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III. Economy

GDP: 509.67 billion yuan (2008)

GDP growth rate: 13.7% (2008)

Average GDP per capita: 18,025 yuan

Poverty alleviation plan:

The year 1998 witnessed the continuously worsening Asian economic crisis, a sluggish domestic farming products market, increasing pressure of re-employment on cities, and the severe attacks by natural calamities. Many unfavorable factors directly or indirectly affected the economic development in poor areas. All these brought along unprecedented difficulties to carrying through the poverty alleviation plan of Chongqing. Thanks to efforts made by the government as well as local people, the target for 1998 was successfully achieved. The municipal government allocated a total of 307 million yuan for the poverty-relief endeavor. The objective of letting the poor rural population having enough to eat and wear has been integrated with the goal of regional economic development and comprehensive development of mountainous areas. As a result, 850,000 more rural poor began to have adequate food and clothing, and the poverty-stricken population of Chongqing was reduced from 2.05 million in 1997 to 1.2 million. The net income per capita in poor counties reached 1,261 yuan, and the per capita share of grains stood at 480 kg.

With support from the central government, 10,000 hectares of basic farmland were built. Shortage of drinking water was eased for the poor population of 400,000. A total of 2,000 km country roads were transformed and built. And some 21,000 houses were built to improve the living condition of 15,100 poor families. A group of poverty alleviation projects began to pay off. According to incomplete statistics, about 350 million yuan of the poverty relief funds were invested in production projects, producing sound economic and social benefits.

Attention has also been paid to training to improve the quality of labor. Many poor families have acquired some technical know-how. Sixty-four primary schools were established with public donations, which helped hundreds of dropout return to school.

Revenues: 57.724 billion yuan (2008)

Foreign trade:

The import and export value of Chongqing totaled US$1.21 billion in 1999, up by 37 folds over 1998. Of this sum, the import value was US$720 million and export value was US$490 million. Chongqing now boasts more than 300 export-oriented enterprises and has established economic and trade relations with about 140 countries and regions in the world. It has also set up 70-odd business and trade agencies in 28 countries and regions. Hong Kong is traditionally the largest export market of Chongqing while the largest import market is Japan. With the rapid development of foreign trade, the proportion of industrial finished products in exports is increasingly going up.

Foreign investment:

By the end of 1999, the city had attracted US$5.2 billion in foreign investment. Firms from over 40 countries, including 27 of the world’s top 500 enterprises, had established more than 2,000 enterprises there. The Chongqing Economic and Technological Development Zone at the state level and 10 development zones at the provincial level have served a window on Chongqing. They are the major areas foreign investment goes.

Pillar industries:

Mechanical industry centering on automobile and motorcycle production, chemical industry focusing on natural gas and medicine, and metallurgical industry represented by the production of quality steel and aluminum products.

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