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Investment in Chongqing Taking Off

Located on the banks of the mighty Yangtze River, Chongqing's role as the economic powerhouse of Western China is set to accelerate as the city of 8 million inhabitants continues to attract investors from around the globe.

As the economic hub of the Central Government's initiative to spearhead growth in Western China through its special Western Exploration and Development strategy, Chongqing continues to receive waves of trade delegations eager to explore how they can capitalise on the city's heavy industry expertise, much of it military-related.

To see what opportunities exist for Hong Kong businesses, the Chamber led a 20-member delegation to Chongqing on July 4-7. Led by TOM Group Ltd CEO & Executive Director Wang Sing and Chamber CEO Dr Eden Woon, Chongqing Mayor Wang Hongju, and Vice Mayor Wu Jianong -- who is also in charge of Hong Kong, Macau and Taiwan economic affairs -- welcomed members. 

Chongqing is the only municipality in Western China that answers directly to the Central Government. It is also the largest industrial and commercial base, the key transportation hub and inland port for south-western China and the upper course of the Yangtze River, the mayor explained.

"With our continuous and rapid economic growth, improving business environment and myriad of investment opportunities, Chongqing has become a hot destination for both domestic and foreign investors," he said. "We hope that Hong Kong investors can also take advantage of business opportunities in our city."            

At a Chongqing Investment Seminar, organised by the Chongqing Foreign Trade and Economic Relations Commission, its Director, Li Jianchun, gave a detailed presentation on Chongqing's latest economic developments, its advantages in terms of geographical location and natural resources, and the administration's efforts to attract more IT investments.

Mr Li added that Chongqing's economy is now taking off due to the efforts and determination of the municipal government. Members also had the opportunity to discuss investment issues with the city's key government officials.

Commenting on the trip, Dr Woon said he believes that the Mainland's commercial services industry still has much room for growth. 

"While Chongqing is actively developing its industry, support to the service side is still inadequate," he said. "Hong Kong is well known for its world-class logistics, financial and professional services, so if Chongqing can draw in investment from Hong Kong's service providers, it will help enhance the overall quality of Chongqing's service industry."

During the trip, delegates also visited Chongqing Economic Development Zone, Export Processing Zone and a number of enterprises, including ChanganFord, Yanfeng Visteon and Chaoli Electric, and had the opportunity to attend the CEO Insights Forum in Chongqing on July 6.