Chongqing Exudes Special Characteristics Whilst Flaunting Credentials as International Metropolis

Chongqing- During the recent National Day holiday from October 1 to 7, He Lincai, production supervisor of Chongqing Alpha and Omega Semiconductor Limited (CQAOS), barely stopped to relax. The production line he supervises worked in three shifts that achieved a daily output of 300 wafers and tested 12.5 million pieces.

CQAOS is the first power semiconductor company in Asia that integrates production, testing, and packaging for 12-inch chips. At a time when the global chip supply is tight, CQAOS is operating at full capacity to alleviate the risk of shortages.

Electronic information is a pillar industry in Chongqing, as the city has become an important global manufacturing base for smart mobile terminals following years of consolidation.

According to Chongqing Customs, Chongqing exported 51.859 million laptops in the first eight months of 2021, an increase of 32.2% over the same period last year, accounting for 36.3% of total laptop exports nationwide, and ranking first in terms of export volume.

The export of tablet computers amounted to 7.068 million units, an increase of 89.5%, while the export of integrated circuits increased by 47.3% to reach a total value of 21.64 billion yuan.

The prosperity of the international economy and trade has brought more foreign investment opportunities for Chongqing. This year alone, foreign investment projects such as the Corning Gorilla Glass Furnace Project, Saint-Gobain Coshun High-tech Materials Project, and Sika Deco New Environmental Building Materials Project have been settled in Chongqing.

Relevant statistics show that in the first eight months of this year, 205 foreign-invested enterprises established themselves in the city, representing an increase of 28.9% year on year.

The strong performance in foreign investment demonstrates that efforts to create an international business environment in Chongqing have produced good results.

In recent years, Chongqing has successively introduced more than 120 policy measures, which have reduced the financial burden on enterprises by over 100 billion yuan, and produced a sense of corporate gain thanks to favorable policies.

The optimized business environment gains recognition

 The five indicators of Chongqing in starting a business, applying for construction permits, registering properties, executing contracts, and handling bankruptcy have all exceeded the world average, according to the results released by the World Bank’s consultation and evaluation. While the Guangdong-Hong Kong-Macao Greater Bay Area Research Institute and 21st Century Economic Research Institute ranked Chongqing fifth among 296 cities in China.

According to the China Business Environment Report 2020, Chongqing Municipality has carried out credit monitoring on the district and county levels, deepened reform of the bidding supervision system, and improved handling systems for bankruptcy cases handling, as Chongqing entered the top five nationwide along with Beijing, Shanghai, Shenzhen, and Guangzhou.

At the same time, Chongqing has seized major opportunities in joint construction of the Belt and Road, Yangtze River Economic Belt, and Chengdu-Chongqing economic circle. Meanwhile, policies that support the construction of pilot zones, an international consumption center city, and an international exchange center have been thoroughly planned out for development in tandem with the world economy.

Logistics, people, and capital flow ever faster

Positive economic tidings were announced during the National Day holiday, with the news that Chongqing dispatched a total of 1493 rail-sea intermodal trains on the New International Land-Sea Trade Corridor between January to September this year. This represents an increase of 77% on the previous year and means the total so far this year has exceeded the 1,297 services dispatched in 2020.

The ILSTC now reaches 308 ports in 106 countries and regions around the world, with Chongqing as the center for operations. Cargo categories include corn from Ukraine, pulp from Brazil, motorcycle parts from Chongqing, and Chinese medicinal herbs from Gansu.

Chongqing has created four major international logistics channels facing north, east, south, and west in recent years. The city has transformed former logistical disadvantages as a hinterland through a new development pattern. The next step is to further push the frontiers of opening up by using the full potential offered by the Yangtze River Golden Waterway.

Chongqing has also organized various large-scale international exhibitions and forums through an open platform to create a global exchange center and accelerate the interconnection of goods.

For example, important events such as the China Smart Expo, Western Conference, China-Singapore Financial Summit, Belt and Road Land-Sea Linkage Development Forum, and the Belt and Road International Skills Competition will continue to be held in Chongqing.

