Global InformationEconomy of Chongqing information
 Chongqing city | |
| Currency | Renminbi Chinese Yuan |
|---|---|
| Statistics | |
| GDP | 2.036 trillion (nominal; 2018 est.) |
| GDP rank | 6th (2019) |
GDP growth | 6% (2018) 6.3% (2019) |
GDP per capita | $10,720 (nominal; 2019 est.) |
GDP by sector | Agriculture: 6.9% Industry: 44.1% Services:49% (2019) |
| Unemployment | 2.96% (2018) |
Main industries | car manufacturing, electronics manufacturing, information technology, iron, steel, mining, export, Infrastructure building |
All values, unless otherwise stated, are in US dollars. | |
The economy of Chongqing, China, has developed rapidly since it was separated from the Sichuan and became a centrally-administered municipality in 1997.[1] In 2019, it was the sixth-largest Chinese city economy and ranked as China's third-largest municipal economy.[2] In China's overall layout, Chongqing is also important for connecting China's underdeveloped western region with its more advanced eastern region,[3] as well as promoting the economy of the mid-lower reaches of Yangtze river and the central western region.[citation needed]
In 2011, Chongqing's gross domestic product exceeded 1 trillion Yuan (US$158.5 billion)[4] and in 2018, Chongqing's gross domestic product was estimated to be 2.036 trillion Yuan (US$0.29 trillion).[5] From 2002 to 2017, Chongqing maintained a two-digit GDP growth rate for over 15 years, with the peak growth rate of 17.1% reached in 2010.[6] According to the World Bank, on a GDP per capita basis, Chongqing's GDP per capita was less than US$600 when Chongqing became a centrally-administered municipality in 1997.[1] By 2019, it has grown to be 75,828 Yuan (US$10,720).[7] According to the Ministry of Human Resources and Social Security, the registered unemployment rate in Chongqing was 2.96% by the end of 2018, with its lowest recording being 2.9% in 1997 and the highest being 4.120% in 2005.[8][9]
Chongqing engaged in the process of upgrading its current economic structure following Chinese Communist Party general secretary Xi Jinping's nationwide economic reform announced in 2015.[10] The goal for Chongqing specifically, and for other parts of China in general, is to balance out the city's excessive industrial output that is not met by the city's weak domestic consumption,[3] which only accounted for approximately 50% of its GDP in the first three-quarters of 2019.[3] Under this new structural reform, Chongqing has set up development zones to help with attracting foreign investors and the growth of more advanced Manufacturing industries, such as the electronics industry.[6] Examples of these development zones include the Chongqing High Tech Industrial Development Zone, and the Xiyong Microelectronic Industrial Park.[11] By 2017, the 41 municipal development zones and 5 state high-tech zones had been set up in Chongqing.[6]
Chongqing also has established special business zones. For instance, the Jiangbeizui CBD is a large central business district is being constructed in the centre of the city of Chongqing, which was due to be completed in 2018.[12] It aims to attract financial institutions to become a financial center in the future.[13] New North Zone is also an economic administrative zone in north Chongqing, which covers a land area of 130 square kilometres (50 sq mi) and was established in 2002 to include Chongqing Economic and Technological Development Zone, Chongqing High-Tech Industrial Development Zone and Chongqing Export Processing Trade Zone.[14]
- ^ a b World Bank (2019). "Chongqing 2035".
{{cite journal}}: Cite journal requires|journal=(help) - ^ Checkup, China. "The 100 Largest China City Economies by GDP". China Checkup. Retrieved 27 May 2020.
- ^ a b c "China's painful economic transition in full view in city of Chongqing". South China Morning Post. 18 January 2019. Retrieved 27 May 2020.
- ^ Martini (23 January 2019). "Chongqing's Economy Exceeded RMB 2 trillion, Grew by 6% in 2018". iChongqing. Retrieved 27 May 2020.
- ^ "The Chongqing Economy: An Illustrated Primer". The Wall Street Journal. Retrieved 23 September 2014.
- ^ a b c "What Chongqing's Growth Story Tells Us about China's Slowdown". China Briefing News. 14 March 2019. Retrieved 27 May 2020.
- ^ "China | Gross Domestic Product: per Capita: Chongqing | Economic Indicators". www.ceicdata.com. Retrieved 28 May 2020.
- ^ "China | Registered Unemployment Rate: Urban: Chongqing | Economic Indicators". www.ceicdata.com. Retrieved 28 May 2020.
- ^ "Unemployment on the rise as downturn starts to bite in China". South China Morning Post. 15 February 2019. Retrieved 27 May 2020.
- ^ Boulter, John (December 2018). "China's Supply-side Structural Reform". Reserve Bank of Australia. Retrieved 27 May 2020.
- ^ Briefing, China (31 July 2017). "Investing in Inland China: Assessing Chongqing's Industrial Zones". China Briefing News. Retrieved 27 May 2020.
- ^ "Chongqing Jiangbeizui CBD takes shape and is expected to be fully completed by 2018". Chongqing Municipal Government. 17 June 2013. Archived from the original on 4 March 2016. Retrieved 23 August 2014.
- ^ "Jiangbeizui Financial Center". China: Liangjiang New Area Government. 7 January 2014. Archived from the original on 10 April 2016. Retrieved 23 August 2014.
- ^ "New North Zone". Chinese Government. Archived from the original on 12 May 2013. Retrieved 23 September 2014.