Chongqing Mayor Huang Qifan called on the city’s businesses, both private and state-owned, to seize opportunities in the current worldwide economic downturn by investing overseas to supply the domestic consumer market. At a senior level government meeting on 23 August, he said his government had devised an action plan to invest around US$6bn overseas each year for the next five years.

He said efforts should be focused on industries relating to raw materials, agriculture, processing, capital equipment and the construction of industrial zones. The government has already set up a special task force to co-ordinate efforts, and officials are also looking at incentive policies. The mayor emphasised the importance for local companies to employ reputable investment banks, accountants and lawyers in the process to minimise risks.