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September 5, 2018

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Home » City specials » Chengdu

Characteristic new economy of Chengdu

Chengdu took the lead in establishing the New Economy Development Commission — a special government agency responsible for overall policy planning and promoting the implementation of concrete work focusing on the new economy — in August 2017. Afterwards, Chengdu set up Institution of New Economic Development in September.

“Now the new economy is not a rare thing in China. Many cities are planning the development of the new economy according to their own resources and advantages,” Zhou said.

“As for Chengdu, we think that high-quality development has three aspects, namely, the transformation and upgrading of traditional industries, the restructuring of urban economy and future competitiveness of the city. To realize these, we must focus on the new economy,” he said.

The new economy of Chengdu was interpreted as “six economic forms” — the digital economy, the intelligent economy, the green economy, the creative economy, the web traffic economy and the sharing economy. Focusing on the six economic forms, Chengdu made a set of tailor-made policies, which means that every economic form has its own concrete implementation plan.

“The most distinctive feature of Chengdu’s new economy plan is the construction of the ‘seven application scenarios’ that provide market possibility for the new economy. This marks a major change in the role of the government,” said Zhou.

“In the past, we provided incentives, such as resources, land, subsidies and the like to support the development of certain economic body. Now we are inclined to provide opportunities for them, the specific application opportunities. By creating application scenarios, we can attract more enterprises to participate in developing the new economy. In this way, the new economy enterprises can find market possibilities or market entry in Chengdu,” Zhou said.

The scenarios include promoting the application of the new technology into the real economy, building the Smart City, promoting innovation and entrepreneurship, coordinating the human capital, upgrading the consumption and promoting green and low-carbon development and building the modern supply chain.


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