Major Economic Indicators
| Economic Indicators |
2010 |
Jan - Jun 2011 |
| Value |
Growth
(%, y-o-y) |
Value |
Growth
(%, y-o-y) |
| Gross Domestic Product (RMB bn) |
792.6 |
17.1 1 |
445.0 3 |
16.51 |
| Per Capita GDP(RMB ￥) |
27,596 |
16.2 1 |
|
|
| Added Value Output |
|
|
|
|
| - Primary industry (RMB bn) |
68.5 |
6.1 1 |
24.1 3 |
4.3 1 |
| - Secondary industry (RMB bn) |
435.9 |
22.7 1 |
265.2 3 |
20.9 1 |
| - Tertiary industry (RMB bn) |
288.1 |
12.4 1 |
155.7 3 |
11.5 1 |
| Value-added Industrial Output2(RMB bn) |
268.3 |
23.7 1 |
|
22.4 1 |
| Fixed-assets Investment (RMB bn) |
693.5 |
30.4 |
436.4 |
30.3 |
| Retail Sales (RMB bn) |
293.9 |
18.5 |
221.1 |
18.4 |
| Inflation (Consumer Price Index, %) |
|
3.2 |
|
5.3 |
| Exports (US$ bn) |
7.5 |
75.0 |
9.6 |
128.3 |
| - By FIEs (US$ bn) |
1.7 |
106.5 |
2.9 |
283.6 |
| Imports (US$ bn) |
4.9 |
43.9 |
5.6 |
91.1 |
| - By FIEs (US$ bn) |
3.1 |
44.4 |
4.0 |
115.2 |
| Utilized Foreign Direct Investment (US$ bn) |
6.3 |
57.9 |
3.6 |
75.0 |
Notes: 1 In real terms 2 For all state-owned enterprises and other forms with annual sales over RMB5 million
3 Jan-Jun 2011
Sources:Chongqing Statistical Yearbook 2011, Chongqing Statistical Bureau, China Customs Statistics, 12.2010, 8.2011
General Background
Chongqing has a total area of 82,400 square kilometers. Total resident population stood at 28.8 million by the end of 2010.
Chongqing is the youngest but the largest autonomous municipality in China. The establishment of the Chongqing municipality in 1997 represented a major breakthrough of China’s initiatives to speed up economic development in the central and western regions. The Three Gorges Project which has positive implications in areas such as tourism, relocation of residents and environment protection is expected to stimulate development of Chongqing’s economy, as well as the western region as a whole.
Industries
Chongqing is one of the old industrial bases of China. It is a major automobiles, military, iron & steel and aluminum industry centre in China. Chongqing’s industry is dominated by heavy industry. In 2010, heavy industry accounted for 69.9% of the municipality’s total industry value added.
Composition of GDP (%)
| |
2000 |
2010 |
| Primary |
17.8 |
8.6 |
| Secondary |
38.9 |
55.0 |
| Industry |
31.9 |
46.7 |
| Service |
43.3 |
36.4 |
Source: Chongqing Statistical Yearbook 2011
Output Share of Leading Industry Groups (2010)
| Sector |
% share of total value-added industrial output |
| Transport equipment |
28.3 |
| Electricpower, heat power production and supply |
6.3 |
| Raw chemical materials and chemical products |
6.2 |
| Coal mining and dressing |
6.0 |
| Nonmetal mineral products |
5.8 |
| General puspose equipment |
4.6 |
| Smelting and pressing of ferrous metals |
3.9 |
| Electric equipment and machinery |
3.6 |
| Smelting and pressing of non-ferrous metals |
3.3 |
| Prossing of food from agricultural products |
3.0 |
| Manufacturing of food and beverage |
2.8 |
| Tobacco products |
2.7 |
| Medical and pharmaceutical products |
2.6 |
Source: Chongqing Statistical Yearbook 2011
High-tech Development
Chongqing New North Zone (CNNZ) is a modern industrial base aimed at developing hi-tech industries. The zone consists of the Chongqing Economy and Technology Development Zone, Chongqing High-Tech Industrial Development Zone, Chongqing Export Product Processing Zone and Foreign Affairs Management Zone. It is the largest development zone in the mid-west of China with a total area of 157.59 square kilometers.
