The forum chose Chengdu as its venue, and Volvo selected the city as the location for its first Chinese production base, which is about to become operational.

Both see opportunities in Chengdu and recognize the strategic importance of the city in China's future.

Hakan Samuelsson, president and CEO of Volvo Car Group, said now is a time of rapid development for Volvo in the domestic market.

"Construction of the Chengdu plant is in the final stage. It demonstrates Volvo Cars' continued commitment to the development of China, particularly the southwestern region," Samuelsson said.

"We will be setting an excellent example for those global companies that are working to deepen their presence in China."

Shared values

But the selection of Chengdu still comes as a surprise to many.

Previous Chinese hosts of the forum were Shanghai in 1999, Hong Kong in 2001 and Beijing in 2005, all of which are international metropolises.

As an up-and-coming city in relatively underdeveloped western China, Chengdu is somewhat different from the established coastal powers that hosted it before.