Chongqing- Over the past 30 years, China has become the world's largest infrastructure market, thanks to its economic reforms and burgeoning urbanization effort. More sustainable financing, higher quality in urban projects, and new markets will determine how the country writes the next chapter of its remarkable story.
Amid the country's efforts to foster an essential growth pole in western China, the Chengdu-Chongqing economic circle will boost 160 key projects in 2022, involving about 2 trillion yuan (about 279.1 billion U.S. dollars), sources of the Chongqing Development and Reform Commission confirmed recently.
By the end of September, Sichuan Province and Chongqing Municipality have joined started 156 of the 160 Chengdu-Chongqing economic circle major projects, with an investment of 496.9 billion yuan. Among them, 165.7 billion yuan was completed in the first three quarters of this year, with an investment completion rate of 90.3%, according to the Chongqing Development and Reform Commission on October 14.
The investment progress of Chengdu-Chongqing Economic Circle major projects by the end of September 2022. (iChongqing/ Zheng Ran)
Chengdu and Chongqing completed 68.3 billion investments in modern infrastructure networks from January to September. Five projects, including the second phase of the Xintian Operation Area in Wanzhou Port, topped the annual planned investment ahead of schedule.
Construction began on the Chengdu-Dazhou-Wanzhou high-speed railway and the Sichuan-Chongqing 1,000 kilovolt ultra-high voltage (UHV) alternating current (AC) project. The Luzhou-Yongchuan expressway was opened to traffic, making a further step toward 1-hour commuting system in Chongqing and surrounding areas. The Chongqing section of the Mingyue Mountain Green Development Demonstration Belt was also put into use.
Both places have invested 74 billion yuan in modern industrial systems, 1.7% more than the planned investment progress. Twenty-two projects were finished ahead of the annual investment plan, including China Resources Microelectronics 12 inches power semiconductor wafer production line, a 5G network construction project, and a BOE OLED module project in Mianyang City.
It's worth mentioning that the Chongqing Dry Port Project of the New International Land-Sea Trade Corridor (ILSTC) also completed investment.
The project will become an international comprehensive transport hub integrating logistics, trade, industries, and finance after its completion at the end of 2022 and improving countries' connectivity along the Belt and Road and ILSTC.
Furthermore, the science and technology innovation center co-construction projects have obtained 11.8 billion yuan, reaching 93.1% of the investment progress. The annual planned investment has been finished in 10 projects, including the Chinese Academy of Sciences Chongqing Science Center, the supporting project of Western China (Chengdu) Science City, and the sci-tech innovation base of the Sichuan-Chongqing Gaozhu New Area.
Cultural tourism, ecological barriers, and public service projects have acquired 11.6 billion yuan. Five projects have completed the annual planned acquisition, including the Sichuan-Shanxi Soviet Cultural Park and the first phase of Pu'an Dinosaur Geological Park in Yunyang County. Yunyang has the world's largest Jurassic in-situ single fossil wall.