On 26 February 1994, the Agreement on the Joint Development of Suzhou Industrial Park (SIP) was signed by Chinese Vice Premier Li Lanqing and Singapore Senior Minister Lee Kuan Yew in Beijing. It marked the birth of the joint development of Suzhou Industrial Park between the two governments.

The vision for SIP is to build an integrated, modern, garden-like hi-tech township of international standards. SIP will have its own commercial, residential and social amenities to complement the industrial development.

The development of SIP began in May 1994. Since then, it has progressed from strength to strength. With the support of both governments, SIP has achieved a rapid growth of about 50% per year.

Industrial development is the foundation of SIP's development. It has since attracted more than 1320 Foreign Invested Enterprises with total investment exceeding US $200 billions. SIP enjoys the highest average investment per project in China and has become one of the fastest growing and most competitive industrial parks in China.

This joint stamp issue is specially released to commemorate the 10th Anniversary of SIP and to record this significant and successful joint project between the governments of China and Singapore.

The stamp design depicts the symbol of this close cooperation. The sculpture stands tall in a scenic location of SIP as a visible symbol of the collaboration of the two governments and those involved in the project. The sculpture, titled "Harmony" was officially opened in June 2001 by Chinese Vice Premier Li Lanqing and Senior Minister Lee Kuan Yew.