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Belt and Road Weekly

China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity harvests fruitful results

November 07, 2019


Abstract : The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) has yielded fruitful outcomes since its inception in 2015, with 199 projects involving 27 billion U.S. dollars signed as of the end of September.

BEIJING, Nov. 7 (Xinhua) -- The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) has yielded fruitful outcomes since its inception in 2015, with 199 projects involving 27 billion U.S. dollars signed as of the end of September.

Those projects have promoted China-Singapore cooperation in the four key areas of financial services, aviation industry, transportation and logistics, and information communication, and expanded to cover medicine, education, and tourism sectors.

Fueling the opening-up and development of western China, the CCI has hailed as a demonstration project for international cooperation under the framework of the Belt and Road Initiative (BRI).

-- Fruitful results

The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity has yielded fruitful results in recent years. Since 2015, China and Singapore have signed 199 projects, which involve 27 billion U.S. dollars and cover such key areas as financial services, aviation industry, transportation and logistics, and information communication.

With regard to financial services, the two countries have rolled out 50 innovation policies on cross-border investment and financing, cross-border settlement, insurance cooperation, the establishment of related agency for mutual cooperation, and have secured cross-border financing of more than 10 billion U.S. dollars. Sino-Singapore Connectivity Private Equity Fund Management Co., Ltd. and other 11 Singapore-funded or China-Singapore joint ventures have been established.

At the 2019 China-Singapore (Chongqing) Connectivity Initiative Financial Summit held recently, the two sides have singed 56 major projects with contract amount of 194.54 billion yuan, covering fields like green bonds, debt financing, cross-border logistics, education and tourism.

China-Singapore financial cooperation constitutes a key part of bilateral cooperation. The People's Bank of China and the Monetary Authority of Singapore will strengthen communication and ensure the materialization of important consensus on the main issues such as financial market interconnection, financial supervision cooperation, cross-border investment and financing cooperation, said Pan Gongsheng, Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange.

Singapore is an important offshore Renminbi center and a significant participant of BRI. China will continue to support the offshore Renminbi market in Singapore to develop into an international financial center for the investment, holding, and trading of the Chinese currency, added Pan Gongsheng.

-- Expanded fields of cooperation

China-Singapore cooperation under CCI has been scaled up to cover healthcare, education and tourism, among other sectors.

In the field of education and training, Chongqing Municipal Human Resources and Social Security Bureau has signed contracts with Singaporean Institute of Technical Education to strengthen the training for and exchanges between professional and technical personnel.

In cultural and tourism areas, Chongqing cultural and tourism development authorities and Singapore Tourism Board have signed a memorandum of understanding on deepening cooperation concerning the promotion and planning of tourism and scenic spot development.

In terms of healthcare, Raffles Hospital Chongqing has started operation since January 2019, providing high-standard hospital management services and quality healthcare for people in Chongqing and other places in western China.

It's noted that Chongqing will continue to promote the cooperation with Singapore in critical projects involving Internet, financial technology, transportation, etc., and encourage the participation of enterprises from Singapore and other ASEAN countries in the projects so as to achieve interconnectivity at higher level and wider scope.

-- Driving the opening-up of western China

In July, Chongqing and Sichuan signed the Framework Agreement on Jointly Constructing the "New International Land-Sea Trade Corridor" under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity. As such, the "friend circle" of the New International Land-Sea Trade Corridor has expanded to include 10 Chinese provinces, autonomous regions and municipalities.

The New International Land-Sea Trade Corridor has become a bridge connecting western China with Singapore and other ASEAN countries. It's well received by neighboring countries and regions. Government and enterprise delegations from Vietnam and Laos have come to Chongqing for relevant cooperation, with Japan and the Republic of Korea showing interest in the corridor and related cooperation, according to Han Baochang, director general of CCI Administrative Bureau.

Currently, Chongqing's enterprises have established three international cargo distribution centers of the New International Land-Sea Trade Corridor in Singapore, Vietnam, and Hong Kong. In the future, efforts will be made to improve the distribution efficiency and set up a global logistics network.

As of the end of September, cross-border financing under the framework of the New International Land-Sea Trade Corridor has brought Sichuan, Shaanxi, Qinghai, Yunnan, Guangxi, Xinjiang, and Hubei a total of 3.95 billion U.S. dollars of financing.

By the end of this year, 12 provinces (autonomous regions and municipalities) in western China are all expected to participate in the New International Land-Sea Trade Corridor, together embracing a new era of great development and opening-up. (Edited by Su Dan)

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Keyword: China-Singapore BRI Connectivity

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