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(1) Recent policies of Chongqing to promote inward and outward investment

First, Chongqing fully implemented the guiding principles of the Third Plenary Session of the 18th Central Committee of the CPC on exploring the implementation of the system of pre-establishment national treatment plus a negative list across the board for foreign investment. It did not formulate a separate document for this purpose. The city issued the Administrative Measures for the Approval of Investment Projects of Chongqing Enterprise and Administrative Measures for the Filing of Investment Projects of Chongqing Enterprise. Second, in accordance with the Administrative Measures for the Approval and Filing of Overseas Investment Projects (NDRC Decree No. 9), Chongqing issued the Administrative Measures for the Approval and Filing of Overseas Investment Projects in Chongqing (YFF [2014] No. 64) to help enhance overseas investment facilitation for Chongqing enterprises.

  • (2) Utilization of foreign investment and overseas investment of Chongqing in 2015

In 2015, there were 315 new foreign-invested enterprises in Chongqing, up 26.00% year-on-year; the contractual foreign investment was US$4,817 billion, a rise of 4.12% year-on-year; the actual utilization of foreign capital was USS 10.765 billion, a year-on-year growth of 1.28%.

In 2015, Chongqing approved 99 new projects with a total contractual overseas investment of USS1.61 billion, an increase of 66.6% year-on-year. Specifically, there were 84 overseas projects of private enterprises (institutions), with the contractual investment contract accounting for 92.0% of the total; and 14 overseas projects of state-owned enterprises, with the contractual investment accounting for 8.0% of the total. Chongqing’s total outward investment was US$1.42 billion, up 27.9% year-on-year, of which the investment of private enterprises and state-owned enterprises made up 80.4% and 15.7% of the total respectively.

  • i) Structure of foreign investment utilization. In 2015, foreign investors from 37 countries (regions) invested in Chongqing. The top three were the Hong Kong

SAR, the Republic of Korea and Singapore. The top three contributors of the investment actually used were the Hong Kong SAR, the British Virgin Islands, and Singapore, and their paid-in capital combined accounted for 70.09% of the city’s total.

The contractual investment in Chongqing’s secondary and tertiary industries were US$1,665.54 million and USS2,919.56 million respectively, representing 35.69% and 62.57% of the total respectively. The investment actually used by the secondary and tertiary industries was USS4,276.5973 million and US$5466.9565 million respectively, making up 43.88% and 56.10% of the total respectively.

Contractual foreign investment mainly came for manufacturing, real estate and financial industries, which received, respectively, US$1,453.56 million (31.15%), US$1,002.13 million (21.48%) and US$941.80 million (20.18%). Actual utilization of foreign investment most occurred in the manufacturing industry, financial industry and real estate industry, which used, respectively, US$4,179.6708 million (42.89%), US$2,741.4231 million (28.13%) and US$1,610.5515 million (16.53%) of foreign capital.

ii) Structure of overseas investment. In 2015, Chongqing’s contractual overseas investment went to 31 countries (regions) in the world. Specifically, the Hong Kong SAR got US$822.96 million (51.1%), Pakistan US$200 million (12.4%), Malaysia US$151.40 million (9.4%), the United States US$97.37 million (6.1%), the Macao SAR USS88.71 million (5.5%) and Luxembourg US$65.60 million (4.1%). Other countries (regions) receiving investment from Chongqing were the British Virgin Islands, Seychelles, Kyrgyzstan, Canada, Thailand, Cambodia, Indonesia, Germany, the Republic of Korea, Egypt, Taiwan of China, Kazakhstan, Denmark, Turkey, Ecuador, Italy, Mongolia, Netherlands, Brazil, Australia, Myanmar, the Philippines, Vietnam, Tanzania, and Laos.

The top three industries that received the most outward investment from Chongqing were other financial industries, which received US$738.10 million (45.9%); the power and heat production and supply industry, which received US$202 million (12.6%); and the real estate industry, which received US$197.64 million (12.3%).

A total of 39 countries (regions) received actual outward investment from Chongqing, mainly the Hong Kong SAR, which received USS1,114.92 million (78.3%), Russia US$63.03 million (4.4%), the United Kingdom US$30.65 million (2.2%), Liberia US$30.38 million (2.1%), Uganda US$26.37 million (1.9%), Timor-leste US$25.33 million (1.8%). Kenya US$18.15 million (1.3%), and Canada US$15.57 million (1.1%). Other destination countries (regions) were Vietnam, Malaysia, the United States, Laos, the British Virgin Islands, Benin, Japan, the Macao SAR, Venezuela and Australia.

