Two readings, two different words. This one is zhāoyáng, where 朝 means morning. Read cháoyáng, with 朝 meaning to face, it means facing the sun, and that is also the reading of the Beijing district 朝阳区.
usage
More written than spoken. The one place it turns up in ordinary news is 朝阳产业, a sunrise industry, one that is still growing. Its opposite is 夕阳产业, a declining one.
