Engine of Economic Growth, Chengdu Well Poised to Go Global

Authors: Go Chengdu

2016-07-22

Acclaimed as the “Land of Abundance” since ancient times, Chengdu has long been prosperous economically and culturally, and been well-known overseas thanks to the centuries-old Silk Road.
Currently, amid the global economic slowdown, China's economy is growing slowly. Chengdu, one of the most economically dynamic cities in the country, has still made a great success in its economic growth. In 2015, its gross regional product hit RMB1.08 trillion.
Chengdu's development plan puts great emphasis on strengthening the city's industrial power, optimizing the industrial structure, developing service industry, financial service, commerce and tourism, and introducing influential investment projects.
Chengdu is an Emerging Leader of China's IT Industry.
About 50% of laptop chips, 2/3 iPads and 20% laptops of the world are made in Chengdu. Ten years ago, 70% of Chengdu's air cargo were clothes and agricultural products produced here. But now, the majority of the goods are IT products.
By the end of 2015, the city's output of electronic information industry had accounted for 3% of the national total and 31.1% of the western regions, ranking fourth among 15 deputy-provincial cities in the country.
Chengdu is emerging as the fourth center of IT industry in China after the Yangtze River Delta, Beijing and Tianjin Area and Circum-Bohai Sea Economic Zone.
On May 22nd, 2015, the first batch of 22 Volvo limousines made in Chengdu were exported to the US, and this was the first time for made-in-Chengdu vehicles to be exported to America, which convincingly shows that Chengdu is able to produce global standard automobiles and its auto industry clusters are mature enough to go global.
So far, the city has seen the presence of the world's prestigious automobile multinationals like Volkswagen, Toyota, Volvo, FAW, Geely and Dongfeng Peugeot Citroen, construction machinery manufacturers like KOBELCO, Caterpillar and China South Railway, and key parts makers like Bosch, Johnson Controls and Delphi.
Chengdu has become a national business center since the Tang Dynasty (618-907). By now, Chengdu has been designated by the State Council as the business and trade center of southwest China, whose market reach covers six provinces/autonomous regions involving a population amounting to 250 million. Chunxi Road, a 500-meter long pedestrian street and a business landmark in the city center of Chengdu, attracts a daily average of around 500,000 consumers from all over the country.
Aiming higher in the commercial industry, the city is expediting its pace of shaping itself into an international shopping center. By 2030, its gross annual revenue from tourism will hit RMB657 billion, of which 30% will be contributed by people's shopping.
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