Chongqing, Singapore boost cross-border investment

Deals for 90 projects collectively valued at 111 billion yuan ($16.1 billion) were signed on Thursday at the fifth China-Singapore (Chongqing) Connectivity Initiative Financial Summit — also called the Chongqing Connectivity Initiative.

The event kicked off in Chongqing and Singapore both online and offline.

In recent years, the event has yielded deals of $30.21 billion in the financial services sector and 74 innovative policies for cross-border investment. In addition, cross-border settlement was launched, and 21 financial institutions were established in Chongqing, realizing a total of $19.4 billion in cross-border financing.

Provinces and cities along the New International Land-Sea Trade Corridor have received financing of $6.5 billion, said Hu Henghua, Chongqing's mayor, at the opening ceremony of the summit.

Vice-Minister of the Ministry of Commerce Li Fei, who attended the event, said that in recent years, bilateral economic and trade cooperation between China and Singapore have been increasing rapidly. Last year, trade volume between the two countries reached a record high of $115.1 billion.

China has been Singapore's largest trading partner for 10 consecutive years, and Singapore is also China's largest investment destination in the Association of Southeast Asian Nations. It is also one of China's most vital sources of foreign investment.

Li added that total two-way investment between China and Singapore has exceeded $200 billion.

In a speech delivered by video link, Josephine Teo, Singapore's minister for communications and information, said, "We will continue to work with Chongqing on innovative cross-border financial pilots that can unlock greater connectivity and cross-border flows, including along the New International Land-Sea Trade Corridor." She noted that since the first financial summit in 2018, both parties have achieved many significant milestones together.

Since its inception in November 2015, the CCI, with Chongqing as the headquarters, launched the International Land-Sea Trade Corridor project in a bid to speed up high-quality development in western China.

During the two-day summit, 12 major events and nine themed events will be held focusing on the national strategies for building a modern financial system, serving the Belt and Road Initiative, implementing the Regional Comprehensive Economic Partnership, building the Chengdu-Chongqing Economic Circle and the trade corridor.

The event, known as CCI-FS, has been successfully held for four consecutive years and has become an important platform to deepen financial collaboration between Chongqing and Singapore, and more broadly between western China and ASEAN.