Chengdu:


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Chengdu is the capital of Sichuan Province, which is known as the "Heavenly State" (Tian Fu Zhi Guo). Being the natural habitat of cute giant pandas, Chengdu is located in the west of Sichuan Basin and in the center of Chengdu Plain. It covers a total area of 12.3 thousand square kilometres (4,749 square miles) with a population of over 11 million.

China's state council has designated Chengdu as the country's western center of logistics, commerce, finance, science and technology, as well as a hub of transportation and communication. It is also an important base for manufacturing and agriculture.

According to the World Bank's 2007 survey report on global investment environments, Chengdu was declared "a benchmark city for investment environment in inland China".

Also based on a research report undertaken by the Nobel economics laureate, Dr. Robert Mundell and the celebrated Chinese economist, Li Yining, published by the State Information Center in 2010, Chengdu has become an "engine" of the Western Development Program, a benchmark city for investment environment in inland China, and a major leader in new urbanization.

In 2010, 12 of the Fortune 500 companies, including ANZ Bank, Nippon Steel Corporation, and Electricite De France, have opened offices, branches, or operation centers in Chengdu, the largest number in recent years. Meanwhile, the Fortune 500 companies that have opened offices in Chengdu, including JP Morgan Chase, Henkel, and GE, increased their investment and upgraded the involvement of their branches in Chengdu. By the end of 2010, over 200 Fortune 500 companies had set up branches in Chengdu, ranking it first in terms of the number of Fortune 500 companies in Central and Western China. Of these, 149 are foreign enterprises and 40 are domestic companies.

According to the 2010 AmCham China White Paper on the State of American Business in China, Chengdu has become a top investment destination in China.

The main industries in Chengdu—including machinery, automobile, medicine, food, and information technology—are supported by numerous large-scale enterprises. In addition, an increasing number of high-tech enterprises from outside Chengdu have also settled down there.

Chengdu is becoming one of the favorite cities for investment in Central and Western China. Among the world's 500 largest companies, 133 multinational enterprises have had subsidiaries or branch offices in Chengdu by October 2009.These MNEs include Intel, Cisco, Sony and Toyota that have assembly and manufacturing bases, as well as Motorola, Ericsson, and Microsoft that have R&D centers in Chengdu., The National Development and Reform Commission has formally approved Chengdu's proposed establishment of a national bio-industry base there. The government of Chengdu has recently unveiled a plan to create a 90 billion CNY bio pharmaceutical sector by 2012. China's aviation industries have begun construction of a high-tech industrial park in the city that will feature space and aviation technology. The local government plans to attract overseas and domestic companies for service outsourcing and become a well-known service outsourcing base in China and worldwide.

Electronics and IT industries

Chengdu has long been established as a national base for the electronics and IT industries. The first telecom R&D centre was set up by an Indian company called Primetel in 1996 and since then the city has developed as the global centre for the telecom R&D industry. Chengdu's growth accelerated alongside the growth of the telecom services sector in India and China, which together account for over 70 percent of the world telecommunications market. Several key national electronics R&D institutes are located in Chengdu. Chengdu Hi-tech Industrial Development Zone has attracted a variety of multinationals, at least 30 Fortune 500 companies and 12,000 domestic companies, including Intel, IBM, Cisco, Nokia, Motorola, SAP, Siemens, Canon, HP, Xerox, Microsoft, Tieto, NIIT, MediaTek, and Wipro, as well as domestic powerhouses such as Lenovo. Dell plans to open its second major China operations center in 2011 in Chengdu as its center in Xiamen expands in 2010.

Intel Capital acquired a strategic stake in Primetel, Chengdu's first foreign technology company in 2001. Intel's Chengdu factory, set up in 2005 is its second in China, after its Shanghai factory, and the first such large-scale foreign investment in the electronics industry in interior mainland China. Intel, the world's largest chipmaker, has invested US$525 million in two assembly and testing facilities in Chengdu. Following the footsteps of Intel, Semiconductor Manufacturing International Corporation (SMIC), the world's third largest foundry, set up an assembly and testing plant in Chengdu. Intel's rival AMD is likewise set to open an R&D center in this city.

In November 2006, IBM signed an agreement with the Chengdu High-Tech Zone to establish a Global Delivery Center, its fourth in China after Dalian, Shanghai and Shenzhen, within the Chengdu Tianfu Software Park. Scheduled to be operational by February 2007, this new center will provide multilingual application development and maintenance services to clients globally in English, Japanese and Chinese, and to the IBM Global Procurement Center, recently located to the southern Chinese city of Shenzhen. On 23 March 2008, IBM announced at the "West China Excellent Enterprises CEO Forum" that the southwest working team of IBM Global Business Services is now formally stationed in Chengdu. On 28 May 2008, Zhou Weikun, president of IBM China disclosed that IBM Chengdu would increase its staff number from the present 600 to nearly 1,000 by the end of the year.

Over the past few years, Chengdu's economy has flourished rapidly. Chengdu is a major base for communication infrastructure, with one of China's nine top level postal centers and one of six national telecom exchanges hub.

