Chongqing- By 2024, the value of Chongqing's foreign trade will exceed one trillion yuan (approx. 140 billion USD), with imports accounting for over 40 percent of the total, according to a press conference held by the Chongqing Municipal Commission of Commerce on October 12.

This goal will be achieved and guided by the recently released Action Plan to Promote High-quality Development of Foreign Trade (2022-2024).

Foreign investment in infrastructure construction

The plan said that Chongqing would continue to expand in countries and regions along the Belt and Road, Africa, South America, and other emerging markets and fully explore critical markets such as Japan, South Korea, Vietnam, Singapore, and Malaysia.

By 2024, Chongqing's trade with countries along the Belt and Road will account for over 30% of the total. Meanwhile, three distribution centers for import and export goods along the Belt and Road will be established, driving a trading volume of 10 billion yuan.

Paying attention to the products with tariff reductions among Regional Comprehensive Economic Partnership (RCEP) members in three years, Chongqing aims to help enterprises optimize the industrial layout in the RCEP region. By 2024, the city's trade with RCEP members will account for more than 30% of the total.

To attract more foreign investment to Chongqing, Chongqing encourages foreign investment to participate in infrastructure construction, including energy, transportation, water conservancy, and environmental protection. Besides, Chongqing will reward two million yuan for establishing qualified foreign-invested research and development centers and increasing financial support for new foreign-invested projects.

The plan also sets out key tasks, including accelerating the transfer of industries from the international market and eastern China, improving the mix of import and export commodities, and accelerating the development of new forms of foreign trade.

Strong momentum of automobile and motorcycle export

"It is expected that the city will achieve 860 billion yuan of foreign trade this year," said an official from the Chongqing Municipal Commission of Commerce. "The city's foreign trade remains stable, especially private enterprises are full of vitality, and new business forms are booming."

From this January to August, the city's general foreign trade value was 202 billion yuan, up 16.1%. The exports of mobile phones, cars, and electric motorcycles increased by 21.2%, 73.6%, and 87%, respectively, becoming the highlight of growth. With the industrial transformation and upgrading, exports of automobiles and motorcycles will maintain a strong momentum.

"Next, with the support of the China-Europe freight train (Yuxinou) and the New International Land-Sea Trade Corridor (ILSTC), the export of new energy vehicles and other products will be more convenient," the official added.

In addition, as a pilot city for second-hand car export business, Chongqing has identified two groups of pilot enterprises for second-hand car export since May last year. This August, 108 second-hand cars have been exported worth 1.7 million U.S. dollars.