Jiangbei District Leads Chongqing's Economy, Guanyinqiao Draws Millions During Holidays

Chongqing - Chongqing's Jiangbei District is a vibrant urban center formed by the convergence of two rivers. Known as an "economic engine" and key industrial hub, Jiangbei also boasts a lively fashion scene that attracts overseas visitors.

A picture along the Jialing Riverbank from Jiangbeizui CBD. (Photo/ Vivian Yan)

Teng Hongwei, secretary of the CPC Chongqing Jiangbei District Committee, said at a press conference held by the Chongqing Municipal People's Government on June 24 that Jiangbei District ranks third in GDP in Chongqing and has robust development in its three pillar industries: finance, commerce, and industry.

The district boasts a strong economic structure, momentum, and quality, particularly in the service sector, which accounts for 74.6% of its GDP—21 percentage points higher than the city's average.

"Guanyinqiao's commercial area sees a daily average of 500,000 pedestrians, reaching over one million during holidays, such as this year's Labour Day holiday, where it ranked third nationally in popularity.," said Teng. As one of Chongqing's most popular destinations, Guanyinqiao is a vibrant commercial area known for its bustling shopping streets, modern shopping malls, and diverse culinary scene.

Teng said Guanyinqiao's commercial area will be expanded, with the construction of the Central MixC mall, a joint venture between Hong Kong Land and China Resources, progressing. It is set to open in two years and will feature 77 high-end luxury brands. Plans also include building an "air corridor" to manage pedestrian flow efficiently.

Far Eastern City in Jiangbei District, Chongqing, is a large-scale commercial complex that integrates shopping, dining, entertainment, and office spaces. (Photo/ Jiangbei District)

Jiangbei's financial institutions make up a quarter of the city's total, with financial assets comprising half, loan balances a fifth, and the number and market value of listed companies ranking first in the city. “we introduced Nanyang Commercial Bank  (NCB) in 2022," said Teng. NCB, founded in Hong Kong in 1949, empowers Chongqing's digital, inclusive, and green finance.

The Financial Legal Service Center of Western China integrates public security, prosecution, court, mediation, arbitration, and notarization to support finance. Jiangbei District is also constructing the Jiangbeizu Financial Center, which will open in August this year and include functions such as a "financial supermarket" and listing releases.

The Financial Legal Service Center of Western China conducted an ongoing trial at Jiangbeizui CBD last week. (Photo/ Jiangbei District)

In 2023, Jiangbei's industrial output surpassed 150 billion yuan, said Liu Xiaohui, Standing Committee Member of the CPC Chongqing Jiangbei District Committee and Deputy District Mayor.

Chongqing Sulian Plastic Co., Ltd., located in Jiangbei District, manufactures and distributes plastic products, including automotive fluid tubes, vacuum system pipelines, quick connectors, and fasteners. (Photo/ Jiangbei District)

Focusing on five major companies, including Changan and Seres, the automotive sector saw its output exceed 100 billion yuan. New energy vehicles are on the rise, with one in every three produced in the city being "Made in Jiangbei." Popular models like the Avatr E11/E12, AITO M5, and Deepal G318 have received strong market responses.

Liu added that Jiangbei District is cultivating and developing new quality productive forces. For example, with its research and development advantages, Chongqing Runji Far East Alloy Co Ltd. produces manganese products widely used in high-end fields such as national defense and aerospace.

Next, Jiangbei District focuses on advancing its future agenda through the five Leading demonstrations, covering economic, social, and cultural domains. These include promoting new high-quality development engines, digital transformation, comprehensive reforms, urban enhancement, and prioritizing initiatives directly benefiting residents.