Chongqing’s gross product (GDP) exceeded the 3 trillion yuan (RMB, the same below, more than S$565.1 billion) mark for the first time, exceeding 3,014.5 billion yuan last year. The interviewed scholars pointed out that in the face of the complex international environment and downward pressure on investment, it is not easy for Chongqing to join the five cities in China’s “more than 3 trillion club”. Consumption has become the main driver of the mountain city’s economy last year.
All provinces and cities in China have entered the “local two sessions time” this month, and the second session of the Sixth People’s Congress of Chongqing opened on Sunday (January 21).
When Chongqing Mayor Hu Henghua delivered a government work report at the meeting, he released the latest economic “report card”, which showed that the mountainous city’s GDP exceeded 3 trillion yuan for the first time last year, an increase of 6.1%, which was 3.5 percentage points higher than in 2022 and higher than China’s national growth last year. The growth rate was 0.9 percentage points, in line with the official growth forecast of more than 6%.
However, Hu Henghua also admitted in the report that some indicators did not meet expectations, and pointed out that the foundation for Chongqing’s continued economic recovery is not solid enough, project investment has stuck points, residents’ consumption power and willingness need to be further improved, and foreign trade and foreign investment need to be stabilized. Improve quality.
Last year, the added value of Chongqing’s industrial enterprises above designated size and fixed asset investment only grew by 6.6% and 4.3% respectively, which was lower than the official expectations of 1.4 percentage points and 5.7 percentage points.
Qiu Dongyang, dean of the School of Economics and Finance at Chongqing University of Science and Technology, said in an interview with Lianhe Zaobao that China entered the post-epidemic era last year, and market players’ expectations for the first half of the year were obviously weak, and private investment was cautious. However, after the central government and Chongqing introduced stimulus policies in the second half of the year, the effect of macroeconomic control became apparent in the fourth quarter, and the economic trend throughout the year was initially low and then high.
Qiu Dongyang pointed out that Chongqing also actively cooperated with national ministries and commissions last year, promoting a large number of central enterprises to frequently come to Chongqing to support key projects in the second half of the year. Central enterprises increased their investment in Chongqing and boosted market confidence. Consumption also played a very important role in the second half of last year and was the main driver of the accelerated economic recovery in mountainous cities.
Chongqing’s consumption has significantly boosted after the end of the zero-clearance policy. Last year’s total retail sales of consumer goods surged by 8.6%, much higher than 8.9 percentage points in 2022, and better than the official growth forecast of 6%. Last year, Chongqing’s automobile and catering consumption increased by 8.5% and 20.6% respectively; the number of overnight tourists exceeded 100 million, an increase of 88.1%.
Hu Henghua’s report also proposed to set Chongqing’s growth target at around 6% this year and lower the growth targets for industrial added value and fixed asset investment above designated size to 7% and 4%.
At a time when officials are cautious about the economic outlook, former Chongqing Mayor Huang Qifan attended the Chongqing People’s Congress as a retired municipal leader on Sunday and sat in the second row of the podium.
An anonymous analyst in Chongqing pointed out to Lianhe Zaobao that Huang Qifan promoted a wave of economic transformation and rapid development in the mountainous city while he was at the helm of the Chongqing Municipal Government. After retiring from officialdom, he was active in domestic economic academic forums and continued to serve as an economic expert. Use your influence to speak out publicly on economic development and revitalization.
This person analyzed that the Chongqing leadership invited Huang Qifan to attend the National People’s Congress meeting to further send a signal that it attaches importance to economic reform. At the same time, it hopes to find a new way out of the economic development difficulties currently faced by the mountainous city. Huang Qifan may also be asked to provide suggestions.
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2024-01-21 14:08:00
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