Chongqing’s Economy Has Shifted to High-quality Development

Chongqing- “To build a modern socialist country in all respects, we must, first and foremost, pursue high-quality development,” Xi said in a report at the opening session of the 20th National Congress of the Communist Party of China.

In the past five years, Chongqing’s GDP increased by nearly 1 trillion yuan (about 138.3 billion U.S. dollars), with an average annual growth rate of 6.7%, and its per capita GDP reached 87,000 yuan, higher than the national level. This means that the city’s economic development has transformed from high-speed growth to high-quality development, according to the Chongqing Development and Reform Commission on October 20.

The high-quality manufacturing industry is driven by structure change

As a significant manufacturing powerhouse in China, the city’s industrial added value was 788.9 billion yuan in 2021, accounting for 28.3% of GDP, which is an essential support for the economy’s steady growth.

Chongqing serves as one of the leading automobile production bases in the country. To build a national advanced manufacturing center and improve the industrial chain, the industrial structure has changed from automobiles and electronics to cars, electronics, equipment, materials, consumer goods, and other industries.

From 2017 to 2021, the output value of electronic manufacturing and software information services above the designated size increased by 17.5% and 18.2% annually, respectively. The output of new energy vehicles is up to 14.7% of the total car production, and intelligent connected vehicles are rising to 15.7%.

High-quality development is inseparable from green growth. Green industries in the city accounted for 20% of the total industrial output value. Energy consumption per unit of GDP has dropped by 16.1% in the past five years.

Ten national industrial design centers and 40 national enterprise technology centers have injected innovation vitality into Chongqing. More than 4,800 intelligent transformation projects, 127 smart factories, and 734 digital workshops have accelerated intelligent manufacturing.

International brands land in Chongqing, and Chongqing brands go abroad

To cultivate the international consumption city, Chongqing has upgraded core business districts such as Jiefangbei, Chaotianmen, and Guanyinqiao and built 49 urban core business districts (including 12 10-billion-level business districts). These consumption-gathering areas are carrying with international and Bayu characteristics.

The quality of consumer spending has also improved. Chongqing has introduced over 600 international brands. More and more brands have landed their first store in Chongqing, and duty-free retailers like DFS will greet guests this year. 

Chongqing ranked top 1 on China’s nighttime economy city, the third time it topped the list. Chongqing features a distinctive climate and natural landscape, which constitute advantages for developing the nighttime economy.

On the way to the world gourmet capital, Chongqing has cultivated 19 China time-honored brands and 291 Chongqing time-honored brands. Chongqing hot pot has a layout in over 20 countries and regions. Six hot pot brands, like Chongqing Dezhuang and Chongqing Liu Yishou, were among the national top 20.

Demonstration of green development

Respecting, adapting to, and protecting nature is essential for building China into a modern socialist country in all respects. Since the Yangtze River Economic Belt accounts for half of the Chinese population and economic output, Chongqing has strengthened ecological barriers in the upper reaches of the Yangtze River via coordinated protection of mountains, forests, lakes, grasses, and sand. The forest coverage rate increased to 54.5% in 2021, among the top 10 in China.

For example, Guangyang Isle has become a benchmark for prioritizing ecological conservation and pursuing green development and an epitome of strengthening an essential ecological shield in the upper reaches of the Yangtze River. 

“On the journey of the new era to follow the lead of modernization, Chongqing will cultivate more new growth poles, promote high-standard opening up, and pursue high-quality development,” said an official from the Chongqing Development and Reform Commission.