Wuxi's service industry continues rapid development

Wuxi's service industry has seen rapid development this year.

In the first four month of 2021, the actual use of foreign capital in Wuxi's service industry reached $650 million, a year-on-year increase of 136.3 percent, accounting for 65.66 percent of the city's total, according to the local commerce bureau.

Data from the local commerce bureau shows that among the 88 new foreign-investment projects in Wuxi this year, 71 are projects in the service industry, covering scientific research, technical services, financial investment, as well as modern business.

The projects include a foreign-capital fund sponsored by Venturous Group signed in January. The first round of Venturous' fund to be used to invest in Wuxi-based enterprises totaled $100 million.

Focusing on key industrial areas and promoting the high-end extension of the producer service industry is an important part of Wuxi's high-quality economic development, according to an official from the local commerce bureau.

Officials said that the service industry projects will not only promote the optimization of the industrial structure, but also better meet the needs of the public for consumption upgrades, as well as promote the upgrading of quality and diversification of life services.

In addition, they noted that more and more global high-quality pension, medical, education, and business resources are flowing into Wuxi based on its developing service industry.