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Chongqing's Future Investment Targets the Greater Bay Area

By ZHAN CHENICHONGQING|Jan 03,2022

On December 30, Chongqing Investment Promotion Bureau showcased the 2021 annual report card at a press conference. It is expected to complete 1.71 trillion yuan of contracted capital and 360 billion yuan of paid-in investment for the year, which respectively increased by 17% and 22% over the previous year, exceeding the annual target. 

The municipal investment promotion bureau has promoted central, foreign and private enterprises to invest in Chongqing this year. As of November, 431 new projects with an investment of more than 1 billion yuan were signed, and a number of major projects were newly introduced.

press conference

Chongqing Investment Promotion Bureau held the press conference on December 30. (iChongqing/ Zhan Chen)

Progress of key projects

“In the past two years, the rate of operation of the city’s important investment projects has been remained at over 60%,” said Zhou Bo, director of Chongqing Investment Promotion Bureau, “we solve actively the difficulties and problems encountered in the specific projects such as environmental protection, energy consumption, land, talents, and capital.”

In terms of key investment projects, there are 100 municipal-level projects selected this year, and the funds available as of November are approximately 84.3 billion yuan. Among them, the global headquarters project of BYD power battery and the China Resources 12-inch semiconductor base project were completed and put into operation this year.

In the aspect of signing investment projects in great exhibitions, the Smart China Expo and the Western China International Fair have been included 253 and 300 contracted projects, respectively. The paid-in investments at the end of 2021 are expected to be 104 billion and 71 billion yuan for these two expos.

signing ceremony

The Smart China Expo 2021 key projects signing ceremony was held on August 23 in Chongqing. (iChongqing file photo)

Regional cooperative investment

According to Xie Xiaogang, deputy director of Chongqing Investment Promotion Bureau, they implemented the coordinated development policy to promote regional cooperation. In Chongqing, 16 pairs of districts and counties plan to build 23 industrial cooperation parks, including the Yubei-Yunyang, Jiangjin-Kaizhou parks, and others. 

Regarding the cooperation between cities, the collaborative investment promotion in the Chengdu-Chongqing region has surpassed expectations. Besides, the relation between Shandong and Chongqing is also remarkable. This year, Chongqing has introduced 62 Shandong projects with a contractual investment of 44.2 billion yuan. “In 2022, we will continue to increase our efforts in these areas to promote regional cooperation,” Xie said.

Investment in the Greater Bay Area

“The Guangdong-Hong Kong-Macao Greater Bay Area has always occupied a pivotal position in our national strategy and is an important source of investment projects in Chongqing. So we have established a good cooperative relationship for a long time,” addressed Yang Zixuan, deputy director of Chongqing Investment Promotion Bureau, “we attach great importance to the development of all-round, multi-level, and wide-ranging cooperation with the Greater Bay Area.”

greater bay area

A picture of Hong Kong. (iChongqing file photo)

Chongqing is building an international exchange and financial center in the western region and a global consumption center city. “It has already launched a comprehensive pilot program for service industry opening-up expansion, and there are many beneficial policies for service opening,” Yang said. 

In the next step, Chongqing will continue to target the Greater Bay Area, especially Hong Kong, to attract more projects in the digital economy, intelligent manufacturing, new energy vehicles, and other industrial chains. Furthermore, Chongqing will learn from the Greater Bay Area regarding policies, services, and ecology and continuously improve the internationalization level.

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