
The deputy-director said that the development zone is facing many challenges due to the "influence of the economic situation and pressure from other regions nearby as rivals".
The administration said it will "improve the quality of the service industries so they will grow faster and contribute a bigger share to the local economy", said Shen.
In the second half of the year, the zone "plans to attract one or two service outsourcing companies from the list of the global top 100 or Chinese top 20", he said.
It also aims to attract more than 100 e-business companies this year.
Shanghai's light rail network is expected to reach Huaqiao this year, linking the zone with the neighboring international metropolis. More infrastructure projects, including power supply and telecommunications, hotels, hospitals, schools and residential communities, will be completed at the same time.
Fiber optic Internet connections are expected to cover the entire zone by the end of the year.
Cross-Straits cooperation is a highlight of the zone. A specially planned area for investors from Taiwan includes four storehouses in a 43,000 sq m Taiwan goods distribution center that started operation this year.
An office building and a trading center for Taiwan goods with 160,000 sq m in floor space will be completed this year.
The administration is also attracting and cultivating top experts.
More than 8,500 employees in the zone were involved in training programs in the first half of this year. More programs are planned at a financial training center founded by Tsinghua University's PBC School of Finance, which was originally part of China's central bank.
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