Apr. 24, 2009 (China Knowledge) - Chongqing, a Chinese city in the upper reaches of the Yangtze River, has just launched its RMB 30 billion (US$4.4 billion) Chongqing Financial Center project as part of its effort to become a financial center by 2015.
The first commercial real estate project for the financial sector, to be located in the Jiangbeizui central business district in the city, will cover more than 300,000 sq m and will be the core of the financial center.
Luo Guang, deputy secretary-general of the Chongqing municipal government, said that Chongqing boasts two major advantages: first, the city has suffered less than others from the global economic crisis; second, it has the most solid and complete industrial base in West China.
The city has set a goal of balanced development of banking, securities and insurance, according to Wang Hongju, mayor of Chongqing.
In the first quarter of this year, Chongqing's gross domestic product (GDP) rose 9% from the previous year to RMB 103.22 billion, showing a growth rate higher than the average of 6.1% for the whole country, according to an earlier report from China Knowledge.
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