Chongqing- Chongqing has achieved a significant infrastructure milestone as its highway network expands to 4,142 kilometers, with a road network density of 5.03 kilometers per 100 square kilometers, solidifying its position at the forefront in Western China, said Zhu Wen, chief engineer of the Chongqing Municipal Transportation Bureau, at a recent press conference for 2024 Chongqing Municipal Government and Social Capital Cooperation Project Promotion.
This expansion has connected all counties via high-speed roads and established direct high-speed connections between Chongqing and five surrounding provinces.
Furthermore, the press conference unveiled 52 projects totaling an investment of 155.6 billion yuan (USD 21.85 billion).
2024 Chongqing Municipal Government and Social Capital Cooperation Projects. (Graphic/ Zheng Ran)
Using the collaborative model of Chongqing's municipal expressways, Zhu emphasized highways as a key in transportation investment. This fosters government and social capital collaboration, attracting significant investment. The current plan aims to extend the highway network by about 1,300 km, reaching 6,900 km by 2035, eventually targeting 8,500 km by 2050.
There are 22 ongoing construction projects covering 1,222 kilometers, and plans for new constructions and expansions are in place, ensuring a robust pipeline of future projects, Zhu added.
Zhou Jianchi, deputy director of the Chongqing Development and Reform Commission, discussed an innovative government-social capital cooperation mechanism. This framework permits private investment across various infrastructure domains, ensuring clear benefits and a user-payment system for payment equilibrium. A key aspect is its flexible investment terms, potentially extending project revenue periods to 40 years, mitigating investment risks for private capital.
A significant portion of the projects focuses on urban renewal, as stated by Yuan Ding, chief engineer of the Chongqing Housing and Urban-Rural Development Commission. He shared that urban renewal projects have attracted a substantial investment of 294.1 billion yuan, with about 60% coming from social capital. These projects are split across government-led, market-led, and collaborative ventures.
Chongqing's plan includes eight major urban renewal projects, with a combined investment of around 10.4 billion yuan. These projects aim to address infrastructure gaps, build new facilities, revitalize old districts, and repurpose underutilized land.
Implementation strategies like Build-Operate-Transfer, Transfer-Operate-Transfer, and Renovate-Operate-Transfer are crucial, fostering collaboration among the government, social investors, and property owners to expedite construction, improve operational proceeds, and attract significant private investor participation.