Chongqing -  According to an economic monitoring report jointly released by the Chongqing Municipal Bureau of Statistics and the Sichuan Provincial Bureau of Statistics on April 2, the Chengdu-Chongqing Economic Circle achieved a regional gross domestic product (GDP) of 7.759 trillion yuan (about $1.127 trillion) in 2022, up 3% year-on-year, accounting for 6.4% of China's GDP and 30.2% of West China's GDP.

The report highlights five features of economic development in the economic circle, including the continuous improvement of development capacity, the adjustment and optimization of economic structure, the increased quantity and quality of industry development, the vigorous development of new consumption, and the strong support of factor services.

In 2022, major industries in the economic circle, such as the auto industry and the electronic information industry, accelerated the construction of an advanced manufacturing cluster. Industrial enterprises above the designated size in the economic circle achieved 7.704 trillion yuan in revenue, up 3.9% year-on-year, and 591.6 billion yuan in profit, up 6.3% year-on-year.

To bolster coordinated industry development and speed up the construction of an advanced manufacturing cluster, Chengdu and Chongqing have established eight industry alliances. For instance, the auto industry alliance has seen increasing exchanges and collaboration between the two cities.

Changan Auto, a national leading automobile company in Chongqing Liangjiang New Area, has over 200 suppliers in the economic circle, accounting for 30% of the company's suppliers. The Chengdu branch of FAW-Volkswagen is also seeing an increasing amount of car parts being made in the Liangjiang New Area.

The economic circle is home to 45 automobile enterprises and more than 1,600 suppliers, with an annual output value exceeding 700 billion yuan and three million cars produced, accounting for 12% of the national figure. By promoting integral development, the economic circle aims to form a trillion-yuan automobile industry cluster.

Liangjiang New Area is home to ten car manufacturers and over 200 core parts providers. In 2022, about 57% of cars and about 60% of NEVs in Chongqing were made here. (Photo/Ran Yulin)

In 2022, the development of new consumption became a highlight of the Chengdu-Chongqing Economic Circle. In an effort to create an international consumption center city with Bayu characteristics, the retail sales of consumer goods reached 3.446 trillion yuan, accounting for 7.8% of the national figure, according to the report.

Businesses above the designated size also saw steady development in online consumption, with retail sales reaching 237.7 billion yuan, up 15.6% year-on-year.

Regarding factor services, Chengdu and Chongqing have collaborated to promote the construction of a comprehensive financial organization system, market system, service system, innovation system, open system, and ecological system.

In the economic circle, the balance of RMB deposits of financial institutions reached 14.57 trillion yuan, up 11.1% year-on-year, while the balance of RMB loans was 13.16 trillion yuan, up 12.3% year-on-year. Enhanced financial support has been formed within the economic circle to support infrastructure, industrial development, and scientific and technological innovation.