Chongqing facilitated $110 billion in cross-border trade for 350 top enterprises in the first quarter, while cross-border investment and financing exceeded $20 billion, underscoring its growing role as a regional financial hub.

At the heart of Chongqing's financial opening-up is the New International Land-Sea Trade Corridor (ILSTC), connecting inland China with Southeast Asia and beyond. The People's Bank of China Chongqing Branch has developed a robust financial service framework for the corridor, focusing on infrastructure, logistics, industry, and trade. This initiative aims to strengthen services for Renminbi and foreign currency support and settlement.

By the end of March 2025, the corridor's financing balance had reached 640 billion yuan ($92.75 billion), a 14.4% year-over-year increase, reflecting robust growth in cross-border financial collaboration.

A picture of Chongqing. (Photo/Xinhua)

Wen Jiangyong, Deputy President of the People's Bank of China, Chongqing Municipal Branch, and Deputy Director of the State Administration of Foreign Exchange, Chongqing Municipal Branch, highlighted key measures to improve foreign exchange services in critical areas, such as technological innovation and inclusive finance.

Chongqing has been designated as a pilot cash-pooling service for multinational companies, integrating domestic and foreign currency management. This enables multinational tech companies to optimize their fund allocation across domestic and overseas subsidiaries. This reform enhances cross-border capital efficiency, mitigates exchange rate risks, and reduces financial costs for enterprises.

Digital solutions play a transformative role in Chongqing's financial ecosystem, with nine innovative application scenarios launched on its cross-border financial service platform. These include services for bank-enterprise financing matchmaking and exchange rate risk management, designed to shorten funding approval cycles, address information gaps, and simplify cross-border transactions.

By March 2025, over 1,800 enterprises had utilized these digital services, facilitating $59.6 billion in combined financing and settlements. The digitalization of capital projects also enabled over $1 billion in online fund settlements, significantly reducing business processing time.

Domestically, Chongqing's banking sector reported substantial expansion, with RMB loans increasing by RMB 167.2 billion in Q1 2025, nearly doubling the year-ago increase. Outstanding RMB loans totaled RMB 6.12 trillion, a 7.9% year-over-year increase, surpassing the national average by 0.5 percentage points for the first time in three years.

The aggregate financing to the real economy (AFRE) flow in Chongqing was RMB 273.38 billion, representing an increase of RMB 53.23 billion from the same period in 2024, driven by various policy measures supporting the real economy.

With a continued focus on ILSTC integration, digital innovation, and policy liberalization, Chongqing is well-positioned to deepen its role as a bridge for cross-border trade and investment, thereby fostering sustainable growth in China's western region.