The top three industries invested in by Chongqing enterprises were other financial industries, which received US$597.84 million (42.0%), retail sales, which received US$342.52 million (24.0%), and business services, which received US$90.82 million (6.4%).

  • i) Low stability. In 2015, the foreign investment utilized by Chongqing was going down throughout the year. It was only in December, when US$2.9 billion of foreign investment finally came in, that Chongqing ultimately managed to basically realize its goal of using US$10 billion of foreign investment in the year. The growth rate of FDI was lower than the national average by 17 percentage points, and presented violent fluemations. The reasons are as follows: First, as the country quickens the implementation of the BRI and the strategy of the Yangtze River Economic Belt development, Chongqing welcomed development opportunities, but the benefit actually swept Central and West China and all relevant provinces competed for resource and opportunities to drive their opening-up. Second, the expansion of China (Shanghai) Pilot Free Trade Zone and the establishment of the Tianjin-Guangdong-Fujian Free Trade Zone have increased the appeal of the eastern coastal areas of China to foreign investors, which will hamper the foreign investment attraction work of Chongqing and other western regions for some time. Third, over the past three years, the contractual foreign investment in Chongqing was lower than the amount actually used, indicating that the reseive of intentional investment projects is limited in the first place and lends weak support for growth of foreign investment in the years to come. Fourth, the structure of foreign investment is in transition. Foreign investment is shifting from cost-oriented investment aiming at low production or operation cost to market-oriented investment. Investment in new hot industries such as producer services is characterized by light asset operation. In addition, the 10 strategic emerging industries are in the initial stage of development, and the new growth points for attracting foreign investment have not yet come into being.

ii) More guidance and help needed for private enterprises to go global. With the increasing enhanced strength of private enteiprises and the increasing government support for “going global” private enterprises, the dominant position of state-owned enteiprises in OFDI has been gradually replaced by private enterprises. However, private enterprises face more difficulties and are prone to vicious competition in going-global as they lack long-term strategic planning and risk awareness to a large extent, understanding of the investment environment and culture of the host country, and experience in overseas investment management. Therefore, it is necessary to further strengthen the guidance and help for private enteiprises to go global.


Chongqing’s all-round, multi-tiered and wide-ranging opening-up system plays an important role in positively and strongly supporting the city’s opening-up. First, the launch of the China-Singapore (Chongqing) strategic coordination demonstration project will directly promote open cooperation in such areas as financial services, aviation, logistics and information and communication technologies in Chongqing, and indirectly serve national strategies such as the BRI and the Yangtze River Economic Belt development. The effect of coordinated development will appear. Second, the policy system and institutional environment of the "1 + 2 + 8 + 36" open platform are more complete. As the five special actions concerning international logistics channels, the port economy and the service trade of Chongqing continued to deepen, and the unique opening-up advantages of "three trinities” are unveiled, the ability of open platforms to attract foreign investment will be strengthened. Integrating the development plan of Chongqing's five functional areas into the BRI will provide a new opportunity and platform for Chongqing to attract foreign investment. Third, Chongqing will build a foreign trade service platform around the Strategic Cooperation Agreement on Supporting Enterprises to Go Global, vigorously promote and serve export-oriented enterprises to go global, and improve the work system for the going-global strategy. Fourth, enterprises will be encouraged to participate in overseas infrastructure development and international capacity cooperation, and support will be provided for the transfer of advantageous enterprises such as automobiles, motorcycles and machinery manufacturing to overseas to expand overseas markets. The combination of these policies and measures will actively promote the future development of inward and outward investment of Chongqing.

(3) Investment in and from BRI countries in 2015

In 2015, investors from four BRI countries, i.e., Singapore, the Philippines, Belarus and Thailand invested in Chongqing, and the total actually utilized investment was US$705.5503 million.

Chongqing enterprises made USS 131.49 million of actual outward investment in 12 BRI countries (regions), specifically US$63.03 million (47.9%) in Russia, US$25.33 million (19.3%) in Timor-Leste, US$14.48 million (11.0%) in Vietnam. US$13.65 million (10.4%) in Malaysia and US$11.96 million (9.1%) in Laos. Other countries (regions) receiving investment from Chongqing were Indonesia, Cambodia, Turkey, Kuwait, the United Arab Emirates, Pakistan and Georgia.

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