Chongqing—On November 28, at the 2024 Jiefangbei Forum, Forbes China revealed the 2024 Central Business District (CBD) Consumption Competitiveness Ranking, with Chongqing's Jiefangbei CBD securing an impressive fourth place nationwide.

The ranking places Jiefangbei directly after the top three international business districts: Beijing, Shanghai's Lujiazui, and Guangzhou's Tianhe.

Forbes China unveiled the 2024 Central Business District (CBD) Consumption Competitiveness Ranking in Chongqing on November 28. (Photo/Chen Zhan)

Forbes China Group explained that the ranking was based on a multi-dimensional framework, evaluating nearly 30 indicators across four areas: consumption growth, payment convenience, internationalization, and innovation in consumption models.

This year's ranking is particularly noteworthy for its introduction of consumption competitiveness as a key metric in the evaluation process. 

Notably, the inclusion of consumption competitiveness marks a shift in the ranking methodology compared to previous years. In this year's evaluation, Forbes China strongly emphasized factors such as inbound tourism and the development of a duty-free economy. 

The rankings also considered the ease of payment options for inbound consumers, the level of international openness, consumption trends among younger demographics, the innovation of business models, and the city's historical and cultural significance.

Jiefangbei CBD has excelled in payment convenience, especially for international visitors, by creating Chongqing’s first payment convenience demo area. This initiative has helped the district earn recognition as one of China’s top ten inbound consumer-friendly business districts.

In addition to its focus on international engagement, Jiefangbei CBD is leading the way in digital payment innovation and modern retail experiences. The district has introduced a series of forward-thinking models that appeal to the young, tech-savvy consumer, positioning it as a key player in China's evolving consumer landscape.

Moreover, Jiefangbei CBD is at the forefront of the country's efforts to create digital and convenient consumption scenarios. The district has taken a pioneering role in this area by launching Chongqing's first immersive metaverse experience hall and themed virtual reality (VR) spaces. These initiatives are providing both local residents and international visitors with a cutting-edge digital cultural and tourism experience.

A representative from Yuzhong District, where the Jiefangbei CBD is located, highlighted that the district is committed to improving the level and quality of its urban industries. This focus is aimed at injecting new vitality into regional development and fostering economic growth.

During the forum, Yuzhong District signed several agreements with both domestic and international partners to strengthen cooperation. (Photo/Chen Zhan)

During the forum, Yuzhong District signed several agreements with both domestic and international partners to strengthen cooperation. Notable collaborations include Singapore's StartupX technology innovation ecosystem construction project and the U.S.-based APEXE unicorn incubation project.

According to recent data, Chongqing's total retail sales ranked second in the country for both the first half of 2024 and for the entire year of 2023, trailing only behind Shanghai.

In terms of growth, Chongqing's total retail sales increased 3.9% year over year in the first half of 2024, making it the top performer among the selected CBDs.