Chongqing - On January 14, the Chongqing Municipal Development and Reform Commission announced a 2024 investment of 497.14 billion yuan (USD 67.81 billion) in key projects. This is a 2.3% increase from last year and 8.9% above the annual target, substantially boosting the local economy.
A train approaches Zengjiayan Station on Chongqing Railway Transit Line 2, the first subway station built on the bridge across the river. (Photo/Zheng Ran)
The industrial sector was a driving force behind this investment surge. A total of 409 key industrial projects received 127.6 billion yuan, exceeding the planned investment progress by 21.0%. The intelligent connected new energy vehicle industry was noteworthy, with 20 significant projects investing 9.15 billion yuan, including the green upgrade of Changan Automobile Yubei plant and the infrastructure support for the Chongqing Liangjiang New Area Longxing New Town intelligent connected new energy vehicle industrial park.
The new-generation electronic information manufacturing industry advanced, with 13.38 billion yuan invested in key projects. Notable completions include the Xinhui silicon and silicon carbide parts facility and Hikvision Science and Technology Park Phase III, both of which are now operational.
Similarly, the advanced materials sector continued its upward trajectory, securing 16.74 billion yuan in investments. This funding enabled the commencement of production at Changshou's high-end metal materials plant, which has an annual output of 750,000 tons, and the Rongchang Huayang refractory adiabatic insulation materials facility.
In the realm of science and technology innovation, 43 key projects were executed, completing an investment of 6.07 billion yuan. The innovation platform in Chongqing Liangjiang New Area saw significant advancements with the completion of the Mingyue Lake incubation base.
The modern service industry is rapidly expanding, and 83 key projects received 28.23 billion yuan. The remaining 12.78 billion yuan is invested in improving trade and logistics and 15.45 billion yuan in expanding urban commercial complexes.
Infrastructure construction remains a top priority, with 566 key projects completing 322.15 billion yuan in investments. Inland open highland construction alone secured 143.05 billion yuan, advancing railroads, transportation hubs, airports, ports, and highways.
Chongqing is accelerating urbanization efforts, integrating urban and rural development through 430 key projects with 166.1 billion yuan invested. Urban roads, bridges, tunnels, and organic renewal projects are key areas. Energy and water security projects received 45.91 billion yuan and 22.15 billion yuan, respectively. Environmental protection is also a focus, with 53 projects completing 13 billion yuan to enhance modern environmental governance.
People's livelihood projects also garnered significant attention, with 152 key projects receiving 28.32 billion yuan, achieving a 115.5% investment progress rate. Funds have been directed towards education, health, and hygiene, upgrading public services, and improving residents' quality of life.