Inland city set to become major economic engine

In 2012, Chengdu's foreign trade was worth $47.4 billion. Exports reached $30.4 billion, up 32.4 percent from a year earlier, according to official data from the city.

Its foreign business involvement is seen as a bellwether of the city's surging exports.

Its exports from foreign businesses, including Intel Corp and Dell, surged 57.82 percent year-on-year to $12.03 billion in the first 10 months of 2012 and accounted for 49.39 percent of the city's total export in the same period.

Actual foreign direct investment in Chengdu in 2012 increased by 31 percent year-on-year to $8.59 billion, against a 3.45 percent drop in FDI flowing into China as a whole in the first 10 months, according to the Ministry of Commerce.

The city attracted another 26 companies from Fortune Magazine's annual ranking of the world's 500 largest companies during 2012.

A total of 233 Top 500 enterprises have now set up business in the city, the best performer among western cities, according to Chengdu Investment Promotion Commission.

Chengdu is also attaching great importance to its development as the region's leading financial center.

Data from its financial office show that the balance of deposits in its financial institutions reached 1.7 trillion yuan in 2011, with a loan book worth 1.37 trillion yuan.

Added value from financial sector registered 52.4 billion yuan and accounted for 8 percent of the city's GDP in 2011, showing that financial sector has become a pillar industry of the city.

"Chengdu's major financial indexes are ahead of other western cities," said Zhou Xiaoqiang, vice-president of the People's Bank of China, Chengdu Branch.

lijiabao@chinadaily.com.cn

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