A signing ceremony for enterprises in the modern service industry was held in Liangjiang New Area in Southwest China's Chongqing municipality on March 29, with agreements signed off worth 14.5 billion yuan ($2.18 billion).

The accords covered 14 projects in modern finance, high-tech services, cross-border trade and entertainment.

Luo Lin, director of the Chongqing Liangjiang New Area Administrative Committee, said that great importance was being attached to the modern service sector as a crucial player in optimizing the area's industrial structure and in implementing so-called "dual circulation" – China's new development paradigm that sees the domestic economy as the mainstay and domestic and global trade reinforcing each other.

The 14 major projects are expected to bring leading entities and emerging economies to the new area. It is anticipated that they will shape the direction of its high-end, high-quality and high-tech modern industrial system – facilitating the integration of the modern service industry and advanced manufacturing. Luo said that as a result, the industrial chain and supply chain will be optimized.

Last year saw Liangjiang's tertiary industry record added value of 119.6 billion yuan, accounting for 60.7 percent of regional GDP.

During the 14th Five-Year Plan period (2021-25), plans are for Liangjiang to focus on the fields of modern finance, logistics, business exhibitions, high-tech services and digital trade.

Du Jiabin, CEO of SGS (China) Co – the world's leading inspection, verification, testing and certification service provider based in Switzerland – was bullish about the region.

He said he was confident about the testing and certification market in China and that his group would expand its investments and service capacities by making full use of Chongqing's favorable conditions and top-flight workforce.