Chongqing: A Core Hub of High-Level Inland Opening-Up

An Interview with Wang Wen, Dean of the Chongyang Institute for Financial Studies and the School of Global Leadership at Renmin University of China and Renowned Economist

At this pivotal stage in the continued advancement of Chinese modernization, Chongqing – the only municipality directly under the central government in Central and Western China – is breaking free from the traditional constraints of an inland city and demonstrating growing strategic value in regional coordination, inland opening-up, industrial upgrading and institutional opening-up. Professor Wang Wen, Dean of the Chongyang Institute for Financial Studies and the School of Global Leadership at Renmin University of China and a renowned economist, recently spoke exclusively to Chongqing Currents about these developments.

Chongqing Is a Core Hub of High-Level Inland Opening-Up

Chongqing Currents: What unique role and value do Chongqing and the wider Central and Western regions play in Chinese modernization and China’s development?
Wang Wen: As Chinese modernization continues to advance, Chongqing’s role and value are becoming increasingly prominent. Particularly in the new era, Chongqing has played an indispensable role in advancing Chinese modernization and promoting coordinated development. I would summarise this in the following areas:
First, I believe Chongqing serves as a strategic balancing force for coordinated regional development within Chinese modernization. Without high-quality development in Chongqing, achieving coordinated development across China would be impossible. As the only municipality directly under the central government in Central and Western China, Chongqing’s development over the past three decades clearly reflects the increasingly balanced and coordinated nature of China’s development. This is a defining contribution that Chongqing makes to Chinese modernization.
Second, Chongqing is a core hub for high-level inland opening-up. Its highly advantageous location places it close to China’s geographical centre, providing convenient connections with cities and regions across the country. As a major inland hub, its reach also extends into Southeast Asia, South Asia, Central Asia and Central and Eastern Europe.
Third, Chongqing provides a model for integrated and coordinated urban-rural development. Few regions in China have achieved the same degree of balanced and coordinated development between urban and rural areas. Chongqing therefore offers a mature and replicable model with considerable relevance to China’s new urbanisation.
Fourth, Chongqing has played an important supporting role in building a modern industrial system driven by technological innovation and developing comprehensive industrial ecosystems. The “Chongqing Motorcycle One-Hour Industrial Circle” enables all components – from engines and frames to standard parts – to be sourced within a one-hour radius. This nationally recognised industrial cluster now stands alongside the Yangtze River Delta’s electronic information innovation cluster and Shenzhen’s robotics industry cluster as a major pillar of China’s industrial development.

Chongqing Has Become a Major Highlight of China’s Foreign Trade

Chongqing Currents: Chongqing has made significant breakthroughs in foreign trade in recent years and is actively developing the “Chongqing Trades with the World” brand. What recommendations would you make for its future development?
Wang Wen: First, I would like to congratulate Chongqing on its remarkable achievements in foreign trade. Chongqing has become a major highlight of China’s foreign trade performance. Few other regions in the country have demonstrated such strong growth across so many areas.
I believe Chongqing’s foreign trade still has considerable potential to be unlocked, while its global footprint will continue to develop and mature.
There are several areas that deserve particular attention. First, Chongqing should continue to promote high-level opening-up, particularly by strengthening the negative-list framework to support companies expanding overseas. It should seek to establish links with as many countries as possible and deepen its existing trade relationships around the world.
Second, Chongqing can capitalise on the growth opportunities presented by the Global South. The share of Western countries, including Europe and the United States, in China’s foreign trade is declining year by year, while much of the new growth is coming from the Global South, including Latin America, Africa and Southeast Asia. These regions represent important opportunities for Chongqing to unlock further potential and expand its foreign trade.
Finally, Chongqing should continue to strengthen the breadth of its local industrial and product ecosystem, establishing itself as an important showcase for China’s foreign trade where products of every kind are available. Looking ahead, it should also become an important centre for the development and innovation of China’s import sector. Overall, I am highly optimistic about the next stage of Chongqing’s foreign trade development.

