Chongqing achieved remarkable achievements in its open economy by seizing new opportunities of the Belt and Road Initiative, Yangtze River Economic Belt, as well as Western Development Strategy in the new era during the 13th Five-Year Plan period (2016-2020), according to the Chongqing Municipal Commission of Commerce recenlty.

Its import and export trade had grown at an average annual rate of 5.7% for four years. As of June 2020, 296 Fortune Global 500 enterprises set their offices in Chongqing. The foreign investment in actual use had remained 10 billion U.S. dollars for four years, ranking among the top in central and western China.

Opening-up channels 

The development of the city's comprehensive transportation system enabled the scale and efficiency of multimodal transport to be continuously improved, and the advantages of the open channels to continuously emerge.

During the 13th Five-Year Plan, westward, China Railway Express (Yuxinou) ran more than 6,000 trains, ranking among the top in China. Eastward, the navigation capacity of the golden waterway of Yangtze River saw its significant improvement. Southward, New International Land-Sea Trade Corridor (ILSTC) became a national strategy, covering 95 countries and regions and 249 ports. Northward, China Railway Express (YUMANE) and other international railway trains saw a regular running, with more than 2,000 trains.

Opening-up platform system

Chongqing became the first city in China to be successfully approved to build a national land-port logistics hub and a national logistics port hub.

Multi-functional port

With the basic formation of the three-dimensional water-land-air port system, the port function was gradually improved, and the port economy became mature. A number of major pilot reforms were implemented, such as bonded aviation jet fuel, exit/entry duty-free shops, 144-hour transit visa exemption, and a comprehensive pilot zone for cross-border trade e-commerce.

Open economy

Chongqing took active moves to promote the transformation and upgrading of foreign trade, producing a steady expansion in its scale and continuous improvement in its structure. In 2019, its total foreign trade volume increased by 30% compared with 2015. For four years, the city's annual growth rate of import and export had been 2.1% and 14.8%.

International exchange and cooperation

Chongqing continuously enriched its international cooperation mechanism by actively serving the development of the Belt and Road Initiative, vigorously exploring new channels for exchanges to establish international friendship cities, and building platforms for international exchanges and cooperation in various areas.

Chongqing continued to expand its friend circle for international exchanges. As of June 2020, Chongqing had tied up with 46 cities as international friendship cities and 104 cities as friendship exchange cities. There were 12 foreign consular offices in Chongqing.

Business environment

The city adopted the business environment assessment system of World Bank to deepen reform step by step and promote trade facilitation. 

The five indicators of Chongqing in starting a business, applying for construction permits, registering properties, executing contracts, and handling bankruptcy have all exceeded the world average, according to the results released by the World Bank’s consultation and evaluation on January 19. In particular, the indicators for property registration, contract execution, and bankruptcy handling have reached the level of developed economies.