Chongqing embraces world with opens arms

A container truck leaves the Guoyuan Bonded Logistics Center. [Photo/Visual Chongqing]

Hitachi Energy, a Fortune 500 company and a power supply giant, announced the official operation of its global transformer intelligent manufacturing base in the Liangjiang New Area, Southwest China, on Sept 15.

In fact, the new area is appealing to many such renowned international corporations, including Ford, Cummins and Corning.

The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity was launched in 2015, mainly focusing on finance, aerospace, logistics, and information. The New International Land-Sea Corridor is a result of the initiative.

A whopping 72 governmental and commercial projects and 27 financial service projects were inked under the framework, worth $260 million and $5.93 billion, respectively.

Chongqing currently boasts six comprehensive bonded zones and is an open economy hub focusing on automobiles and electronics. Enterprises previously needed to have their tax rebated only after they finished customs clearance procedures. Now at Guoyuan port, they can get their tax refund as long as their cargo leaves the port.

This departure tax refund policy raises capital turnover rate and efficiency and shortens the cash conversion cycle, creating a more conducive environment for foreign traders.

In 2022, the China (Chongqing) Pilot Free Trade Zone accounted for nearly 50 percent of Chongqing's foreign investment in actual use and two thirds of its foreign trade.

With help from the China International Motorcycle Exhibition, the Western China International Fair for Investment and Trade, Smart China Expo and other international conferences and expos, Chongqing's global image is further polished.

Among countries participating in the Belt and Road Initiative, eight have established consulates in Chongqing, and 31 cities in the countries have become the municipality's sister cities, while 71 cities have become friendly exchange cities.