China’s Chengdu-Chongqing economic circle announces US$314.1 billion investment plan
- Projects to be funded include a world-class equipment manufacturing industry cluster, an industrial internet zone and a port logistics system
- Beijing hopes the city cluster in and around Sichuan province will become an important economic centre and boost development in China’s west
Chongqing and Chengdu in China’s southwest have released plans to fund 160 projects worth 2 trillion yuan (US$314.1 billion) next year as part of a twin-city economic belt, after spending 93.4 billion yuan in 2020.
This blueprint includes joint development of a world-class equipment manufacturing industry cluster, an industrial internet zone, a port logistics system, and a programme to bring carbon emissions to peak.
The two cities will strengthen mutual certification in housing, medical care, transport and employment, according to a statement released on Wednesday after the Chongqing and Sichuan Party and Government Joint Conference.
Chen Miner, Communist Party secretary of Chongqing municipality, said the new investment would help modernise industrial and supply chains, expand industrial clusters with “outstanding competitive advantages” and create new ones.
Authorities hope the city cluster in and around Sichuan province will become an important economic centre, as well as a gateway to emerging markets in the west and south.