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Chongqing Deepens Factors of Production Reform | CCI-FS Insights

By KENNY DONGICHONGQING|Nov 16,2022

CHONGQING – To promote the reform of the market-oriented allocation of factors, Chongqing has made many attempts and explorations, including the market reform of rural collective lands.

Rural collective land entering the market reform

With many people living in the villages moving into the cities after China’s Reform and Opening-up, the labor force in the countryside decreased. Rural land, as an important factor of production, has not been used to the fullest.

The reform of rural collective lands entering into the market is to explore how to stimulate the market vitality of rural land and help the country realize the rural revitalization strategy. Chongqing has made some meaningful trials on this issue, such as in rural tourism.

Rural tourism has become a hot investment area in China recently. According to Guangming.com, 70% of China’s tourism resources are concentrated in rural areas, but there is still great potential for growth in the number of tourists and per capita consumption.

For example, in 2021, Chongqing Dazu District quit 24786.66 square meters of the homestead, with 223,000 yuan of liquidation paid to the rural collectives.

Dazu Xinfa Group auctioned the land use right through the market transaction and invested more than 80 million yuan in building a rural cultural tourism project. More than 400,000 square meters of lotus have been planted locally, becoming a hot summer destination.

From the perspective of the whole city, Chongqing continued to expand the pilot scope of rural collective operation construction land into the market, with a total of over 2 million square meters entering the market and a revenue of 1.16 billion yuan.

Lotus planting has been a tradition in Dazu since Tang Dynasty. Shilihetang provides the natural beauty of the lotus view, agricultural experience, and art events for tourists. The place receives over 100,000 tourists every year. (Photo provided to iChongqing)

Issuing knowledge value credit loans

How can technological achievements be quickly transformed into real productivity? Chongqing has found ways to guide capital flowing into the high-tech field.

The key is to endorse technological innovation financially based on the government’s credit.

In 2021, a research team from Chongqing University of Technology developed a technology that can solve key high-precision position detection problems in high-grade CNC machine tools, with the indicators reaching the international level.

To industrialize this technology, the university issued the team 80% ownership of the patent, appraised 37 patents related to the technology as 100 million yuan, and jointly established a new company with China General Technology Group, which will burden the task of promoting the key technology’s industrialization.

According to statistics, from January to September this year, the turnover of technology contracts in the city was 20.82 billion yuan, a year-on-year increase of 61.28%. The city has issued 14.78 billion yuan of knowledge-value credit loans to 8,574 enterprises, guiding the issuance of 10.227 billion yuan of commercial loans to those companies. (Photo/Si Qi)

Carbon emission trading pilot

Emission trading for carbon dioxide and other greenhouse gases is an increasingly popular approach to limiting climate change by creating a market with limited allowances for emissions, which is gradually accepted by the world.

In a financial sense, opening the trade for carbon emission is like giving the carbon emission a capital property, which will accelerate the cause of energy saving by bringing more money into this field.

In 2018, Chongqing was approved as western China’s only national carbon emission trading market. The carbon emission rights were vitalized into active capital through the continuous improvement of the carbon emissions trading mechanism.

For example, a printing and dyeing garment factory has been rated as a “Chongqing Green Factory Demonstration Enterprise.” The company received a loan of 45 million yuan from the Bank of Chongqing for technological transformation with its 100,000 tons of carbon emission quota.

So far, the trading volume of the city’s carbon emission trading pilot projects has reached 27.91 million tons, with and transaction volume reaching 514 million yuan.

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