During the first quarter of this year, Liangjiang New Area in Southwest China's Chongqing municipality reported 15.5 percent output growth in industries above a designated size in areas directly administered by the new area, and the automobile and electronic information sectors registered quarterly growth of 17.6 percent and 11.6 percent, respectively.

Despite the effects of the COVID-19 pandemic and the shortage of auto chips and power sources, the two sectors still managed to maintain double-digit growth.

The launch of a series of new car models has contributed to the growth of the automobile industry. The new models include the Lincoln Z of Changan Ford, UNI-V of Changan, and 11 new production models rolled out by SAIC Hongyan.

A number of producers of auto spare parts have intensified research into new energy vehicle (NEV) components, aiming to transform into NEV spare parts suppliers.

Statistics indicate that investment in technological improvement in the new area over the past three months is 1.4 times higher than the same period last year.

According to Chongqing's work plan for the high-quality development of local enterprises from 2022 to 2025, the municipality will cultivate 2,500 special and new small and medium-sized enterprises at the municipal level and 300 national little giant companies and register 25 new listed firms by 2025.

To this end, Liangjiang has developed four special and new industrial zones, and has included 80 firms in its special and new enterprise cultivation library.

In addition, the new area is currently seeking to formulate relevant supporting policies related to finance, talent supply, and government services.