Chongqing's Fuling Targets ASEAN Markets for Electric Power Equipment Manufacturing

Chongqing - China's "dual carbon" strategy transforms energy production, moves from resource-intensive to equipment-reliant methods, and boosts rapid growth in the power equipment sector.

The 2024 China (Chongqing) - ASEAN Electric Power Equipment Manufacturing Industry Conference on Innovation and Cooperation recently commenced in Fuling, Chongqing, to further promote green development. 

The 2024 China (Chongqing) - ASEAN Electric Power Equipment Manufacturing Industry Conference on Innovation and Cooperation commenced in Fuling, Chongqing. (Photo/Fuling District)

Fuling's power equipment industry has flourished, creating an industry cluster that includes specialized enterprises and national high-tech companies such as Chongqing Kebao Cable Co., Ltd. In 2023, the industry achieved an output of 2.4 billion yuan, marking a 40% growth.

Since implementing the RCEP agreement, Fuling District has encouraged key industries to collaborate with RCEP member states, particularly ASEAN nations. 

Economic ties with ASEAN focus on new chemical materials, metals, new energy vehicles, electronic information, biomedicine, and food and agricultural product processing. Using the New International Land-Sea Trade Corridor (ILSTC), freight transport takes about ten days, expanding trade and investment with ASEAN nations.

Fuling aims to use the ILSTC to develop foreign trade service enterprises, attract foreign investments, and facilitate industry transfers from eastern China, aiming to build a competitive modern manufacturing system.

In 2023, Fuling's exports to ASEAN, including machinery, electrical products, basic organic chemicals, and automobiles, totaled 910 million yuan, a 49.9% year-on-year increase. Machinery and electrical product exports surged 140% to 420 million yuan, boosting the region's presence in ASEAN markets.

Fuling has also signed a strategic cooperation framework agreement with the RCEP Industry Cooperation Committee, promoting various collaborations to enhance trade and economic activities for both parties.

(Ma Manlin, as an intern, also contributed to this report.)