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Opening-Up Action Plan 4: Fostering Open Market Entities

The Action Plan for Chongqing to Pioneer in Opening-Up in Inland China and Serve the Belt and Road involve five aspects-channels for opening-up, opening-up platforms, open ports, open market entities and an internationalized and enabling business environment based on the rule of law. This is about fostering open market entities to develop a high-level open economy.

The degree of openness is closely tied to the industry. In the action of fostering open market entities, Chongqing will play a decisive role of the market in resource allocation and pay equal attention to “bringing in” and “going global.” It will also optimize market structure by speeding up the formation of industrial form and industrial structure suitable for the development of an open economy. Furthermore, it will cultivate new growth points through accelerating the cultivation of a batch of excellent enterprises with outstanding features and high export-oriented degree and fostering more competitive market entities for a new open economy, to develop a high-level open economy.

The goal is to see Chongqing featuring over 300 enterprises listed among the Fortune Global 500 and 30 overseas listed companies by 2022.

Promote the high-quality development of an open economy

The first part of the action is to promote the high-quality development of an open economy. In this regard, Chongqing will advance the transformation and upgrading of foreign trade, accelerate the development of service trade, and actively cultivate new growth points for international trade. To achieve the expected goals, it will also improve the utilization level of domestic and foreign capital and facilitate enterprises to “go global.”

Cultivate new supporting industries for an open economy

The second is to cultivate new supporting industries for an open economy, including the open manufacturing industry focusing on intelligent manufacturing. By 2020, industries related to intelligent manufacturing are expected to achieve sales revenue of RMB 30 billion.

In the development of the open aviation industry, Chongqing will take the lead in the country in the R&D and manufacturing level of general aircraft, and the general aviation industry will achieve an output value of RMB 15 billion by 2022. In the development of the modern logistics industry, by 2022,  it strives to introduce two enterprises listed in the Top 50 Global Logistics Enterprises, cultivate four local 10-billion-level logistics enterprises and embrace over 100 logistics enterprises with the main business income of over RMB 100 million. As for the cultivation of the modern financial sector, the added value of the sector will account for over 9.5% of GDP by 2022.

The Action Plan also clearly calls for greater openness in cultural tourism and agriculture. For example, it is required to enhance the tourism product system with distinctive features and build high-quality tourist attractions to further the international tourism industry. In addition, it is also necessary to strengthen openness and cooperation in agriculture, guide the export of agricultural technologies as well as trials and demonstrations of varieties, and foster and advance agricultural import and export enterprises.

Expand and strengthen various market entities

Third, the city will further expand and enhance multiple market entities. By 2022, the city will commit itself to introduce more than 30 projects of over RMB 1 billion per year.

Efforts to attract more investment will be intensified in industries such as smart manufacturing, modern logistics, aviation industry, and financial service, as well as new forms of business such as headquarters economy, platform economy, and green economy. 

Promote international and domestic cooperation

Another important part of the action of fostering open market entities is to propel international and domestic harmony. It includes the collaboration with countries and regions along the Belt and Road routes, coordination and linkage with neighboring provinces, regions, and cities and integrated development with Sichuan, Guizhou, Yunnan, and other cities on the upper reaches of the Yangtze River. The city will also give full play to the role of the exhibition as a bridge, and initially build itself into an inland international exhibition center with more complete functions and more balanced development by 2022.

(All information published on this website is authentic in Chinese. English is provided for reference only.)

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