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Chongqing – The New Frontier for Foreign Investment in Southwest China
Chongqing – The New Frontier for Foreign Investment in Southwest China
We take a look at the factors that make Chongqing an attractive investment destination for foreign firms in Southwest China.
In a year where China overtook the United States as the main destination for foreign investment, the diversification of that investment within China has been dynamic and cities that were once not the primary target are now on the radar of international companies.
I speak of Chengdu and Chongqing, the two largest and richest cities in western China. Chongqing is an independent municipality under the central government administration and Chengdu is the capital of the province of Sichuan. Both cities feature in the top 10 of richest cities in all of China; Chongqing is ranked fifth and Chengdu seventh.
The Land-Sea New Corridor that is presently being constructed, links Chongqing to southwest China, which will further facilitate trade between the country’s western region and markets of nearby Southeast Asia, particularly the Indo-China peninsula.
The Chongqing-Manzhouli-Russia freight railway, opened in 2014, operated over a thousand trips between China and Russia in 2020.
The ambitious city aims to construct a railway network with a total length of 5,800 kilometers by 2030, including 2,032 kilometers of high-speed railways. By then, Chongqing will become an important transport hub connecting Europe, Asia, and other parts of China.
Chongqing’s economic profile
As China’s largest municipality by size and population, Chongqing ranks as the fifth Chinese city with the strongest GDP, following Shanghai, Beijing, Shenzhen, and Guangzhou. The city recorded a GDP of RMB 2.5 trillion (US$385.5 billion) in 2020. For perspective, that’s about the size of Israel’s or Argentina
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