Chongqing- Liu Zhaokui, deputy director of the Chongqing Municipal Economic and Information Technology Commission, introduced Southwest China's Chongqing achievements in policy communication, facility connectivity, and trade facilitation over the decade to mark the 10th anniversary of the city's full integration into the Belt and Road Initiative (BRI), at a press conference on October 13.

Chongqing has intensified its strategic partnerships with the BRI partners at the intersection of the BRI and the Yangtze River Economic Belt.

Specifically, the China-Singapore (Chongqing) Demonstration Project on Strategic Connectivity (CCI) is hailed as a landmark initiative, boasting 265 government and commercial agreements valued at 25.65 billion U.S. dollars.

Chongqing's international outreach includes hosting over 400 high-level exchanges and establishing 29 international friendship cities and 84 international friendship exchange cities.

 A digital bridge between Chongqing and Singapore

A "four-in-one" connectivity strategy has been realized in the past ten years, encompassing land, sea, air, and the digital realm. Major projects include the Yangtze River Intelligent Logistics Project, the China Europe freight trains, the New International Land-Sea Trade Corridor (ILSTC), and air routes to 110 international destinations.

Notably, the New International Land-Sea Trade Corridor has connected 473 ports across 120 global locations throughout the decade. It encompasses three primary transport methods, including rail-sea intermodal trains, international railroad intermodal trains, and cross-border road shuttles, which have moved 546,000 TEUs with goods valued at 90.65 billion yuan (about 12.41 billion U.S. dollars).

Leveraging the CCI, Chongqing has introduced China's inaugural direct international data link solely for Singapore, establishing a digital bridge between Chongqing and Singapore. The CCI has also rolled out a dedicated international data channel, solidifying Chongqing's reputation as a global logistics nexus. 

Efforts are being ramped up to develop Chongqing into a premier international transport hub, positioning it as the country's first logistics center, boasting five facets: seaport, land port, airport, production services, and trade services.

A 9% average annual growth rate in trade

Chongqing's trade volume with BRI countries surged to 333.14 billion yuan in 2022, a 9% average annual growth rate over the past decade.

Since 2013, Chongqing has attracted 29.35 billion U.S. dollars in foreign investment, with 319 Fortune 500 firms setting up in the city.

Elevating the Chongqing Pilot Free Trade Zone (FTZ), Chongqing has established 147 pivotal institutional innovations. Seven have been adopted and spread nationally, while 89 have been replicated within the city. 

The world saw Chongqing's first "International Letter of Credit for Rail Bill of Lading" initiated. Its endorsement and transferability have been upheld by legal standards, with 6,834 railroad bills of lading issued, valued at around 3.35 billion yuan. 

More examples of innovation practices can be found in Chongqing's Accession to Co-building, the "Belt and Road" Blue Book, also unveiled at the press conference.

Broader insurance coverage to boost business

Through a multi-party cooperation mechanism among the government, banks, credit insurance, and business associations, banks in Chongqing have strengthened their financial services, with financing for the BRI ballooning from 170.1 billion yuan in 2017 to 296.8 billion yuan in 2022, broadening export credit insurance coverage. 

As of September 2023, Banks backed Chongqing businesses with credit insurance worth 14.3 billion U.S. dollars for their exports to BRI nations.

The CCI has facilitated 259 financial service projects amounting to 30.62 billion U.S. dollars, bringing out Asia's first Outlet real estate investment trusts (REITs) and pilot of Singaporean companies in Chongqing qualified domestic limited partner (QDLP).