Policy background – the construction of double city economic circle in Chengdu Chongqing region. The meeting of the Central Committee on finance and economics in January 2020 and the meeting of the Political Bureau in October 2020 stressed the need to speed up the construction of Chengdu Chongqing dual city economic circle. Chengdu and Chongqing are the economic centers of the West and the only cities in the West that have entered the top 10 of China’s GDP. The construction of Chengdu Chongqing dual city economic circle is conducive to promoting the western development. From the perspective of economic hinterland, Chengdu and Chongqing are the core cities in Sichuan Basin, which can leverage the development of 130 million people in the whole Sichuan Basin. From a broader perspective, the construction of Chengdu Chongqing economic circle is also conducive to building the fourth pole of China’s economy after the Yangtze River Delta, the Pearl River Delta and Beijing Tianjin Hebei, driving the development of the whole western region.
Highlight 1: explore the construction of Western data asset trading place. Planning requirements: explore the construction of a data asset trading place in the west, and establish a big data property right trading and industry self-discipline mechanism on the basis of improving the basic systems, standards and norms such as data resource property rights. Explore upgrading the existing relevant trading venues into Chengdu Chongqing integrated intellectual property and technology transfer trading center. The traffic conditions in Western China are worse than those in coastal areas, but the climate is good and the temperature difference is low, so it is suitable for the development of big data industry. Chengdu, Chongqing and Guiyang all vigorously develop big data industry. The construction of Western digital asset trading place is conducive to the whole western region to overtake in the industrial curve and climb the commanding height of industrial upgrading.
Highlight 2: blockchain technology and digital RMB pilot. Planning requirements: support Chengdu to accelerate the construction of intellectual property financing service platform based on blockchain technology. Promote the application of research achievements in financial science and technology fields such as artificial intelligence, big data, cloud computing and blockchain in Chengdu and Chongqing. Support Chengdu to steadily promote the pilot of digital RMB, carry out research on digital RMB and innovative application of mobile payment, and expand the application scenarios of digital RMB. In the future, there is a lot of room for the development of digital RMB based on blockchain technology. Chengdu and Chongqing are expected to become an important experimental area of digital RMB, and promote the development of high-tech industries in the whole western region through the development of artificial intelligence, big data, cloud computing, blockchain and other industries.
Highlight 3: build a highland of opening up in the western region. The meeting proposed: one belt, one road, one is the two countries. The other is the establishment of a mechanism for mutual fund exchange between China Singapore and Japan. Support foreign investors to make direct investment in RMB and participate in equity, creditor’s rights and bulk commodity transactions of domestic enterprises. Explore a higher level of RMB financial services for non resident individuals and non resident enterprises. At present, China has three financial trading platforms: Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing stock exchange. In the future, a fourth trading platform may be built in Chengdu and Chongqing as a supplement to the multi-level capital market. As one belt, one road one belt, one road and the other one, the Chengdu and Chongqing are also new channels for China and Europe. So, the financial center of Chengdu Chongqing will be more oriented to the whole area than the Shanghai Stock Exchange and Shenzhen Stock Exchange.
Risk tip: green loans are less powerful than expected; 5g construction speed is lower than expected.
（ Western Securities Co.Ltd(002673) ）
