As the Chengdu-Chongqing economic circle is under development, Chongqing is about to welcome the 16^th Annual Meeting of the Chongqing Mayor's International Economic Advisory (CMIA).

A picture of Chongqing. (iChongqing/ Vivian Yan)

Responding to the theme of this session, the participants will seize opportunities, address challenges, and raise suggestions on how to develop the Chengdu-Chongqing economic circle.

Suggesting on the Chengdu-Chongqing development

Since 2006, the CMIA Annual Meeting has been held 15 times and now serves as a high-end platform for Chongqing to deepen the communication and cooperation with Fortune Global 500 companies. Pooling valuable suggestions have been an essential part of the event.

During the previous 15 sessions, advisors proposed hundreds of recommendations on Chongqing's economic and social development, involving fields like urban management, industrial development, and international cooperation via roundtables and daily communication.

They shared precious experiences to help the city attract foreign investment, promote modern services and advanced manufacturing industries, establish pilot free trade zones, comprehensive bonded areas, and other opening-up platforms, to raise its internationalization level.

This year's CMIA Annual Meeting will offer more and better insightful ideas on the Chengdu-Chongqing integrated development.

"Those 38 advisors are leaders of Fortune Global 500 and world-renowned companies," said Xu Xincheng, Deputy Director of Chongqing Municipal Commission of Commerce. "Being well-informed and experienced, they are expected to bring more invaluable advice on the construction of the Chengdu-Chongqing economic circle."

Liangjiang New Area and Tianfu New Area have formed the eight major industry flagship alliances of the Chengdu-Chongqing economic circle. (iChongqing file photo)

Presenting Chengdu-Chongqing region to the world

China is the world's second-largest economy, and foreign investment has been poured into the Yangtze River Delta, Beijing-Tianjin-Hebei region, and Guangdong-Hong Kong-Macao Greater Bay Area.

Despite the rapid growth, the Chengdu-Chongqing region in western China is less known and competitive than the above-mentioned areas.

Participants of the CMIA Annual Meeting come from internationally reputed companies. Thanks to this year's theme, participants will further understand and pay more attention to the Chengdu-Chongqing region, which will make it more arresting in the world.

Moreover, the Chongqing Mayor's International Economic Advisory Council companies possess significant advantages in leading technological innovation and attracting premium resources.

Participants' discussion on opportunities and challenges, embedded in the construction of the Chengdu-Chongqing economic circle, is slated to build platforms and channels for companies and investors worldwide to understand and see the development space and potential of the Chengdu-Chongqing region.

"Foreign investment is critical to Chongqing's development," said Xu. During the 13th Five-Year Plan period, foreign-invested companies contributed over 50% of the city's total foreign trade volume.

In 2020 solely, Chongqing's imports and exports registered at 651.34 billion yuan (about 101 billion U.S. dollars), of which 349.51 billion yuan, or 53.7%, came from foreign-invested companies.

Chongqing Mayor's International Economic Advisory Council happens to be one of the vital platforms of Chongqing to pool foreign investment.

A picture of Chongqing. (iChongqing file photo)

Supporting companies to cooperate and expand

For companies of the Chongqing Mayor's International Economic Advisory Council, CMIA Annual Meeting can facilitate them to expand their business in China.

As most of those companies have invested in Chengdu and Chongqing, the CMIA Annual Meeting will help them get to know the development trends in this region and make future plans.

The head of Shui On Group said the company had already entered the Chengdu and Chongqing markets. After this session of the CMIA Annual Meeting, it would deepen the understanding of and invest more in them, if possible.

The theme of this year's CMIA Annual Meeting also allows other companies to consider taking more steps to grow in this region. For instance, they might visit the Chengdu-Chongqing region during the event to seek more cooperation chances.