Business in Chongqing
Chongqing is centrally located on China’s map at the core of the upper Yangtze River economic belt, connecting China’s vast western interior to the major centers of the country’s east coast and beyond. It is a key transition point for implementing China’s Go West Policy. The unique, mountainous and hilly terrain on which the city is built, affords Chongqing a style of its own, with spectacular cityscapes overlooking the river.
Banking and Insurance
Besides all of the major Chinese mainland commercial banks, Chongqing also has a number of local financial institutions, including the Chongqing City Commercial Bank, the Chongqing Wanzhou Commercial Bank, Chongqing Rural Credit Cooperatives and the Southwest Securities Corporation. By the end of 2006,Chongqing had four foreign-funded banks, namely the HSBC, the Bank of East Asia, the Bank of Nova Scotia and the Philippines’ Allied Commercial Bank. Japan’s Sumitomo Mitsui Bank has also set up a representative office in the city. Chongqing has 64 securities firms, as well as 50 insurance agencies and branches. By the end of the year 2006, several foreign-funded insurance companies had established offices in Chongqing including Liberty Mutual Insurance Group, Sun Everbright Life Insurance Company and the Yasuda Fire and Marine Insurance Company.
Chongqing has a well-developed and modern medical services sector and has a number of first-class hospitals including Chongqing No. 1 People’s Hospital, the First Affiliated Hospital of Chongqing University, the Chongqing Emergency Medical Center (CEMC), the Chongqing Oral Cavity Hospital, the Southwest Hospital and the Xinqiao Hospital, in which there are over 37,500 doctors and medical practitioners. 64,900 hospital beds are available in Chongqing.
According to the World Bank’s Report on the Investment Environment among 120 Chinese Cities in 2006, Chongqing government efficiency ranked 67th in the country. According to the Chinese Cities Comprehensive Competitiveness Report released by the Chinese Academy of Social Sciences in 2007, management competitiveness of the Chongqing Municipal Government ranks 43rd while government innovation ranks 42nd.
The city government has implemented several new programs to improve upon its current rating, including the following initiatives:
1. The Chongqing municipal government has established an “E-government” program, which allows for a more rapid flow of information between governmental departments or agencies and enterprises and citizens.
2. Chongqing has recently set up a complaints center to field calls from foreign investors. The center is responsible for solving issues and/or problems that foreign investors meet during their day to day operations. (Tel: 023-63897076)
3. Simplified application procedures have been adopted for foreign invested enterprises in Chongqing and the government has established a “one stop” service center for foreign investors. Members from related departments including the land administration, urban construction, planning, taxation, industry and commerce, customs, electric power, fire fighting, environmental protection, inspection, quarantine, insurance, labor and other departments work out of this center to manage and deal with issues related to investment consultation before and after establishment of foreign-invested enterprises. (Tel: 023-69019579，69019568)