Chongqing has made remarkable progress in economic and social development since it was granted provincial city status in 1997. The city had become a leading economic centre for the upper part of the Yangtze River region and a focal point for an experiment in coordinated urban-rural development. How did the city accomplish such an impressive achievement in spite of the impact of the Global Financial Crisis from 2007 and the political turbulence of 2012? To answer this question, we summarise the economic and social developments in Chongqing over the last two decades and demonstrate how the Chongqing model helped the city to sustain fast economic development whilst achieving urban-rural integration. Given that Chongqing is set to be a critical hub in the ‘One Belt, One Road’ (OBOR) initiative, this article provides a comprehensive update on the 2001 version of the Chongqing city profile, which was published shortly after the city became the fourth municipality directly under the control of central government. In addition, we discuss the lessons that some Chinese cities can learn from the Chongqing model when dealing with housing affordability issues and the challenges and opportunities for Chongqing in the OBOR initiative.