Chongqing- Chengdu and Chongqing are increasingly strengthening their economic ties, with successful results shown this year. This further aligns with the national strategy that positions the Chengdu-Chongqing region as an epicenter for advanced manufacturing clusters and a leading Western financial center.
New energy vehicles delivered by Changan Automobile factory in Chongqing Liangjiang New Area. (Photo/ Wang Jiaxi)
This mutual collaboration is epitomized by a story when a Chengdu-based chip design firm approached China Resources Microelectronics (Chongqing) Co., Ltd. a few years ago with a proposal to mass-produce a new chip on their 8-inch wafer production line. Despite initial hesitations due to capacity constraints, Chongqing recognized the project's strategic significance, ultimately leading to technological advancement and market leadership for the Chengdu firm.
The partnership typifies the burgeoning momentum in the electronic information advanced manufacturing cluster in the Chengdu-Chongqing region. Data reveals that in the first seven months of this year, enterprises from both cities generated nearly 800 billion yuan (about 111.87 billion U.S. dollars) in revenue, producing approximately 40% of the nation's microcomputers.
Moreover, the automotive industry further showcases this deepening bond. In June 2019, Chengdu Aerospace Mold & Plastic LLC agreed to an unconventional request by Chongqing-based Changan Automobile to front the costs of developing new car molds. This act of trust led to record sales for Changan, solidifying a win-win situation for both parties.
In the first seven months of this year, production of the new energy vehicles reached 210,000, marking a 10.4% increase. Additionally, 230 auto parts companies from Chengdu have collaborated with Chongqing for vehicle support.
Technicians are busy on the production line of China Resources Microelectronics (Chongqing) Co., Ltd.. (Photo/ Long Fan)
Chengdu and Chongqing also extend their collaborative ventures into other sectors, such as pharmaceuticals, consumer goods, and the Industrial Internet. This partnership fosters high-growth industrial clusters and fortifies the region's leading role in China's economy.
On the financial front, both cities are pioneering a multi-faceted approach. Their joint initiatives include establishing a sizable development fund, creating a seamless one-stop service for customs and banking, and launching innovative foreign debt registration programs. Such endeavors have streamlined business processes, with practices like "Customs and Banks--KEY Interworking" being replicated nationally.
Chengdu and Chongqing have collaborated to implement foreign debt registration and the selection of cross-border capital operation banks in their region. This pioneering initiative makes them the first inter-regional collaboration of its kind in the country.
According to the Chongqing Supervision Bureau of the National Administration of Financial Regulation, the banking and insurance sectors granted credits totaling 767.37 billion yuan (approx. 105.17 billion USD) to the Chengdu-Chongqing region in the first half of 2023. This substantial financial support has significantly boosted the development of the Western financial center, taking it to unparalleled levels.