International communication gathers pace

The European Chongqing Center and a diversified international exchange platform will be built to actively expand communication with Latin America, Southeast Asia, North America, Central, and Eastern Europe, as well as to build a high-level Chinese-foreign cultural exchange and education experimental zone and cultural export base.

Fine culture such as the Tongliang Dragon and Sichuan Opera performances will be displayed worldwide, while events such as Chongqing Day, Chongqing Week, and Perceive Chongqing will be held. An international communication center for western China will also implement urban marketing and enhance international communication.

In the financial sector, Chongqing is further opening up through the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI). As of July this year, a total of 172 cross-border financing projects have been signed with a contractual value of approximately US$15.77 billion, achieved under the CCI framework.

The implementation of the CCI has improved the internationalization of financial institutions in western China, created an exemplary channel for financing, seen the launch of 5 pioneering business pilots, and has established 14 iconic financial institutions to drive cross-border financing worth 5.6 billion U.S. dollars for enterprises across ten western provinces and regions.

Chongqing possess international style and flavor

On October 3, Mr. Ma traveled to Chongqing from Guizhou on tour and purchased his favorite imported red wine at the Belt and Road Commodity Exhibition and Trading Center.

''There are so many brands of imported red wine here, yet the price is also affordable. The cheapest only cost a few dozen yuan, and the most expensive just a few hundred yuan after discounts. These prices are very reasonable.'' Mr. Ma commented.

With the accelerated construction of Chongqing as an international consumption center city, foreign resources are gathering as the atmosphere of internationalization grows ever thicker in the local consumer market.

The Belt and Road Commodity Exhibition and Trading Center have more than 30 national pavilions, including South Korea, Romania, the Philippines, and France, which have gathered over 50,000 specialty commodities.

The Muguang Forest in the Ring Shopping Mall has attracted foreign tourists in addition to the Sasseur Outlet (Chongqing Liangjiang), which have gathered many well-known brands from home and abroad, attracting more than 100,000 people to shop over the first three days of the National Holiday, with sales of nearly 25 million yuan.

The Chongqing consumer market has steadily heated up as the city's status as an international consumer center gradually emerges. According to data provided by the Chongqing Municipal Commission of Commerce, total retail sales of consumer goods in Chongqing amounted to 917.48 billion yuan in the first eight months of 2020, representing a year-on-year increase of 25.4%, 7.3 percentage points higher than the national average.

Super 80 Street on Nanpingzheng Street in Nan'an District was a big hit during National Day. Tourists could be seen everywhere taking pictures as they enjoyed open-air movies, traditional green trains, enamel cups, newspapers, and magazines full of memories for those born in the 1980s.

This street is the epitome of urban renewal in Chongqing. In response to the issues of outdated infrastructure and substandard living environments in old communities, Chongqing has vigorously implemented renovation projects that integrate historical and cultural elements, as well as urban ecology. This has given old communities a new lease of life and a number of must-visit spots that have become new favorites on the National Day tourism trail.

Large-scale construction projects have been discouraged from preserving nostalgia in the city. In recent years, Chongqing has accelerated the redevelopment of old industrial areas, transforming old factories such as Testbed2, Beicang, and the Chongqing Iron and Steel Plant into culturally innovative tourist attractions and even filming locations for domestic blockbusters.

Chongqing has launched 31 urban renewal demonstration projects within the metropolitan area this year, including the transformation of old communities, industrial areas, and business districts. Progress in the utilization of urban space resources has led to improvements in the living environment and has promoted the development of new economies, industries, and business formats.

A municipal housing and urban-rural construction committee representative emphasized that Chongqing is a city of mountains and rivers, giving people an 8D fantasy skyline. Chongqing will meet international standards, give play to comparative advantages, and highlight specialty characteristics based on the current and long-term perspectives. The city serves overall development nationwide while enhancing its international influence and reputation.