Chongqing, one of the most economically developed regions in Western China, was the focus of the Chamber’s recent mission to the Mainland. With a population of over 30 million and a GDP of about RMB 3 trillion, Chongqing is an important transportation and economic hub. In 2022, it overtook Guangzhou for the first time to become China’s fourth-largest city in terms of GDP.
During the business trip in early June, members learned about Chongqing’s thriving industries and latest developments. Mission leader and then China Committee Vice Chairman Felix Lee said the city offered ample room for collaboration with Hong Kong thanks to its solid industrial foundation and vast market.
“Hong Kong businesses can foster cross-border cooperation with their Chongqing counterparts by leveraging their advantages in professional services like finance, law, trade and business services,” he explained. “I hope the two cities will jointly explore domestic and international markets, strengthen cooperation and facilitate high-quality development.”
The delegates also attended the Chongqing-Hong Kong Cooperation Conference held on 3 June. Ye Lina, Deputy Director of the Chongqing Municipal Commission of Commerce, introduced recent socioeconomic developments in the city and said the Commission had signed a revised version of the Strategic Cooperation Memorandum with the Hong Kong Trade Development Council. Future plans include deepening trade and economic cooperation between the two economies with a focus on trade promotion and investment.
During the conference, members learned about the location, industries and policies of Liangjiang New Area. Spanning around 91 square kilometres in urban Chongqing, the area is being promoted as a hub for advanced manufacturing and modern service industries. Helen Zhong, Chief Representative at Yangtze River Economic Belt of Jardine Matheson (China) Limited, and Andy Deng, Tax Partner of Ernst & Young (China) Advisory Limited, gave presentations on their experiences as foreign enterprises doing business in Chongqing.
The delegation called on business leaders and government officials for exchanges on investment and trade, including Liao Liming, Standing Committee Member and Director of the United Front Work Department, CPC Jiangbei District Committee and Zhang Yong, Deputy Director of NPC Standing Committee of Jiangbei District and Chairman of Jiangbei Federation of Industry & Commerce. They also met with Wu Leibo, Deputy Director of CPC Jiangbei District Committee’s United Front Work Department and Secretary of Jiangbei Federation of Industry & Commerce.
Visits to Hong Kong enterprises that have been actively growing their operations locally, such as Niccolo Chongqing Hotel Chongqing International Finance Square, gave members valuable insights into the city’s business environment. Constructed by The Wharf (Holdings), Chongqing IFS is the largest integrated development project in Liangjiang New Area. The delegation also met with executives from the XYD Group (FinTech), which is primarily funded by Hong Kong business magnate Lee Shau Kee’s family. The Group’s mission is to promote fintech and inclusive financing in the Mainland, with a focus on addressing the financing needs of small businesses through technological innovation.
With Chongqing serving as a logistics centre in Western China, Chongqing International Logistics Hub Park has diversified into four industries, logistics, trade, finance and urban development. It is one of the main terminals of the China-Europe Railway Express (CR Express), which connects Mainland cities with European countries. A tour of the Park revealed some interesting data: as home to around 2,300 companies, it is estimated that by 2035 its workforce will exceed 300,000, contributing over RMB 100 billion to its total imports and exports.
Other stops on the Chamber’s mission included Cuntan International New Town Cruise Homeport, Changan Global R&D Centre, Liangjiang New Area Collaborative Innovative Zone-Mingyue Lake, Chongqing Planning Exhibition Hall, Yuelai Centre, and popular tourist attractions such as Longmenhao Old Street and Hungya Cave.