Chongqing - Drawing inspiration from Chicago's transformation from an inland city to a thriving port hub, Chongqing is gearing up to augment its global trade capabilities with the New International Land-sea Trade Corridor (ILSTC), revealed Mars Wei, general manager of Cushman & Wakefield Chongqing, in an exclusive interview with Bridging News.

A collaborative venture between Chinese western provincial regions and the Association of Southeast Asian Nations (ASEAN), the extensive ILSTC has evolved as a pivotal catalyst for economic expansion and global integration.

Focusing on its excellent opportunities for western cities, Cushman & Wakefield has recently unveiled a comprehensive report on the ILSTC, where Mars Wei provided an in-depth analysis.

Mars Wei, general manager of Cushman & Wakefield Chongqing. (Photo/Cushman & Wakefield)

ILSTC transport network enhances Chongqing's trade and information flow

According to Wei, the ILSTC presents monumental opportunities for cities situated in the inland regions. The corridor isn't just a booster for the city's trade capacities but a dynamic force to drive urban industrial transformations. 

Drawing parallels, Wei highlighted Chicago's exemplary model that Chongqing could emulate. It transformed from an average inland city into the USA's leading air transport hub, a central railway junction, and the world's largest inland port with strategic investments in canals, railways, and airports, overcoming its geographical limitations. 

Reflecting on Chicago's success, Wei commented, "Chicago transformed by robust transportation infrastructure. That's exactly the path we're charting for ourselves."

In his eyes, the ILSTC can potentially change Chongqing from an inland city into a commercial hub and a central point for the movement of goods and information exchange.

Chongqing shares similarities with Chicago in constructing transportation infrastructure. (Graphics/Chen Zhan)

He emphasized the significance of transport, noting, "Efficient transport networks usher in broader and more consistent trade, facilitate economic exchanges, and fast-track urban progress."

Now, Chongqing is vigorously working towards establishing itself as a premier shipping hub along the upper reaches of the Yangtze River, with its Guoyuan Port standing out as the country's premier river port.

Chongqing's tertiary industry thrives amidst industrial upgrading

A well-devised industrial plan and positioning are pivotal for the city's growth and prosperity. Notably, Chongqing shares similarities with Chicago as they are both manufacturing centers historically.

Tracing back to Chicago's trajectory, the city underwent significant industrial diversification and upgrading during the 1980s and financial ascendance in the 21st century. 

"Chicago's evolution maps out its journey, establishing itself as the third most influential city in the USA, after New York and Los Angeles," remarked Wei. 

Chongqing shares similarities with Chicago in industrial upgrading. (Graphics/Chen Zhan)

Chongqing is paving a path reminiscent of Chicago, as recent statistics reveal a shift in its industrial landscape. The city's primary and secondary industries have experienced a decline, while the tertiary sectors are witnessing substantial growth.

This evolving trend emphasizes Chongqing's move towards more diversified industries, with a notable focus on the digital economy. The city's strategy aims to consolidate capital, harness cutting-edge information, and attract premier talent, setting the stage for a vibrant economic future.

Furthermore, Wei shed light on the Western Financial Center that Chongqing aspires to build. "With its significant contribution to the GDP and the potential synergy with ILSTC, Chongqing is poised to become a leading gateway for international openness," he added.