Chongqing boosting core industries

Southwest China's Chongqing has bolstered the growth of its key industries over the past year. Notably, laptop exports have secured the top spot nationally, while motorcycle exports ranked third. Auto exports surged to 43.13 billion yuan ($5.64 billion), marking a 30 percent increase year-on-year, while electric car exports reached 8.21 billion yuan, reflecting a growth of 94 percent, according to Chongqing Customs.

Chongqing is building a world-class intelligent connected new energy vehicles industry cluster as it became the runner-up in the country in terms of auto production in 2023.

According to Luo Li, deputy director of the Chongqing Economic and Information Commission, the city is aiming to increase the production of NEVs to 1.3 million units this year.

To create a top-notch ecosystem for innovation and development, the city will further refine its service systems in automotive finance, NEV insurance as well as the international expansion of automobiles manufactured in Chongqing.

Last year, Chongqing strategically prioritized open industries, leading to a positive growth in foreign trade — achieving a total foreign trade volume of 715.42 billion yuan in 2024.The city's actual use of foreign investment grew by 5.3 percent year-on-year, placing it among the top regions in the country in terms of growth rate, said Sun Xiyong, deputy director of the Chongqing Municipal Commission of Commerce, at a news conference held in the municipality on Friday.

Chongqing, a municipality with a population of 32 million and situated on the upper reaches of the Yangtze River, boasts key geographic advantages. It serves as a strategic transportation hub in the national development program for China's western regions and the Chengdu-Chongqing Economic Circle, as well as an intersection point for trade and projects involved in the Belt and Road Initiative and the Yangtze River Economic Belt.

It is also the headquarters of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, which was launched in 2015. In 2017, the China-Singapore (Chongqing) Connectivity Initiative (CCI) launched the International Land-Sea Trade Corridor project in a bid to enhance connectivity and trade between western China and member countries of the Association of Southeast Asian Nations.

Sun said that as of end-2024, a total of 323 government and commercial projects were signed, amounting to $25.75 billion. Additionally, 266 cross-border financing projects worth $21.3 billion were successfully implemented, making Singapore the largest source of foreign investment for Chongqing.

This year marks the 35th anniversary of the establishment of diplomatic relations between China and Singapore, as well as the 10th anniversary of the implementation of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.

Sun, who also serves as the deputy director of the China-Singapore (Chongqing) Strategic Connectivity Project Management Bureau, said there will be greater cooperation between Chongqing and Singapore across various sectors this year.