Chongqing Holds Strong Appeal for Fortune Global 500 Companies

Chongqing Currents: In recent years, a growing number of foreign-invested companies have established operations in Chongqing. As of May 2026, a total of 325 Fortune Global 500 companies had established a presence in the city. What do you think makes Chongqing particularly attractive to leading international companies?
Wang Wen: Chongqing has advantages in attracting Fortune Global 500 companies that few cities around the world can match.
First, it benefits from strong industrial clusters in the surrounding region, providing significant cost advantages in related industries.
Second, Chongqing’s business environment is becoming increasingly efficient. Most permits and licences can now be processed conveniently, often with only a single visit. These improvements will continue to attract Fortune Global 500 companies to the city. In my view, at least 25% of the remaining Fortune Global 500 companies could ultimately choose to establish a branch or other presence in Chongqing.
Third, within a radius of approximately 200 kilometres of Chongqing lies a consumer market of nearly 100 million people, representing enormous potential for Fortune Global 500 companies. Chongqing should do more internationally to promote its brand, business environment and competitive advantages. This will undoubtedly attract more Fortune Global 500 companies and other leading international businesses to establish operations in the city.

Further Enhancing Chongqing’s Business Environment

Chongqing Currents: Chongqing has continuously worked to improve its business environment. As a renowned economist, what recommendations would you make for further developing and enhancing the city’s international business environment?
Wang Wen: Building a first-class, market-oriented, law-based and international business environment is fundamental to Chongqing’s ability to capitalise on its unique position as the only municipality directly under the central government in Central and Western China and strengthen its role as a leading hub for inland opening-up. It will help the city build on the advantages created by its concentration of Hong Kong investment and the “Chongqing Trades with the World” brand, connect more effectively with Fortune Global 500 companies and stimulate the industrial development of the Chengdu-Chongqing Economic Circle. It will also provide a strong institutional foundation for developing world-class advanced manufacturing clusters and establishing Chongqing as a window for institutional opening-up. I have three suggestions in this regard.
First, I recommend that Chongqing establish its own “International Business Environment Index” and introduce a cross-city benchmarking mechanism to compare business environments. There is also considerable scope to further develop relevant research institutes and strengthen international communications.
Second, Chongqing could deepen its engagement with the headquarters of Fortune Global 500 companies. Dedicated “Chongqing Promotion Officers” could be appointed to maintain regular, long-term communication with these companies. Sustained engagement of this kind could help attract more high-quality projects to Chongqing.
Third, Chongqing could step up efforts to invite prominent international figures to visit and promote the city. The 2025 visit by internationally renowned content creator IShowSpeed provides a useful example of the potential impact of this approach. Chongqing could focus particularly on attracting leading international industry experts to visit the city and help raise its global profile.

Looking Forward to Chongqing-Hong Kong Cooperation Becoming a Window for Institutional Opening-Up

Chongqing Currents: Hong Kong and Chongqing have long maintained close economic ties. Hong Kong remains Chongqing’s largest source of foreign investment, accounting for more than 60% of the city’s total utilised foreign investment. In 2025, Chongqing-Hong Kong import and export trade ranked first among China’s 12 western provinces and municipalities. During the same year, 17 leading Chongqing companies successfully listed in Hong Kong, while the number of Hong Kong-funded financial institutions with a presence in Chongqing reached 72. As Chongqing develops into a financial centre for Western China, which areas of financial cooperation between Chongqing and Hong Kong do you think deserve particular attention?
Wang Wen: Hong Kong accounts for a very substantial proportion of investment into Chongqing, making cooperation between the two cities extremely important to both sides. Given the frequency of their economic and trade exchanges, I believe Chongqing could explore whether the Shanghai-Hong Kong Stock Connect model might provide a reference for establishing more convenient channels for capital flows between Chongqing and Hong Kong.
Second, the two cities should deepen cooperation and exchanges between financial professionals, establishing high-level mechanisms for targeted exchanges, study visits, secondments and other forms of professional collaboration.
Finally, I hope that Chongqing-Hong Kong cooperation can become a window for China’s institutional opening-up.

Acknowledgements: Publicity Department of the CPC Chongqing Municipal Committee; Sichuan International Studies University; Western International Communication Center
?Reporting & Writing by Tsang Rui and Arika wang
Photos Source: Chongqing Municipal Commission of Commerce, Chongqing Lianglu Guoyuan Port Comprehensive Bonded Zone, Chongqing International Logistics Hub Park,The Western China International Communication Organization