Chongqing- The Chongqing Municipal Bureau of Statistics and the National Bureau of Statistics Survey Office in Chongqing announced a robust rebound in Chongqing's economy for the third quarter on October 20. The city reported a GDP of 222.44 billion yuan (about 30.4 billion U.S. dollars) for the first three quarters, a 5.6% increase from the previous year.

Chongqing reported a GDP of 222.44 billion yuan for the first three quarters of 2023, a 5.6% increase from the previous year. (Graphic/ Zheng Ran)

Chongqing's agriculture production remained steady in Q3, 2023. (Graphic/ Zheng Ran)

In Q3, 2023, there was a significant rebound in Chongqing's industry sector. (Graphic/ Zheng Ran)

Chongqing's service industry sped up its recovery in Q3, 2023. (Graphic/ Zheng Ran)

Chongqing's retail sales were on the rise in Q3, 2023. (Graphic/ Zheng Ran)

In Q3, 2023, Chongqing's fixed asset investment grew 3.6%. (Graphic/ Zheng Ran)

While Chongqing's consumer prices remained steady in Q3, 2023, industrial producer prices dropped. (Graphic/ Zheng Ran)

Chongqing's per capita disposable income was 29,241 yuan in Q3, 2023, increased by 5.1%. (Graphic/ Zheng Ran)

Yang Hongyi, Deputy Director of the Chongqing Municipal Bureau of Statistics, highlighted that Chongqing's GDP growth surpassed the national average by 0.4 percentage points. Industrial production, construction, and the business economy were robust, and demand in sectors like new energy vehicles (NEVs) and electronics kept rising.

The intelligent connected NEVs stand out in Chongqing's economic landscape. From production to sales, this sector has been a beacon of growth. In the first three quarters, the production of NEVs rose by 4.9%, with its retail sales skyrocketing by a whopping 69.8%.

Thanks to Chongqing's well-thought-out industrial development strategy, a comprehensive range of NEV types were offered, including passenger cars, trucks, buses, and specialized vehicles. These span various technologies like pure electric, plug-in, extended range, hydrogen fuel, and battery swap. 

Notably, Chongqing's NEV industry has grown significantly since September. The AITO's new M7 model received over 60,000 orders in its debut month, and sales of other models like Changan's Deepal and AVATR have been rapidly increasing.

Yang emphasized the city's strategic top-level planning that paved the way for a burgeoning NEV sector, with giants like Changan Automobile and SERES leading the charge, with a well-rounded supply chain for the new energy vehicle sector, from production to sales.

Additionally, one noteworthy trend has been the faster income growth of rural residents compared to their urban counterparts, while employment remained stable. The city's urban unemployment average was 5.4% in the first three quarters.

Despite these encouraging figures, Yang said external factors still pose challenges, and there's room to further energize domestic demand. The goal is to harness the city's consumer potential while supporting businesses for continued economic growth.