Chongqing - According to the Chongqing Municipal Development and Reform Commission on November 12, Chongqing's key municipal projects have entered an accelerated phase, with more than 400 billion yuan (about USD 55.38 billion) invested between January and October 2024.

Chongqing has invested over 400 billion yuan in key municipal projects by October 2024, with an 88.1% completion rate. (Photo/Zheng Ran)

This progress, with an 88.1% investment completion rate, provides strong support for the city's economic growth and sets the stage for continued development.

The modernization of Chongqing's industrial system has been a significant focus, with investments totaling 105.9 billion yuan and a progress rate of 100.4% by October. This makes it the first of the city's seven major industrial sectors to meet its annual investment target, showcasing Chongqing's commitment to transforming its industrial base and increasing manufacturing capabilities.

Key manufacturing projects have also seen significant growth, with a total investment of 75.76 billion yuan, reflecting a 17% year-on-year increase. These projects, with a completion rate of 101.8%, include significant developments such as the Dadukou EZVIZ Intelligent Manufacturing Base and the Changshou High-End Metal Materials Project, both of which have completed more than 90% of their work, with equipment installation now underway.

EZVIZ, a subsidiary of Hikvision, is a smart home security brand that provides a cloud-based platform, AI-powered technology, and a range of intelligent devices. Hikvision, a leading Chinese company, specializes in manufacturing video surveillance equipment and various other technology products.

The Jialing River Lize Shipping Hub is located in Qiantang Town, Hechuan District, Chongqing. (Photo/Chongqing Municipal Development and Reform Commission)

Chongqing's modern service industry is also progressing rapidly, with investments of 21.33 billion yuan supporting the creation of an inland service industry development pioneer zone. These projects will further enhance the city's service sector and contribute to its overall economic development.

In the field of social welfare, key projects focused on livelihood protection, rural revitalization, and cultural development have received 38.36 billion yuan in investment, with a completion rate of over 90%. In education, investments of 10.44 billion yuan have funded 19 new or upgraded schools, enhancing the balanced distribution of quality educational resources across the city. 

Healthcare investments also rose by 11.7%, totaling 10.26 billion yuan, with several hospital relocation and expansion projects advancing to improve medical services for the public.

Furthermore, Chongqing's infrastructure projects have received a major boost, with 256.01 billion yuan invested in key initiatives related to inland opening up highlands, new urbanization, and ecological protection. Over 30 billion yuan has been allocated to major rail projects, including the Second Chengdu-Chongqing high-speed railway and the Chongqing-Wanzhou and Chengdu-Dazhou-Wanzhou high-speed railways, which are progressing rapidly. 

Additionally, the city has invested 15.33 billion yuan in urban road, bridge, and tunnel construction, while 34.56 billion yuan has been received for energy security projects, including the Hechuan Shuanghuai Power Plant Phase III, which will enhance the city's power supply capacity.

As the fourth quarter approaches, a Chongqing Municipal Development and Reform Commission representative emphasized that efforts will be intensified in project planning, preliminary work, and construction schedules to ensure all projects are completed on time, providing a robust boost to the city's economic and social development.