By Jieyu Wang, Editor

On the morning of September 11, Deputy Director Xu Xincheng, on behalf of Chongqing Municipal Commission of Commerce, released the results of Chongqing’s business development over the past 70 years since the founding of the People’s Republic of China.

Xu pointed out that, with the city’s rapid economic and social development, Chongqing has undergone earth-shaking changes in commerce since the founding of the People’s Republic of China, especially since the reform and opening-up. It has been well-known for its role as an exemplary inland city of opening-up.

Two sets of data made Xu’s introduction to the achievements of Chongqing in foreign trade more intuitive. Since Chongqing became a city designated explicitly in the state plan and obtain direct management rights of international trade in 1983, its total value of international trade increased from USD 31.68 million in the same year to USD 79 billion in 2018 (USD 53 billion from this January to August, up 7.7% over the same period), with an annual growth of 25%. Chongqing ranked 23rd when it became a municipality and 12th in 2018 (11th this year) across the country, and is ranked 2nd in the central and western regions.

The start point of Sino-Europe Railway (Chongqing) is under construction.

With further optimization in the structure of import and export products, the export value of high-tech products accounted for 68.2% of the total export value, and the import value of advanced equipment and critical components and parts accounted for 71.1% of the total import value. With diversified markets being further expanded, the city has established trade relations with 215 countries and regions, among which countries along the Belt and Road account for 23.2% and 27.3% in 2018 and 2019 (up 31.8% over the same period from January to August).

In terms of the utilization of foreign capital, Chongqing has gathered 2,549 foreign-invested enterprises, including more than 6,000 market entities, since the establishment of the city’s first one in 1985, among which there are 287 Fortune Global 500 enterprises. The city’s foreign investment in actual use increased from USD 24.99 million in 1985 to USD 10.27 billion in 2018, including USD 3.25 billion of foreign direct investment, maintaining the foreign investment in the actual use of no less than USD 10 billion for eight consecutive years. The level of investment liberalization and facilitation is getting higher, the field broader, and the environment for foreign investment and the services better.

Xu added that Chongqing’s achievements are based on the improvement of the level of opening-up. It has built corridors to other provinces and foreign countries via the multimodal transport of railway, road, water, and air toward its four main directions. Large hallways, great hubs, big ports, and macro-logistics support the spatial pattern of large-scale opening-up together.

Chongqing Liangjiang Cuntan Free Trade Port Area.

In this April, General Secretary Xi Jinping revisited Chongqing. To implement his instructions and demands, Chongqing Municipal Commission of Commerce adheres to strategic orientation, goal orientation, and problem orientation to accelerate the construction of an exemplary inland city of opening-up.

First, it is speeding up the construction of corridors to other provinces and foreign countries. It mainly focuses on improving weak links of the corridor system, making up for the weaknesses of the logistics system and strengthening the functions of the port system to make them open and powerful.

Second, it commits to building leading open platforms. It gives full play to open platforms as crucial carriers in expanding opening-up and gathering development elements, enhances the capability of the platforms, and encourages all types of open platforms to play a more significant role in aspects of gathering, industrial transformation, and innovative development.

Third, it continues to upgrade the open economy. It strives to develop channel-driven logistics, logistics-driven economy & trade as well as economy & trade-driven industries, steps up efforts to attract investment and continuously improves the international legal and convenient business environment conducive to opening-up and development.