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Chongqing

chongqing

Chongqing is the world’s fastest growing city and is the most economically important city in western China. Chongqing is one of four municipalities directly controlled by the central government. Surrounded by rich water reserves, mineral resources, dense forests and abundant fauna and flora, Chongqing is the main berth for sightseeing boats en route to the Three Gorges Dam, which serves as a major source of hydroelectric power in the region.

Once part of Sichuan Province, Chongqing became a municipality in 1997 and consists of 21 districts, 13 counties and four autonomous counties. Chongqing covers an area of 82,400 square kilometers and is an important manufacturing and industrial base. It is also a prominent modern port city on the upper Yangtze River.

Chongqing’s GDP grew 10.9 percent in 2014, and in just the first quarter of 2015 it grew 10.7 percent, 3.7 percent higher than the national average. Listed as one of China’s 13 emerging megacities by the Economist Intelligence Unit, the municipality boasts an impressive infrastructure to support export/import activities.

Key Industries

Industry accounted for 45.8 percent of Chongqing’s GDP in 2015, while services contributed 46.8 percent. The city emerged from industrial origins and now serves as the country’s center for automobiles, military, iron, steel and aluminum production. Heavy industry accounted for 73 percent of the municipality’s gross industrial output in 2013, and the electronics and related industries grew from 11.4 percent in 2012 to 13.5 percent in 2013. Chongqing is also a bustling retail and wholesale goods center and hosts a growing number of local and foreign retailers.

The Chongqing municipal government issued a national strategy called the ‘One Belt, One Road’ plan. This development project promotes Chongqing as the western hub of the Yangtze River Economic Belt for shipping and logistics.

Key industries in Chongqing for U.S. exporters include:

Automobiles

Motor vehicles, trailers, bicycles, motorcycles and other similar vehicles were among the top imports for Chongqing in 2014. With its rapidly growing middle class and rising disposable income (up 9.1 percent in 2014), Chongqing demand for automobiles is growing. The city serves as a gateway to the southwestern, eastern and southern China auto markets. It imports approximately 60,000 vehicles each year and ranks third in China for Chinese luxury cars sales, making it a vital market for U.S. auto industry exporters.

Chongqing is also China’s third largest automotive manufacturing city and has begun to invest in automotive research and development (i.e., importing new energy vehicles).

Overall, China is both the largest manufacturer and consumer of vehicles in the world. Automobile imports in 2013 totaled 1.17 million and rose to 1.42 million in 2014. In 2014, vehicles were also among the top ten exports to the U.S., an industry worth more than US $136 billion and 8.4 percent of total exports to the U.S.

Medical and Technical Equipment

Optical, medical, photographic, scientific and technical instruments are all important imports for Chongqing. Medical & technical equipment account for 5.2 percent of total U.S. exports worldwide (US $85 billion), and American companies are the main source of China’s imported medical devices. Until recently, the majority of China's healthcare expenditures were for basic care and equipment. Now there is growing demand for technologically advanced medical devices.

China has an aging population, and over 85 percent of its 16,000 hospitals are state-owned. These hospitals specifically seek out U.S. manufactured, high quality medical equipment. Thus, while domestic manufacturers can supply low to mid-range products, high-end, technologically advanced products are sought out. Additionally, the Chinese government is investing in a technological education center in Chongqing which could provide attractive opportunities for American exporters.

Machinery and Electronics

Machinery and electronics are top imports for Chongqing. Mirroring this, machines, engines, and pumps also top the list of U.S. exports (US $219.8 billion and 13.6 percent of total exports), followed closely by electronic equipment (US $172.4 billion and 10.6 percent of total exports). Chongqing provides a market ready for American machinery and electronics.

Contact Information

U.S. Commercial Service - Chengdu

4 Lingshiguan Lu, Renmin Nanlu Section 4

Tel: (86-24) 8558-3992/9642

Fax: (86-24) 8558-9221/3520

Email: office.chengdu@trade.gov


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