MANAGING REGIONAL SOCIOECONOMIC DEVELOPMENT IN THE CONTEXT OF GLOBALIZATION: THE CASE OF SUZHOU CITY, JIANGSU PROVINCE, CHINA

Анотація

The management of regional socio-economic development is becoming particularly relevant in the context of globalization, which creates new opportunities for economic growth, but at the same time complicates resource management due to increased competition and environmental challenges. The study aims to analyze the management practices of the socio-economic development of Suzhou (Jiangsu Province, China), one of the country’s leading regions. Particular attention is paid to innovative approaches to management, demographic characteristics, as well as barriers and opportunities for integration into the global economy. The study found that Suzhou is showing steady economic growth, with the share of the innovation sector in GDP at 35% and total GDP reaching 2.4 trillion yuan in 2022. Among the main achievements of the management are the growth in the number of small and medium-sized enterprises by 12% and a decrease in the unemployment rate to 3.5%. At the same time, the city faces significant challenges, including demographic aging (23% of the population is over 60 years old) and high levels of water pollution (45% above the norm). Suzhou’s development strategies aim to transition to high-tech industries, support small and medium-sized businesses, and implement environmental initiatives. Several recommendations have been proposed, such as the digitalization of management processes, infrastructure development, and the attraction of young professionals to address the demographic crisis. Suzhou’s management approaches effectively combine economic growth with environmental sustainability and social initiatives. However, further development requires optimizing demographic policy, modernizing infrastructure, and reducing dependence on global supply chains. The findings can be useful for other regions facing similar challenges and serve as a basis for developing comprehensive management strategies in the context of globalization.

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