Foreign investors tour Chongqing, confident in China's economy

A group of foreign investors toured Chongqing in the southwest from Wednesday to Friday and expressed their optimism about business opportunities and long-term growth potential of the Chinese market when meeting with local leaders.

Representatives of 29 of the Fortune Global 500 companies and eight foreign chambers of commerce in China took part in the three-day tour sponsored by the China Council for the Promotion of International Trade (CCPIT).

They attended a government-business dialog, talked with the municipal government leaders, and visited the Liangjiang New Area, a state-level opening-up and development area in China's western heartland.

At the government-business dialog on Thursday, CCPIT Chairman Ren Hongbin said Chongqing, as a megacity, a major manufacturing and transportation hub and economic center of the upstream Yangtze River basin, offers enormous business and investment opportunities.

"Chongqing is indeed a vibrant place with a wide range of investment opportunities, as well as a hub for the overlap of various national strategies and policies," Ren told the attendees from companies including Ford Motor, Hewlett-Packard and Panasonic.

Some foreign visitors saw the development potential of the sprawling city as a gateway to China's western region.

"Chongqing is the center of the Western Development Policy. And with a population of over 30 million, many South Korean companies are particularly interested in investment opportunities in Chongqing," Kim Hong-ki, first vice chairman of the Korea Chamber of Commerce in China, told China Global Television Network (CGTN) in an interview during the tour.

"Chongqing is huge. Chongqing has potential. And we are not there yet. And our hotels can bring nice things to this market," said Lu Haiqing, vice president and chief corporate affairs officer of Greater China region of InterContinental Hotels Group, a British multinational hospitality company.

They also shared views on the economic stimulus package the Chinese government rolled out about one month ago, saying they felt particularly encouraged by the government-led efforts to boost consumer spending and create a more favorable business environment for private enterprises.

"If you ask me whether I'm confident in the measures, yes, I am. I'm not worried about the short term. We're really looking at the long-term prosperity. That's why we're here, and that's why we'll continue to be here," Lu told CGTN.

"From the perspective of foreign investment, we believe these economic policies are very positive. They mainly manifest in enhancing the overall market vitality, promoting the upgrade of market consumption, and improving and optimizing the entire business environment," said Robin Zhang, CFO of Genesis Group, the luxury vehicle brand of the South Korean vehicle manufacturer Hyundai Motor Company.

Foreign investors tour Chongqing, confident in China's economy

Experts said that the farming-friendly measures outlined in the annual government work report will not only motivate farmers to increase grain production but also encourage local governments to place greater emphasis on agriculture and invest more in the sector.

China has raised its grain output target for 2025 to an all time high of over 700 million metric tons, according to the annual government work report.

"Improving the system designed to benefit and enrich grain farmers is a way to support them. For local governments in major grain-producing regions, it's important to establish a coordinated mechanism for inter-provincial compensation led by the central government. This is expected to be implemented this year, ensuring that both grain farmers and local governments in these areas benefit from their efforts to focus on grain production. This is a priority," said Hu Xiangdong, director of the Institute of Agricultural Economics and Development under the Chinese Academy of Agricultural Sciences.

To reach the target, experts highlighted, priority should be given to promoting integrated technologies in the agricultural sector, alongside upgrading related infrastructure and facilities. These measures are expected to boost per unit yield of grain.

"By developing high-standard farmland, advancing facility agriculture, and improving related equipment, we can strengthen our disaster prevention and mitigation capabilities. The key to increasing yield per unit is effectively combining the application of integrated technology with improvements in agricultural conditions, such as production in high-standard farmland," said Li Guoxiang, a research fellow at the Institute of Rural Development of the Chinese Academy of Social Sciences.

Moreover, the government work report this year also outlined plans to stabilize grain prices, a key concern for farmers, and ensure that the prices of major agricultural products remain within a reasonable range.

"Recently, grain prices have stabilized and started to rise, while livestock and poultry product prices have remained steady. This is encouraging news for farmers. By maintaining reasonable prices, farmers can better benefit from growing grain and engaging in agricultural production," Li said.

Experts applaud farming-friendly measures outlined in government work report