Leading computer and related products manufacturers have set up plants in Chongqing, including Hewlett-Packard, Foxconn and Inventec from Taiwan. It is projected that by 2015, the output of computer will reach 80 million units. In the first six months of 2011, the gross output of electronic information industries grew by 120%.
Tourism
There are some famous tourist spots in Chongqing, e.g. the Three Gorges, Dazu Stone Carving. In 2010, Chongqing received 1.37 million overseas tourists (+30.5%) and 160 million local tourists (+31.5%), bringing foreign exchange revenue of US$703.2 million (+47.2%) and RMB87 billion (+30.3%) respectively.
Foreign Trade
The top three largest overseas markets were the US, Japan and Germany. Major exports included mechanical and electrical products, motorcycles, and motor vehicles (including parts) and high-tech products.
Japan is the leading source of imports, followed by the US andGermany. Major imports included mechanical and electrical products, high-tech products, parts of motor vihicles and soybean.
In 2010, Chongqing exported US$232 million to Hong Kong and imported US$3.3million from Hong Kong.
Foreign Investment
An increasing number of multinational companies have set up operations in Chongqing. These included ABB, Sony Ericsson, Rockwell, Honda, Suzuki, Isuzu, Hutchison Whampoa, and Samsung. More and more foreign companies relating to the electronic industries are setting up in Chongqing. Besides Hewlett-Packard, Foxconn and Inventec from Taiwan, Acer from Taiwan has also sign an agreement to set up a manufacturing base in Chongqing. Honeywell is also building an automobile material plant. Furthermore, 26 foreign banks have set up branches or offices in Chongqing.
Inflow of foreign direct investment recorded faster growth in recent years. In 2010, the utilized amount of FDI increased by 58% to US$6,344 million.
Of the utilised FDI in 2010, secondary industry accounted for 30% and tertiary industry accounted for 70%. Sectors that attracted the largest share of foreign investment included real estate and financial intermediation.
Hong Kong was the largest source of overseas investment in Chongqing. In 2010, the utilized FDI from Hong Kong was US$5,445 million (+118.2%). By the end of 2010, the cumulative FDI from Hong Kong amounted to US$11.5 billion, or 60.6% of Chongqing’s cumulative utilised FDI. Other major investors came from Japan, US and the Taiwan.
Consumer Market
Chongqing has a large local market with a total population of nearly 29 million. In terms of per capita disposable income of urban residents, Chongqing reached RMB 19099.73 in 2010, up 11.1% from 2009. Total retail sales of consumer goods reached RMB293.9 billion in 2010, an increase of 18.5% from 2009.
Composition of Per Capita Expenditure of Urban Household (%)
| |
2004 |
2010 |
| Food |
37.8 |
37.5 |
| Clothing |
9.8 |
12.8 |
| Household articles |
5.9 |
7.7 |
| Medicine & medical services |
6.7 |
7.8 |
| Transportation & communications |
10.9 |
10.3 |
| Recreation, cultural & education |
15.1 |
11.1 |
| Residence |
11.3 |
9.0 |
Source: Chongqing Statistical Yearbook, 2005, 2011
Chongqing is a retail and wholesale center of southern and western China. The retail industry of Chongqing is very competitive, particularly with the establishment of a number of local and foreign retail enterprises including Carrefour from France, Walmart from the US, Metro from Germany, Gome from Beijing , and the two indigenous retailers -- Chongqing General Trade Group and Chongqing Department Store Co, Ltd.
There are five major shopping areas in Chongqing, namely Jiefangbei（解放碑）, Chaotianmen（朝天門）, Shangpingba（沙坪壩）, Nan Ping（南坪）and the emerging Guanyinqiao（觀音橋）. Chaotianmen market with sales exceeding RMB 10 billion is a major wholesale center in the southern and western China selling a wide range of products such as garment, plastic product and textiles.
