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Chongqing Targets 6% GDP Growth in 2025 as Mayor Presents the Government Work Report

By YUTING CHENZHAN CHENKENNY DONG|Jan 20,2025

Chongqing—Hu Henghua, Mayor of the Chongqing Municipal People's Government, delivered the Government Work Report on January 19 at the opening session of the third session of the 6th Chongqing Municipal People's Congress. The report highlighted Chongqing's steady economic growth and promising upward momentum.

In 2024, the city's GDP is projected to reach 3.2 trillion yuan (about 437 billion USD), a 5.7% increase. Per capita GDP surpassed 100,000 yuan for the first time, while industrial output grew by 7.3% and services expanded by 6.8%. Retail sales rose by 3.6%, investment remained strong, with industrial investment up by 11.2% and private investment increasing by 8.1%.

On the morning of January 19, the opening session and first plenary meeting of the third session of the 6th Chongqing Municipal People’s Congress was held at the Chongqing People's Auditorium. (Photo/Li Wenke)

Hu noted that over the past year, Chongqing has made significant progress in cultivating new-quality productive forces. Its industrial structure is evolving toward greater innovation and higher quality. -Newenergy vehicle production reached 953,000 units in 2024, and integrated circuit output more than doubled.

Sectors such as advanced materials, artificial intelligence, robotics, and software recorded double-digit growth. The software industry increased revenue by 16.4%, and R&D intensity climbed to an estimated 2.6%.

Breakthroughs have been achieved in several major technological advancements and the industrialization of results. The city's first Class 1 innovative drug has been approved for market launch, and the value-added output of strategic emerging industries is expected to account for 34.6% of the total industrial output above the designated size.

The Chongqing Hub Port Industrial Park is under construction with 163 signed projects, boosting the New International Land-Sea Trade Corridor (ILSTC) hub’s role. The "Three Countries, Three Parks" initiative with China, Laos, and Thailand is advancing, while foreign trade growth remains positive. Chongqing saw the establishment of 792 new foreign-invested enterprises and a 5.3% increase in actual foreign capital.

Attract investment in Europe, ASEAN, Japan, and South Korea

Hu emphasized that 2025 would be a critical year for completing the 14th Five-Year Plan (2021–2025) and advancing Chongqing’s modernization efforts. The city is targeting GDP growth of around 6%, a 5% rise in fixed asset investment, and a 5% increase in retail sales. It also plans to add 650,000 urban jobs, raise per capita disposable income by 6%, increase the consumer price index (CPI) by around 2%, and reduce energy consumption per unit of GDP by 2.5%.

On the morning of January 19, the third session of the 6th Chongqing Municipal People’s Congress was held. Deputies listened attentively. (Photo/Li Wenke)

Deepening the development of the Chengdu-Chongqing Economic Circle remains a key priority. Efforts to accelerate the establishment of the Chengdu-Chongqing Comprehensive Scientific Center and enhance cooperation platforms in 10 neighboring areas are underway. Improvements to 35 Chengdu-Chongqing industrial cooperation demonstration parks are planned, along with the creation of a Chengdu-Chongqing low-altitude economic corridor and an industrial transfer demonstration zone along the river.

Chongqing aims to enhance its manufacturing capabilities, focusing on intelligent connected vehicles, high-end motorcycles, and next-generation energy solutions. The city is also investing in future industries, such as artificial intelligence, aerospace, and biomanufacturing, with plans to establish a satellite internet industrial park.

Efforts to strengthen logistics and transportation infrastructure will continue, with Chongqing targeting a 20% increase in intermodal freight volume as part of its strategy to reduce overall logistics costs.

Chongqing is focusing on stabilizing foreign trade and implementing an international market expansion plan. The city aims to sustain exports of key products like laptops, smartphones, and communications equipment while boosting imports of critical machinery, high-end equipment, and non-ferrous metals. It will also expand trade in intermediate goods, services, green products, digital trade, and cross-border e-commerce, supporting foreign trade companies in exploring domestic markets.

Chongqing will enhance its "Invest in Chongqing" brand to attract foreign investment, particularly targeting investments from Europe, ASEAN, Japan, and South Korea. Additionally, efforts are underway to position Chongqing as a center for international exchange in Western China by hosting major events like the Western China International Fair for Investment and Trade and the Smart China Expo. Plans include facilitating the opening of consulates general of Mexico and Vietnam in Chongqing, increasing global engagement, and raising the city's international profile.


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