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Chongqing is among the four central government municipalities in China and the only municipal city in the country’s western region. The city was also chosen as one of the two comprehensive reform pilot areas approved by the State Council, and has built Liangjiang New Area, China’s third provincial-level development zone. With abundant labor resources, low operational costs, and convenient transportation channels coupled with strong government support, Chongqing is attracting more attention from both local and overseas investors. To date, it has become one of the most favorable regions for investment in West China and even in the whole nation.
As a municipal city, Chongqing has recently maintained rapid economic growth, increased social productivity, and improved overall competence. In 2010, the city’s GDP reached RMB 789 billion, up 17.1% y-o-y and 6.8 percentage points higher than the national average. Its GDP growth rate ranked the second among all cities in the country and the first in the western part of China.
In addition, Chongqing is one of the most dynamic cities in Central and West China in terms of foreign trade. As of the first half of 2010, more than 159 of the world’s top 500 enterprises have established their presence in the city by making direct investment or setting up subsidiaries. From January to November last year, Chongqing’s actual utilization of foreign capital reached USD 3.9 billion, up 48% y-o-y.
In 2010, Forbes, an American authoritative financial magazine, published a list of the fastest growing cities in the next decade. Together with other Chinese cities such as Chengdu, Suzhou, and Nanjing, Chongqing was chosen as one of the cities that has the most potential across the world. That means Chongqing will – at the heels of the industrial transformation of the Yangtze River Delta and the Pearl River Delta – gradually become a perfect alternative location to these nearby cities.
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