Chongqing - A total of 120 cooperation projects from 15 provincial regions signed agreements at the China Industrial Transfer & Development Matchmaking Activities (Chongqing) on November 20, totaling 201.22 billion yuan (USD 28.35 billion).

The signed projects include 16 projects in the electronics industry, 52 projects in the equipment industry, 24 projects in the automobile industry, seven projects in the materials industry, 11 projects in the consumer goods industry, and ten projects in the pharmaceutical industry, according to the Chongqing Municipal Commission of Economy and Information Technology.

Opening ceremony of China Industrial Transfer & Development Matchmaking Activities (Chongqing). (Photo/cqnews.net)

Project implementation in China's central and western regions

Starting this August, the China Industrial Transfer & Development Matchmaking Activities, led by China's Ministry of Industry and Information Technology, have been held in Guangxi, Yunnan, Xinjiang, and Gansu in western China. On November 19, Chongqing and Shanxi simultaneously conducted their respective matchmaking events.

During the China Industrial Transfer & Development Matchmaking Activities (Chongqing), Jin Zhuanglong, Minister of Industry and Information Technology, stated in the opening ceremony that this year, following the important instructions of President Xi Jinping and the decisions of the Party Central Committee and the State Council, the Ministry of Industry and Information Technology, in collaboration with the central and western provinces, has organized several industrial transfer matchmaking activities. 

Jin said these events aim to promote the establishment and improvement of regional matchmaking and cooperation mechanisms and facilitate the signing and implementation of a large number of major projects in the central and western regions.

Hu Henghua, Mayor of Chongqing, expressed that Chongqing will actively undertake industrial transfers, accelerate the construction of a modern industrial system, and work together with brother provinces, cities, regions, and a broad range of entrepreneurs to jointly maintain the national industrial and supply chain security.

Two pillar industries attracted over 100 billion yuan in investment

The signed six industry sectors can be attributed to the manufacturing sector and prominently reflect the advantageous sectors in Chongqing or those highly valued by the government. The matchmaking activities saw active involvement from specific functional departments and district-level government based on their strengths.

For instance, the matchmaking activities for the food and agricultural product processing industry involved the participation of the governments of Wanzhou, Hechuan, Qijiang, Liangping, and Wulong districts due to the areas' significant agricultural presence. 

Similarly, matchmaking activities for the biopharmaceutical sector included the participation of governments in areas that prioritize pharmaceutical industry development, such as the Liangjiang New Area, Chongqing High-tech Zone, and Banan District.

The automobile and electronic manufacturing sectors, Chongqing's top two pillar industries, attracted a wave of new industrial transfer investments totaling 109.082 billion yuan. 

Among them, projects in the electronic information manufacturing sector include those focusing on power semiconductors and integrated circuits, automotive electronics, solar photovoltaics, lithium batteries, new energy storage, new displays, smart terminals, AI devices, servers, and smart homes. While in the automobile manufacturing sector, projects involve precision molds and the research and development of automotive components.

Wang Zhong, Vice President of the chair sector of Adient China, representing the signing party, highlighted Chongqing's outstanding geographical advantages and strong industrial foundation. The company plans to launch its research center expansion program in Chongqing in December.

This event also gives the government new incentive measures for introducing foreign-funded projects. According to the Chongqing Municipal Commission of Economy and Information Technology, new projects established in Chongqing with an annual actual foreign investment of over USD 10 million (excluding real estate, finance, and similar financial projects) or manufacturing projects with over USD 30 million in actual foreign investment will receive incentives based on a minimum of 2% or 4% of the actual annual foreign investment amount (converted into RMB). The maximum annual incentive for a single project does not exceed 10 million RMB.

Furthermore, Chongqing encourages foreign investors of existing foreign-invested enterprises to increase their registered capital with profits in RMB. It supports increased capital projects and new projects enjoying equal subsidy policies for foreign investment.