Chongqing Surpasses 3 Trillion Yuan GDP Mark for the First Time
Chongqing’s gross product (GDP) exceeded the 3 trillion yuan (RMB) mark for the first time, surpassing 3,014.5 billion yuan last year. This achievement is particularly notable in the face of the complex international environment and downward pressure on investment.
The province’s consumption has become the main driver of the economy, marking a significant shift from traditional growth models. However, Chongqing’s government also acknowledged that certain economic indicators fell short of expectations, revealing the need to bolster residents’ consumption power, stabilize foreign trade and investment, and enhance the quality of various industries.
Chongqing Mayor Hu Henghua cited the need to solidify the foundation for continued economic recovery and address project investment stagnations in his government work report at the opening of the second session of the Sixth People’s Congress of Chongqing. Although Hu Henghua expressed optimism about the region’s economic outlook and set a growth target of around 6%, it is clear that there are lingering challenges that need to be addressed.
To tackle these obstacles, Chongqing has actively engaged in partnerships with national ministries and commissions to attract investment from central enterprises and stimulate market confidence. This proactive approach has yielded positive results, driving an 8.6% surge in total retail sales of consumer goods and elevating Chongqing’s automobile and catering consumption by 8.5% and 20.6%, respectively.
Looking ahead, Chongqing aims to refocus its growth targets, acknowledging the need for more moderate industrial added value and fixed asset investment above designated size. These strategic adjustments are intended to align with the evolving economic landscape and improve overall stability.
In light of the region’s economic challenges, former Chongqing Mayor Huang Qifan was invited to attend the Chongqing People’s Congress as a retired municipal leader. Huang Qifan is widely recognized for his contributions to the economic transformation and rapid development of Chongqing during his tenure. His continued involvement in economic forums and advocacy for revitalization underscores the importance of leveraging his expertise to navigate the current economic difficulties faced by the region.
Ultimately, Chongqing’s perseverance in the face of economic headwinds demonstrates its commitment to implementing effective strategies and seeking innovative solutions to achieve sustained growth and stability. As the region recalibrates its priorities and seeks to address lingering challenges, it remains poised to capitalize on emerging opportunities and forge a path toward long-term prosperity.