Chongqing - “Private investment stands at the heart of the private economy, significantly steering its evolution,” Chen Dechuan, Deputy Director of the Chongqing Municipal Development and Reform Commission, conveyed at a press briefing on September 21.
For the initial six months of the year, Chongqing recorded a value-added growth in the private sector, amounting to 843.664 billion yuan (around USD 115.5 billion). This accounted for a whopping 58.8% of Chongqing’s entire economic generation, marking a 5.2% YoY increment, notably overtaking the city's comprehensive GDP growth by 0.6%.
To foster the top-tier development of the private economy, Chen revealed their strategy of crafting a curated list of projects tailored for private capital. This list boasts over 400 projects on standby, cumulating in an investment exceeding 500 billion yuan.
Scenic Views of Chongqing City. (Photo/Zhang Kunkun)
Through the national platform designed to usher private capital into projects, Chongqing has already rolled out an initial set of 34 significant initiatives. These span a gamut of sectors, including but not limited to social welfare, cultural tourism, rural and agricultural progression, environmental conservation, and foundational infrastructure.
With the private sector now constituting roughly two-thirds of the city's active business entities, the Chongqing Administration for Market Regulation is ardently fostering a friendly environment for these enterprises. An illustrative move in this direction is the “One-Stop Online Service,” optimizing bureaucratic procedures for superior efficiency. Individual businesses can digitally execute registration and official filings through “Yukuaiban,” Chongqing’s mobile-friendly governmental service portal.
Adding another layer to the discourse, Gou Peng, Deputy Secretary of the Chongqing Municipal Committee of Political and Legal Affairs, enunciated plans to fortify the legal safeguards for the private economy. The objective is to furnish businesses with enhanced convenience and globalized legal amenities.
Central to this initiative is leveraging digital tools to streamline enterprise-related legal concerns. By erecting a public legal service platform tailored for foreign affairs and sculpting a regional international arbitration center, Chongqing envisions providing international legal sustenance for businesses eyeing global ventures.
Xiong Shiming, the Deputy Director of Chongqing Municipal Bureau of Justice, emphasized the burgeoning trend of a competent and versatile foreign legal cadre in Chongqing. The city persists in refining service capabilities while introducing novel avenues of service for the private sector. This approach propels law entities to forge extensions or service networks in pivotal territories linked with the Belt and Road Initiative, such as the ASEAN, Central Asia, and South Asia.
Recent years have witnessed select cases managed by Chongqing legal professionals highlighted as paradigmatic instances for the inaugural Typical Cases of Legal Services in the Construction of the China-ASEAN Free Trade Zone. These encompass foreign-affiliated projects, like the Malaysian-backed “Pyroelectricity-Aluminum” circular economy venture, contractual mediation in the China-Laos initiative, cross-border financing for Indonesian corporations, and Vietnam’s “Greenfield Investment.”
In the foreseeable future, Chongqing is poised to pioneer frameworks for legal services and remedies in global trade and investment disputes, thus aiding enterprises in initiating trade relief examinations and efficiently resolving international trade and investment disagreements.
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