Conditions for Chongqing to become intl consumption center

A huge shopping complex in Liangjiang New Area, Southwest China's Chongqing municipality [Photo/liangjiang.gov.cn]

The Ministry of Commerce announced in July that Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing will take the lead in becoming international consumption center cities. Chongqing is the only city in middle and western China to be selected. Then what it takes for Chongqing to lead the country in the international consumption area?

Open economic system

Yi Xiaoguang of the Chongqing Comprehensive Economic Research Institute said the international element is essential for Chongqing to become an international consumption hub. The municipality must take advantage of its strategic role as an inland gateway and continue to build a market-oriented, law-based, and international business environment.

Liangjiang New Area is a national new area based in Chonqing that has pilot free trade areas and a convenient transportation system with railways, roads, water, and air transportation, and has linked Chongqing with many countries and regions in East, Southeast, South, and Middle Asia.

The new area is a strategic pole in the nation's Western Expansion campaign and a junction of the Belt and Road Initiative and the Yangtze River Economic Belt. It is also where the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity was launched.

In the first half of 2021, Liangjaing registered 135.48 billion yuan ($20.32 billion) in exports and imports, a year-on-year increase of 55 percent.

Robust consumption capacity

Pu Yongjian, professor at Chongqing University's School of Economics and Business Administration, said the concept of an "international consumption center city" was put forward as China's comprehensive strength is rising, its economic transformation is picking up speed, and it is heading toward high-quality development.

Meanwhile, the dual-circulation paradigm, in which domestic and overseas markets reinforce each other, with the domestic market as the mainstay, has become one of the country's top priorities to maintain the resilience of the economy.

The retail market in Liangjiang New area during the first two quarters this year had seen an overall recovery, with the total retail sales of consumer goods hitting 35.5 billion yuan, up by 30 percent year-on-year, and the total commodity sales reaching 163.99 billion yuan.

Chongqing is one of China's smart manufacturing centers, blessed with a full-fledged manufacturing system, and is capable of meeting all kinds of production needs from the supply-side, as well as demand-side reforms.

Liangjiang not only churns out high-end automobiles and intelligent devices, but also produces daily commodities, satisfying all kinds of purchasing needs and tastes.

Advanced development concepts

Liangjiang New Area strives to become a core demonstration zone of the international consumption center city by centering on development concepts of being international, green, intelligent, and humane.

Boasting the Cuntan International New City, as well as the Jinzhou, Lijia, and Zhaomushan municipal-level business centers, Liangjiang also targets special consumption hot spots, including culture and tourism, catering, sports, and heath care.

The new area has been making efforts to collect top global market entities, products, and services, and cultivate Chongqing-based brands at the same time.