Overhead night view of the Suzhou Industrial Park. [Photo/Suzhou Daily]

China's State Council has given green light to Suzhou Industrial Park (SIP) to experiment with financial institutions and private companies running banks as China's first industrial park of its kind, its administration announced, on Oct 15.

Part of the deal is to set up a Suzhou Equity Exchange to help financial institutions explore new business models and the Park also plans to open an agency that can issue Chinese visas to foreigners to hire more talented people from abroad.