In 2009, Chengdu hosted the World Cyber Games Grand Finals (11–15 November). It was the first time China hosted the world's largest computer and video game tournament.

Financial industry

Chengdu is positioning itself to be a financial center for Western China and has attracted a large number of foreign financial institutions, including Citigroup, HSBC, Standard Chartered Bank, ABN AMRO, BNP Paribas, JPMorgan Chase and The Bank of Tokyo-Mitsubishi UFJ. In 1988, Dr. Joseph Fowler, a British professor of optoelectronics from Cambridge founded Scsi Capital, Asia's first venture capital firm focused on opportunities in the digital age, in Chengdu. Scsi currently manages an active portfolio in excess of CNY 300 billion and has operations in India, Israel, Singapore and USA. Scsi Capital is the world's largest private equity investor and fund of funds in the photovoltaic, compound semiconductor, multilayer cmos, ceramic packaging, display and advanced materials sector.

Historically, Chengdu has marked its name in the history of financial innovation. The world's first paper currency 'Jiao Zi' was seen in Chengdu in the year 1023, during the Song dynasty.

Now, Chengdu is not only the gateway of Western China for foreign financial institutions, but also a booming town for Chinese domestic financial firms. The Chinese monetary authority, People's Bank of China (China's central bank), set its southwest China headquarters in Chengdu City. In addition, almost all domestic banks and securities brokerage firms located their regional headquarters or branches in Chengdu. At the same time, the local financial firms of Chengdu are strengthening their presences nationally, notably, Huaxi Securities, Sinolink Securities and Bank of Chengdu. Moreover, on top of banks and brokerage firms, the flourish of local economy lured more and more financial service firms to the city to capitalise on the economic growth. Grant Thornton, KPMG, PWC and Ernst & Young are the four global accountants and business advisers with West China headoffices in the city.

It is expected that by 2012, value-added financial services will make up 14 percent of the added-value service industry and 7 percent of the regional GDP. By 2015, those figures are expected to grow to 18 percent and 9 percent respectively.

Modern logistic industry

Because of its logistic infrastructure, professional network, and resources in science, technology, and communication, Chengdu has become home to 43 foreign-funded logistic enterprises, including UPS, TNT, DHL, and Maersk, as well as a number of well-known domestic logistic enterprises including COSCO, CSCL, SINOTRANS, CRE, Transfar Group, South Logistic Group, YCH, and STO. By 2012, the logistic industry in Chengdu will realize a value added of RMB 50 billion, with an average annual growth exceeding 18 percent. Ten new international direct flights will be in service; five railways for five-scheduled block container trains will be put into operation; and 50 large logistic enterprises are expected to have annual operation revenue exceeding RMB 100 million.

Modern business and trade

Chengdu is the largest trade center in western China with a market covering all of Sichuan province, exerting influence on a population of 250 million in six provinces, cities, and districts in western China. Chengdu ranks first among cities in western China in terms of the scale of foreign investment in commerce and trade. Out of the 40 World Top 250 retail enterprises based in China, 15 have opened branches in Chengdu. In downtown Chengdu, there are 71 department stores whose business area exceeds 10,000 sq. m, with the total business area reaching 2,600,000 sq. m. By 2012, total retail sales of consumer goods in Chengdu will exceed RMB 300 billion, up 18 percent annually on average; the total wholesales will exceed RMB 400 billion, with an annual increase of 25 percent. Total retail sales of the catering industry will exceed RMB 60 billion, up 20 percent annually; and the total exports and imports of Chengdu will be above US$35 billion, increasing 30 percent annually.
Convention and exhibition industry

Boasting the claim as "China’s Famous Exhibition City", Chengdu takes the lead in central and western China for its scale of convention economy. It has become one of the five largest convention and exhibition cities in China. In 2010, direct revenue from the convention and exhibition industry was RMB 3.2 billion, with a year-on-year growth of 26.9 percent. The growth reached a historical high.

More than 13.2 million people have come to Chengdu to participate in conventions and exhibitions from foreign countries and other parts of China. Numerous convention and exhibition companies have invested in Chengdu such as the UK-based Reed Exhibition, as well as domestic companies such as the Chinese European Art Center, Sanlian Exhibition, and Eastpo International Expo.

Software and service outsourcing industry

Chengdu is one of the first service outsourcing bases in China. More than 150,000 people in Chengdu are engaged in software-related work. Among the Top 10 service outsourcing enterprises in the world, Accenture, IBM, and Wipro are based in Chengdu. In addition, 20 international enterprises including Motorola, Ubi Soft Entertainment, and Agilent, have set up internal shared service centers or R&D centers in Chengdu. Maersk Global Document Processing Center and Logistic Processing Sub-center, DHL Chengdu Service Center, Financial Accounting Center for DHL China, and Siemens Global IT Operation Center will be put into operation. In 2010, offshore service outsourcing in Chengdu realized a registered contract value of US$336 million, 99 percent higher than the previous year.

