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Chongqing Sets Sights on 4% Growth in Fixed Asset Investment in 2024 | Insights

By RAN ZHENG|Feb 21,2024

Chongqing - Aiming for a 4% rise in fixed asset investment this year, Chongqing builds on its economic growth after achieving a gross domestic product of 3 trillion yuan (USD 417.6 billion) in 2023, marking a milestone as the first city in China's central and western regions to do so. 

The recent completion of the Seres Super Factory in Chongqing, featuring over 1,000 intelligent devices and 3,000 robots, exemplifies an advancement in industrial automation and manufacturing excellence. Moreover, the completion of the Xiao'anxi Great Bridge and the breakthrough in CRT Line 6's left tunnel extension highlight Chongqing's dedication to improving its infrastructure, aligning with its broader economic development goals.

Seres Super Factory commenced operations on February 5. (Photo/Seres)

In a recent interview, Gao Jian, director of Chongqing Municipal Development and Reform Commission, analyzed Chongqing's investment landscape. He highlighted the city's impressive growth in fixed asset investment, which saw a 4.3% increase in 2023, outpacing the national average by 1.3 percentage points and ranking 13th nationwide. 

Gao added the investment's dual role in driving immediate demand and serving as a long-term supply enhancer, crucial for expanding domestic demand and stabilizing the macro-economy.

Chongqing has focused on optimizing its investment structure, achieving an average annual growth rate of 11.8% in fixed asset investment from 2012 to 2023, exceeding the national average by 1.8 percentage points. This consistent and stable investment growth has been crucial for the city's economic stability, particularly during the pandemic challenges in 2020 and 2021.

"In 2023, the investment landscape in Chongqing showcased several notable achievements," Gao elaborated, particularly in the Chengdu-Chongqing economic circle, which led to a 47.5% year-on-year increase in investment, totaling 413.8 billion yuan.

He added that Chongqing's focus on industrial and infrastructure development has been pivotal. With an industrial investment growth rate of 13.3%, outpacing the general rate of social investment, and a 7% increase in infrastructure investment, the city has significantly accelerated its economic and social development.

In 2023, Chongqing launched 1,152 key municipal projects with an investment of 485.8 billion yuan, surpassing targets by 12.4% and marking an 18.4% increase from the previous year. This commitment to significant projects also underpins Chongqing's strategic investment approach, driving economic growth.

Looking ahead to 2024, Chongqing is poised to expand effective investment further. On January 26, Chongqing announced its agenda for the Chengdu-Chongqing economic circle in 2024, encompassing 300 projects with an aggregate investment of 3.6 trillion yuan. Meanwhile, the city plans to release a list of municipal major projects for 2024, featuring approximately 1,200 projects with a total planned investment of about 2.9 trillion yuan.

Chongqing's investment strategy for 2024 also emphasizes accelerating the progress of construction and the investment release of infrastructure projects. The city will focus on six high-speed railways, including the Chongqing-Wanzhou high-speed railway and the Chongqing-Hunan high-speed railway, to enhance connectivity and support economic growth.

Furthermore, Chongqing aims to increase investment in science and technology innovation and social programs. The city plans to speed up the construction of new laboratories such as Jinfeng, Jialing River, Mingyue Lake, and Guangyang Bay and attract private investment in manufacturing, transportation, urban construction, new infrastructure, and other key projects.


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