Liangjiang New Area, a prominent national development zone in inland China, successfully sealed 18 major contracts worth 23.3 billion yuan ($3.3 billion) at the fifth Western China International Fair for Investment and Trade (WCIFIT) on May 18.

The contracts cover a diverse range of sectors, such as the digital economy, modern finance, life science, culture, tourism, and exhibitions. The agreements entail extensive cooperation in the establishment of innovation centers, headquarters, R&D centers, and other areas, aimed at driving the industrial transformation and upgrading of Liangjiang.

Liangjiang New Area, following in the footsteps of Shanghai Pudong and Tianjin Binhai, stands as the third national development zone in China. [Photo provided to english.liangjiang.gov.cn]

Its successful track record in attracting investment and supporting investors is underpinned by a complete system. In the "Invest in China" Western Region Special Promotion Event of the 2023 WCIFIT, Zhang Li, deputy director of the Administrative Committee and a member of the Party Working Committee of Liangjiang, highlighted the issuance of preferential policy supporting enterprises at every stage of development. Moreover, tailored policies catering to 12 key industries and financial assistance covering talent, R&D, fixed assets investment, and other significant aspects influencing business growth have been implemented.

Despite covering less than 1.5 percent of Chongqing's area, Liangjiang New Area significantly contributes about 15 percent of the city's overall economic output, 30 percent of its total export-import volume, actual utilization of foreign capital, and is home to half of the Fortune 500 companies in Chongqing. Zhang emphasized that Liangjiang is actively cultivating a world-class business environment and extending a warm welcome to global investors.

Under the annual theme of "inland China opening-up and innovative development led by Digitization," the fifth WCIFIT features exhibitions, conferences, forums, and signing ceremonies. Within the exhibition hall, the Liangjiang pavilion stages the latest achievements of 50 high-tech companies through 150 products, representing industries such as automotive, electronics, aerospace, equipment manufacturing, and biomedicine.

Liangjiang pavilion at the exhibition hall of the fifth WCIFIT. [Photo provided to english.liangjiang.gov.cn]

The WCIFIT serves as a crucial platform for international exchange and collaboration, furthering multilateral economic and trade cooperation in Western China and the world. The 2023 fair secured 84 contracts worth 285.4 billion yuan for Chongqing, covering new energy vehicles, intelligent equipment, advanced materials, digital economy, and energy. Over the course of the previous four fairs, 945 projects valued at more than 1.66 trillion yuan have been signed.