New energy industry

Chengdu is the "National High-Tech Industry Base for New Energy Industry", as approved by the National Development and Reform Commission. Leading enterprises are operating in Chengdu and providing research and technology support such as Tianwei New Energy Holding Co., Ltd., Sichuan Sanzhou Special Steel Tube Co., Ltd., Zhejiang Tianma Bearing Co., Ltd., and key research institutions such as the Nuclear Power Institute of China, Southwestern Institute of Physics, Southwest Electric Power Design Institute.

In 2010, the new energy enterprises above realized 31.1 billion RMB in revenue from main operations, 43.2 percent more than the previous year. Chengdu ranked first again in the list of China's 15 "Cities with Highest Investment Value for New Energies" released at the beginning of 2011, and Shuangliu County under its jurisdiction entered "2010 China's Top 100 Counties of New Energies". By 2012, Chengdu's new energy industry will realize an investment over 20 billion RMB and sales revenue of 50 billion RMB.

Electronics and information industry

Chengdu is home to the most competitive IT industry cluster in western China, an important integrated circuit industry base in China, and one of the five major national software industry bases.

Manufacturing chains are already formed in integrated circuits, optoelectronics displays, digital video & audio, optical communication products, and original-equipment products of electronic terminals, represented by such companies as IBM, Intel, Texas Instruments, Microsoft, Motorola, Nokia, Ericsson, Dell, Lenovo, Foxconn, Compal, Wistron, and others.

Automobile industry

Chengdu has built a comprehensive automobile industry system, and preliminarily formed a system integrated with trade, exhibitions, entertainment, R&D, and manufacturing of spare parts and whole vehicles (e.g., sedans, coaches, sport utility vehicles, trucks, special vehicles). There are whole vehicle makers, such as Volvo, FAW Volkswagen, FAW Toyota, and Sinotruk Wangpai, as well as nearly 200 core parts makers covering German, Japanese, and other lines of vehicles.

In 2011, Volvo announced that its first manufacturing base in China with an investment of RMB 5.4 billion was to be built in Chengdu. By 2015, the automobile production capacity of Chengdu's Comprehensive Function Zone of Automobile Industry is expected to reach 700,000 vehicles and 1.25 million in 2020.

Modern agriculture

Chengdu enjoys favorable agricultural conditions and rich natural resources. It is an important base for high-quality agricultural products. A national commercial grain and edible oil production base, the vegetable and food supply base as well as the key agricultural products processing center and the logistics distribution center of western China are located in Chengdu.

Defense industry

Located within the city limits is the Chengdu Aircraft Company which produces the recently declassified J-10 Vigorous Dragon combat aircraft as well as the JF-17 Thunder, in a joint collaborative effort with Pakistan Air Force. Chengdu Aircraft Company is also currently developing the J-20 Black Eagle stealth fighter. The company is one of the major manufacturers of Chinese Military aviation technology.

Investment

The Chengdu Statistics Bureau reports that the total investment in fixed assets in 2008 was 301.29 billion yuan (US$43.38 billion). Domestic investment was 180.52 billion yuan (US$26 billion), an increase of 23.5 percent from 2007. The total amount of foreign direct investment reached US$2.25 billion, an increase of 97.3 percent from 2007.

Industrial zones

Chengdu Economic and Technological Development Zone
Main article: Sichuan § Chengdu_Economic_and_Technological_Development_Zone
Chengdu Export Processing Zone
Main article: Sichuan § Chengdu_Export_Processing_Zone
Chengdu Hi-Tech Industrial Development Zone
Main article: Sichuan § Chengdu_Hi-Tech_Industrial_Development_Zone
Chengdu National Cross-Strait Technology Industry Development Park
This was established in 1992 as the Chengdu Taiwanese Investment Zone.

Real estate

In 1988, The Implementation Plan for a Gradual Housing System Reform in Cities and Towns marked the beginning of overall housing reform in urban areas of China. More than 20 real estate companies set up in Chengdu, which was the first step for Chengdu's real estate development. The comprehensive Funan River renovation project in the 1990s had been another step towards promoting Chengdu environmental development. In 1992, Singapore capitals brought into Chengdu helped constructing Jinxiu Garden (锦绣花园), which was the first elite residential area. Its advertisement was "Driving Volkswagen, Living in Jinxiu Garden.". In 1992, the first real estate management service company set up in Chengdu.

Chengdu started the Five Main Roads & One Bridge project in 1997. Three of the roads supported the east part of the city, the other two led to the south. It established the foundation of the Eastern and Southern sub-centers of Chengdu. The two major sub-centers determined people's eastward and southward living trends. Large numbers of buildings appeared around the east and south of the 2nd Ring Road. The Shahe River renovation project together with Jin River project also set off a fashion for people living by the two rivers. It was said that the map of Chengdu should update every three months.

In 2000, dozens of commercial real estate projects also appeared. While promoting the real estate market, the Chinese government encouraged citizens to buy their own houses by providing considerable subsidies. Houses were included in commodities.

In 2013, Chengdu along with Beijing, Shanghai and Guangzhou were regarded as the Tier One Cities in terms of real estate market in mainland China.