China-Singapore Suzhou Industrial Park Development Group Co Ltd, a joint venture promoted by the two countries, has received authorities' approval for its initial public offering in Shanghai.

While no date has yet been announced for the float, the IPO is expected to be soon, sources with knowledge of the matter said.

"The IPO approval means that the park will gain stronger support from the capital market, which will be a lavish gift for both countries," said Lan Shaomin, who took over as the Party secretary of Suzhou in September.

The joint venture is the corporate parent of the Suzhou Industrial Park, its flagship project as well as the first bilateral business venture involving the two national governments.

Based in Suzhou, East China's Jiangsu province, the billion-dollar joint venture is in its silver jubilee year, having been established in 1994.

A brainchild of late Chinese leader Deng Xiaoping and Singapore's founding father Lee Kuan Yew, the venture marks the two countries' economic cooperation for bolstering entrepreneurship.

Spread over 278 square kilometers, the Suzhou Industrial Park houses 4,400 projects from over 70 economies, including 156 initiated by Fortune Global 500 enterprises.

Its economic output reached 257 billion yuan ($36.5 billion) last year, up 7.1 percent year-on-year, official data showed.

Last week, Lan visited Singapore to pave the way for Suzhou-based companies and investors to eye business deals in the Southeast Asian city-state.

The city of Suzhou, Lan noted, aims to build a "new (industrial) park" to spur a new growth engine amid changing economic environment at home and abroad.

"New park", he said, should refer to the rejuvenation and upgrading of the old industrial park where technological innovation will combine with restructuring of industrial and value chains, bolstering its global competitiveness.

Suzhou plans to sharpen focus on emerging sectors like biochemical, artificial intelligence, nanometer technology, new information technology and high-end equipment manufacturing.

"Amid global trade frictions and as economic development zones emerge nationwide, Suzhou can't live off its past gains. The city must challenge itself" to scale new heights, he said.

In August, Suzhou was selected to be among the cities for the China (Jiangsu) Pilot Free Trade Zone, driving the city's opening-up to a new high. Nanjing and Lianyungang are also part of the FTZ.

"We will promote Suzhou through the newly established FTZ by deepening cooperation with Singapore in the area. We hope the FTZ will be a new platform for deepening bilateral cooperation," Lan said.

Other development zones and parks, including those in Jiangsu province, Anhui province, the Xinjiang Uygur autonomous region and the Tibet autonomous region, have modeled themselves on the Suzhou Industrial Park.

Last year, Suzhou's GDP was 1.86 trillion yuan. It ranked 42nd in the world in terms of GDP. It was also ranked as the seventh economically most powerful Chinese city, with metropolises such as Beijing, Shanghai and Shenzhen ahead of it.

"China-Singapore cooperation has now been deepened with the launch of the Suzhou Industrial Park and other initiatives. Singapore has established economic and trade cooperation mechanisms with eight Chinese provinces and cities, including Shanghai and Guangdong," said Han Xiaoyong, Chinese ambassador to Singapore.

He said that in recent years, China-Singapore ties have entered a new era. Economic partnerships have been constantly upgraded, showing strategic, forward-looking and exemplary features.

"More and more Singaporean government officials and entrepreneurs have come to China to promote China-Singapore cooperation, forging deep friendship with their Chinese partners," he said.

"Also, many officials who now hold key positions in Singapore's cabinet and in big companies have once lived and worked in China and continue to contribute to the promotion of China-Singapore ties."

China has been Singapore's largest trading partner last year. Bilateral trade exceeded $100 billion in 2018.