Chengdu: An Overview
Chengdu, located in southwest China, is the capital of the Sichuan province and is recognized as one of China's key cultural, economic and governmental centers, as well as a vital hub for communications and transportation. Agriculture and industry also play significant roles in Chengdu's economy, with an abundance of farms and factories that produce everything from rice, wheat and tea to tools, trucks and electronic goods. Chengdu serves as the air hub of Southwest China, with air service to all major Chinese cities and international destinations. It is located approximately 1,000 miles from the glamour of Shanghai, yet is experiencing its own economic boom that finds the burgeoning city rising quickly through the global ranks. With a total population of approximately 11 million, it is the fifth largest Chinese city behind Shanghai, Beijing, Tianjin, and Chongqing.
Chengdu's Living History...
With origins dating back some 2,500 years, Chengdu remains a cornerstone of regional commerce and at the forefront of Chinese culture. Famous for its brocades and embroideries, Chengdu has earned such titles as "City of Brocade" and "Storehouse of Heaven" for its abundance of famous fabrics, distinct for their bright colors and delicate designs. China's bronze culture originated here, and Chengdu has also served as the source for the earliest paper currency. It is listed among the first 24 state-approved historical and cultural cities.
...and Local Flavor
Chengdu is revered for its cuisine and features a variety of restaurants, bars and tea houses, rivaling if not surpassing even larger more populous cities like Beijing and Shanghai. Chunxi Road leads the way as the city's burgeoning business and consumer locale, acclaimed for everything from high-end fashions to finance, while combining the city's unique cultural elements onto a newly renovated pedestrian street perhaps comparable to Shanghai's Nanjing. Chengdu is also a significant educational center in Southwest China, with more than 65 institutions for higher learning and some 1.5 million registered students.
Chengdu's Global Appeal
The financial center of southwestern China, Chengdu has successfully attracted major international financial institutions, including Citigroup, HSBC and Standard Chartered Bank. It has also been a big draw for Chinese domestic financial firms such as the Chinese monetary authority, People's Bank of China, which placed its Southwest China headquarters in Chengdu City. In addition, almost all domestic banks and securities brokerage firms have located their regional headquarters or branches in Chengdu.
Cheaper labor, lower start-up costs and less competition are luring foreign companies to Chengdu, helping to revitalize the ancient western city determined to close the gap with its more prosperous eastern half. The city's development continues to attract multinational corporations to establish a presence there highlighted by big name heavyweights such as Intel, Motorola, Corning, Coca Cola, Nokia, and Toyota.
With a steady growth in FDI and an economy that continues to climb, with average annual growth of 13% over the last several years, Chengdu is well on its way to becoming a major global city.
Onward and Upward...
Only a few years ago, giant cities like Chengdu languished, starved of investment and government attention that went instead to Beijing, Shanghai and Guangzhou. Chendu was known mainly as China's alrgest panda-preservatin center, and many an international company that tried to make an early mark left disappointed or limited their expansion.
In a bid to boost the poverty-stricken western regions of China, the central government launched the "Develop the West" back in 2000. The government poured money into infrastructure like new airports and expressways throughout western China, and with positive results. Today, Chengdu boasts a billion dollar infrastructure that features a number of new highways, bridges, a first-class technology center, and a thriving international airport. Residents of Chengdu are drawn by the Internet and striving to connect with the outside world in fashion trends, food and lifestyles.
The government continues to encourage real estate growth but cooling strategies are at the ready. Due to the rapid increase in land supply, many foreign real estate enterprises are already involved in the Chengdu market, stimulating the city's development, which in turn should allow the real estate supply to meet the needs of market expansion. With strong investment prospects driving increased foreign interest in Chengdu's property market, there is a good possiblity that with increased competition, future development can remain stable.
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