Dynamic Chengdu Opening Economic Powerhouse in Inland China

Authors: Go Chengdu

2016-07-23

The 13th Five-Year Plan Period is key to the development of “Belt and Road Initiative.” As a strategically important city for the “Silk Road Economic Belt”, “21st Century Maritime Silk Road” and Yangtze River Economic Zone, Chengdu is seizing the important development opportunities and accelerating its pace of globalization.
Statistics shows that by now, 271 Fortune Global 500 companies have made business presence in the city, which is now accelerating the construction of a national inland pilot free trade zone, the Sino-ROK Innovation and Startup Park, Sino-Germany (Pujiang) Small and Medium Enterprises Cooperation Park and Sino-France Eco-Quarter.
According to the blueprint, Chengdu will build itself into an international metropolis by 2025.
Currently, most of the Fortune Global 500 Companies which have settled in the city are from G20 member countries.
In 2015, Chengdu's GDP hit over RMB1 trillion. Its total investment in fixed assets ranked fourth and amount of foreign investment in actual use ranked second among all deputy-provincial cities in China. Between January and April, the city introduced 84 major projects (including those with expanded investment) valued at RMB104 billion.
With a solid industrial foundation, well-built infrastructure for logistics, attractive policies and huge market potential, the city is becoming an ideal destination for investment and talent in western China.
To integrate itself into the global economy, Chengdu, focusing on institutional innovation, and the development of the "Road and Belt Initiative" and Yangtze River Economic Belt, is now stepping up its efforts to become a national inland pilot free trade zone.
Through deepening reform and institutional innovation, further streamlining administrative review and approval procedures, and delegating power to lower administrative levels, the city has created a more business-friendly and people-oriented environment. Now, licenses and certificates can be issued to businesses, companies or enterprises within one working day, and the time for customs clearance has been cut by 30%. A survey carried out by Price Waterhouse Coopers shows the city has made remarkable achievements in its administrative reform from which most companies and enterprises have benefited much.
So far, the city has concluded most reforms of the 35 proposed by the State Council, which involve management of investment, trade facilitation, financing, institutional innovation of customs control and inspection and quarantine. Now, the city is making great efforts to finish, within one to two years, the reforms of the systems for social credibility, information sharing and comprehensive enforcement of administrative law.

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