Chengdu formulates new economic development targets for 2022

Chengdu formulates new economic development targets for 2022

Chengdu, capital of China’s Sichuan province, has set its strategic targets for economic development, aiming to have an output from its ‘new economy’ exceeding RMB 500 billion (approximately US$75 billion) by 2022.

The city aims to use new technology as driving force for its economy, with an emphasis on developing six new economic forms – the digital economy, smart economy, green economy, creative economy, flow economy and sharing economy – so as to establish new economic industries with distinct Chengdu characteristics. By 2022, the goal is to accumulate more than 100,000 new economy enterprises in the city including at least seven unicorn companies and over 60 potential unicorns, as well as surpassing the 280,000 mark in the size of science and technology startup participants.

In China, growth of new economy has shifted into high gear and for the first time in 2016 ‘new economy’ was included in the government work report. General Secretary Xi Jinping’s strategic deployments in ‘implementing new developmental concepts and establishing modernized economic system’ incorporated the key requirements, viewpoints and methods in accelerating the expansion of the new economy.

In terms of developing new economy, Chengdu says it is more confident than ever. At present, the total output, development index and competitiveness of Chengdu’s new economy respectively rank fourth, sixth and seventh nationwide, while the city’s big data, cloud computing, digital finance and other representative new economy sectors are listed among the forefront in China.

In April this year, the report from the 13th Chengdu Municipal Congress of the Communist Party of China clearly stipulated the demands of implementation of innovative developmental concepts and establishment of an innovation-driven pioneering city. Chengdu will persist in utilizing innovation as the number one engine in driving growth, forming a ‘dual driven’ innovation and creativity new climate comprised of comprehensive innovative reform experiments and establishment of a free trade experiment area.

Chengdu says it will speed up its effort in creating an innovation-oriented economic system and development model, forming a national innovation-type city and an innovation and entrepreneurship center with international clout.

In July, the Chengdu National Central City Industry Development Conference proposed the need to ensure cultivation of new economy and new driving force, so as to better harness comparative advantages, deepen the execution of innovation-driven and integrated military-civilian development strategy, emphatically develop new economy, capitalize on innovation and entrepreneurship of the masses, and propel breakthrough growth in science and technology small and micro enterprises.

It also says it will take steps to introduce technology innovation through a number of factors – such as measures to improve commercialization of technology, and underpin the cultivation of the sharing economy and digital economy, so as to inject new energy conducive to the reformation and upgrading of traditional industries and the transformative development of the city.

In September, the Chengdu New Economy Development Research Institute was founded, and new economy sectors leaders across the country and representatives of alumni and teachers of University of Electronic Science and Technology of China gathered in Chengdu to discuss grand schemes for the future of new economy and to find new fuel for powering the growth of great industries.

Chief leaders of the city recently admitted that, “Chengdu is under pressure from both shortage of resources and restriction in environment capacity. Taking old routes will not achieve new objectives, while developing at low levels will not be accepted by the people, which mandate everyone to join hands and work together as a single entity that will remain steadfast in developing new economy in order to blaze a new path that will lead to sustainable development for the city.”

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