criticised for being wasteful, heavily-polluting, and unsafe. Chongqing is also planned to be the site of a 10 million ton capacity refinery operated by CNPC (parent company of PetroChina) to process imported crude oil from the Sino-Burma pipelines. The pipeline itself, though not yet finished, will eventually run from Sittwe (in Myanmar's western coast) through Kunming in Yunnan province before reaching Chongqing and it will provide China with fuels sourced from Myanmar, the Middle East, and Africa. Recently, there has been a drive to move up the value chain by shifting towards high technology and knowledge intensive industries resulting in new development zones such as the Chongqing New North Zone (CNNZ). Chongqing's local government is hoping through the promotion of favorable economic policies for the electronics and information technology sectors, that it can create a 400 billion RMB high technology manufacturing hub which will surpass its auto industry and account for 25% of its exports.
The city has also invested heavily in infrastructure to attract investment. The network of roads and railways connecting Chongqing to the rest of China has been expanded and upgraded reducing logistical costs. Furthermore, the nearby Three Gorges Dam which is the world's largest, will not only supply Chongqing with power once completed but also allows ocean going ships to reach Chongqing's Yangtze River port. These infrastructure improvements have led to the arrivals of numerous foreign direct investors (FDI) in industries ranging from auto to finance and retailing; such as Ford, Mazda, HSBC, Standard Chartered Bank, Citibank, Deutsche Bank, ANZ Bank, Scotiabank, Wal-Mart, Metro AG and Carrefour among other multinational corporations.
Chongqing's nominal GDP in 2011 reached 1001.1 billion yuan (US$158.9 billion) while registering an annual growth of 16.4%. However, its overall economic performance is still lagging behind eastern coastal cities such as Shanghai
