Chengdu's GDP reaches 1.5 trillion yuan in 2018

The GDP of Chengdu, capital of Sichuan province, is expected to reach 1.5 trillion yuan ($220.8 billion) in 2018, an increase of eight percent year-on-year, according to a government work report delivered by Luo Qiang, the city mayor, on Tuesday.

The report showed that the added value of Chengdu's five major industries—electronic information, equipment manufacturing, medicine and healthcare, new materials and green food increased by 10.8 percent, accounting for 82 percent of the city's total industrial output. Total vehicle output reached 1.3 million units.

Luo said that over the past year, Chengdu had been vigorously promoting the development and application of emerging technologies such as artificial intelligence, blockchain and virtual reality.

The city established the country's first 5G demonstration zone in 2018, and successfully tested the outdoor 5G network at its bus rapid transit(BRT) system along the second ring road.

The report proposed that in 2019, Chengdu should focus on high-quality growth, strengthen reform and innovation, build a beautiful and livable garden city, become an international hub, implement the rural revitalization strategy, become a world cultural city, and create a better living environment for its residents.

The city’s GDP growth target for 2019 is about 7.5 percent.

Luo said that Chengdu will accelerate the development of electronic information, high-end equipment manufacturing and the software industry. The industrial output of its electronic information industry is expected to exceed 800 billion yuan in 2019, while the equipment manufacturing industry is expected to exceed 700 billion yuan.

The city will boost the development of new economic sectors by developing 5G, 8K, artificial intelligence, Internet of Things, network security, and hydrogen energy. It aims to create two more unicorn companies this year.

In order to draw more global investors, Chengdu will also strive to create an international business environment that meets the business environmental assessment standards of both the World Bank and China, Luo said.