Chongqing- On May 10, the first leg of the 2022 Jones Lang Lasalle (JLL) China Urban Development Summit kicked off in Chongqing. Representatives discussed the attractiveness of Chongqing from different perspectives, such as urban renewal, business district upgrading, and sustainable development.

Leverage the economic development of the western region

Last year, China's State Council approved Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing to take the lead in developing international consumption center cities.

Chongqing has proposed to build itself into a globally renowned city for its shopping atmosphere, food, exhibitions, tourism, and culture and an international consumption center city with local features that illuminate western China, serving as a lighthouse to South and Southeast Asia.

"Building the international consumption center has become an important point of Chongqing's urban development. The cultivation and construction work has started well and achieved initial results," said a Chongqing Municipal Commission of Commerce official.

China's economy developed rapidly, from the coast to inland in the past decades. The urban agglomeration is no longer the Guangdong-Hong Kong-Macau Greater Bay Area, Yangtze River Delta, and the Beijing-Tianjin-Hebei region. The Chengdu-Chongqing economic circle and the Yangtze river middle reaches region rise rapidly. The Chengdu-Chongqing economic circle connects the Yangtze River Economic Belt and the New International Land-Sea Trade Corridor. It will leverage the economic development of the vast western region and become a pioneer of opening-up in inland China, according to the report from JLL released.

The report also indicates that Chongqing, the fourth-highest quality retail property inventory in China, will use Chengdu-Chongqing economic circle to tap its local advantages and achieve consumption breakthrough.

Consumption is the primary driver of economic growth. In the future, Chongqing will continue to attract top property developers to build high-quality landmarks in Chongqing. Chongqing will give the night economy full play and cultivate local commercial brands to facilitate the first store economy and introduce more international brands.

Gather the wisdom

At the summit, representatives discussed the attractiveness of Chongqing from different perspectives, such as urban renewal, business district upgrading, and sustainable development.

Tan Hua, general manager of Chongqing Vanke, believes that the potential of the city, social consumption level, business environment, and high-quality operation partners are important factors for international brands to enter Chongqing. In becoming an international consumer center city, the effective combination of architectural space structure and brand value will become the characteristic sample of the future urban renewal development.

Li Tiejun, general manager of Frasers Residence Chengdu, said that Chongqing's international influence is steadily rising with the combined support of historical and cultural precipitation and emerging industries. It will attract more international brands' first stores to take root in Chongqing in the future.

"The night economy combined with the mountain-river landscape and Bayu culture immersion consumer scenario laid a solid foundation for the international consumption center. Meanwhile, the urban renewal and community renovation provide diversities for consumption spaces," said the representative from CCTEG Chongqing Engineering (Group) Co., LTD. 

"The zero-carbon concept will rebuild relationships among people, industries, and cities. Targeting Manhattan and London, Chongqing can make efforts in institutional and policy incentives, energy structure transformation, and infrastructure upgrading to promote the construction of a world-class low-carbon consumer city," said Mengyi Tien, director of the Strategy Consulting Department of JLL China.

The 2022 JLL China Urban Development Summit will be held in seven cities, including Chengdu, Shanghai, Beijing, Guangzhou, and Hong Kong.