Chongqing - Private economy plays an indispensable role in building the New International Land-sea Trade Corridor (ILSTC), showing its significant contributions to tax, GDP, and employment, said Pan Yijiang, head of the Institute of Comprehensive Transportation of National Development and Reform Commission, China.
On June 20, an event was held in Southwest China's Chongqing to discuss how ILSTC can foster high-quality development in the private economy.
Before that, Yuan Jiajun, Secretary of the Communist Party of China (CPC) Chongqing Municipal Committee, said that the private economy is essential to Chongqing's economic development.
He continued it is necessary to transform the development mode and adjust the industrial structure to enhance the competitiveness of the private economy across various sectors, aiming to build Chongqing into a leader in the business environment in China's western region.
Yuan emphasized the need to address pressing challenges private enterprises face, such as reducing tax burdens, improving financing access, and strengthening talent and employment guarantees.
Building strong brands with national and international recognition is also critical in promoting enterprise quality and efficiency and advancing cluster development.
On June 20, an event was held in Southwest China's Chongqing to discuss how ILSTC can foster high-quality development in the private economy. (Photo/Chen Zhan)
To develop the ILSTC, it is necessary to deeply integrate industry, trade, digitalization, finance, and culture to drive economic transformation while optimizing transportation and logistics structure.
Pan emphasized the importance of the urban agglomeration of metropolitan areas, particularly the Chengdu-Chongqing economic circle and the Beibu Gulf city cluster, in shaping the future of ILSTC.
Pan said Chongqing and Guangxi, the critical nodes in city clusters, play a significant role in building the ILSTC. Chongqing serves as the operation and organization center of ILSTC, while Guangxi Beibu Gulf Port is its essential exit port.
Hu Hongbin, deputy director of Chongqing Port and Logistics Office, recognized ILSTC's positive efficiency after six years of construction, with its operation mechanism and quality continually improving alongside its complete infrastructure.
Nowadays, the ILSTC's network covers 393 ports in 119 countries and regions, including all Regional Comprehensive Economic Partnership (RCEP) members. Hu encouraged private enterprises to take advantage of the opening platform to facilitate foreign trade.
The rail-sea combined transport train of the ILSTC departed from Chongqing Tuanjie Village Station. (Photo/Visual Chongqing)
In 2022, Chongqing's private enterprises showed remarkable growth, with an import and export volume of 374.11 billion yuan, accounting for 45.9% of the total and contributing 156% to foreign trade growth.
Among these enterprises, 19 private enterprises invested 66.68 million U.S. dollars in Belt and Road countries. Private enterprises have undoubtedly become the main force driving Chongqing's foreign trade and investment.
Seres Group, a Chongqing-based new energy vehicle (NEV) company, is among the private enterprises expanding into overseas markets through the ILSTC.
To reduce export logistics costs, Seres Group built a new factory close to the Chongqing international logistics hub, from where it exports its cars to countries such as Peru, Chile, Ecuador, Norway, Germany, etc.
The establishment of the new factory has also attracted more than ten supporting firms, which cover key processes in NEV production, including materials, molds, and robots. All these supporting firms are private enterprises, significantly contributing to Chongqing's economy.
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