After leading the country's growth rate for two consecutive years, Chongqing expects to maintain its double digit record. It has set its target at 10 percent in 2016.

The municipality's GDP growth led the country at 10.9 percent in 2014 and 11 percent in 2015. The national growth rate was 6.9 percent last year.

"Chongqing overcame economic downward pressures and achieved stable and steady growth," Mayor Huang Qifan said during his annual report on Sunday at the ongoing session of the municipality's People's Congress, its top legislative body.

"The quality of our economic development is improving," Huang said.

The value added by large-scale industry increased by 10.8 percent, industrial profits rose by 16 percent and fixed asset investment grew by 17.1 percent.

The city is the fourth municipality under the direct leadership of the central government along with Beijing, Shanghai and Tianjin.

Chongqing has long been the economic and trade hub of the upper reaches of the Yangtze River and a gateway to the vast hinterland.

In his report, Huang laid out Chongqing's 13th Five-Year Plan (2016-20) forecasting that the city will maintain average annual economic growth at around 9 percent in the coming five years.

By 2020, its GDP will reach 2.5 trillion yuan ($380 billion), and the income of Chongqing residents is expected to catch up with the national average.

President Xi Jinping made an inspection of Chongqing early this month. It was his first visit to the southwest municipality since he took office in 2012.

Many experts said that the tour gave a boost of confidence to Chongqing, which has been clouded by the corruption scandal of its former Party chief Bo Xilai, now serving a life sentence.

It was also seen as recognition for its economic and social achievements in recent years.

In face of the global and national economic downturn, Chongqing also feels the pressure of maintaining fast growth, said Shen Xiaozhong, director of the Chongqing Development and Reform Commission.

"In the past five years, Chongqing benefited a lot from its previous economic restructuring so that it could achieve annual growth of 12.8 percent," he said.

"We will focus on upgrading our economic structure and quality in the next five years and it is normal that our growth pace will be slower."

The third China-Singapore government-to-government project will be located in Chongqing, following Suzhou in Jiangsu province and Tianjin municipality.

The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity will focus on modern interconnectivity and the modern service economy, such as financial services, aviation, logistics and information technology.