On September 30, the Chongqing Bureau of Statistics released the “Report on Industrial Development in Chongqing since the 18th National Congress” and take stock of the city’s industrial development.
According to the report, Chongqing’s municipal government has focused on the development of the real economy since the 18th Party Congress held in 2012. By implementing the development strategy, the city’s industrial economy grew, and its industrial structure was optimized. Over the past 10 years, the city’s industrial added value grew at an average annual rate of 8.6%, higher than the national average annual growth rate of 2.5%.
The Rapid Growth of the City’s Industrial Enterprises
By 2021, the number of industrial enterprises above the designated size has increased from 4,985 in 2012 to 7,098, including 51 enterprises with revenue of over 5 billion yuan and 27 enterprises with revenue of over 10 billion yuan. The total revenue of industrial enterprises in Chongqing increased to 2,711.894 billion yuan, the total assets increased to 2,431.081 billion yuan, and the total profit increased to 187.755 billion yuan.
In recent years, the output of major industrial products in the city has maintained rapid growth, especially the production of laptops and smart devices. The production of the core components of these devices, such as liquid crystal displays and integrated circuits reinforced. The production of new materials such as high-performance aluminum is expanded. By the end of 2021, the annual output of “made in Chongqing” laptops reached 93,852,900 units, which means that one out of every three laptops in the world was produced in Chongqing.
As for market share, as of 2021, cars, motorcycles, computer equipment, and cell phones that are made in Chongqing have a greater market influence in the country, accounting for 7.5%, 17%, 23%, and 6.7% respectively.
Materials, Consumer Goods, and Electronics as the Pillars of the Industry
The report says that in recent years, the structure of industrial enterprises above the designated size has become multi-faceted. The top three industries, in terms of total industrial added value, have changed from automotive, consumer goods, and materials to materials, consumer goods, and electronics.
Emerging industries and the digital economy have been the highlight of the city’s industrial development. As of 2021, the added value of high-tech and strategic emerging manufacturing industries grew by 18.1% and 18.2%, respectively.
In terms of reduction of industrial energy consumption, by 2021, the city has built 171 municipal-level green factories and 52 national green factories. It has formed 48 kinds of green design products and 5 green supply chains.
In terms of industrial differentiation, as of 2021, the industrial value-added of enterprises above the designated size has increased by 10.8% year-on-year, accounting for 88.4% of the city’s total.
Profits of Industrial Enterprise above Designated Size Increased by 1.9 Times
The report shows that as of 2021, the city’s enterprise above the designated size achieved a total profit of 187.755 billion yuan, an increase of 1.9 times over 2012. Its labor productivity reached 419,000 yuan per person in 2021, an increase of 164,000 yuan per person in 2012. Their asset-liability ratio is 64.1%, which means a low debt risk.
By deepening the supply-side reform, the city’s industrial operation efficiency has improved, which is a highlight of the city’s industrial development. From 2016 to 2021, the proportion of finished goods inventory to current assets of the city’s industrial enterprise above the designated size was 8.1%, 8%, 7.8%, 7.1%, 6.7%, and 6.9%, showing a downward trend. As of 2021, the cost per 100 yuan of business income of these industrial enterprises has decreased by 1.18 yuan from 2012.
In terms of innovation and development, as of 2021, the city has built 10 national industrial design centers and 40 national enterprise technology centers. The total R&D expenditure of the city’s above-standard industrial enterprises is 42.453 billion yuan, and the investment intensity of R&D expenditure has reached 1.54%. Meanwhile, more than 4,700 intelligent transformation projects were implemented, and 126 smart factories and 733 digital workshops were identified.
