​China-Singapore financial summit held to boost connectivity between western China, ASEAN countries

Updated: November 25, 2021 Source: Xinhua Silk Road
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Photo shows the signing of key projects at the China-Singapore (Chongqing) Connectivity Initiative Financial Summit 2021 kicked off Tuesday in southwest China's Chongqing Municipality. (Xinhua/Geng Junyu)

BEIJING, Nov. 24 (Xinhua) -- The China-Singapore (Chongqing) Connectivity Initiative Financial Summit 2021 kicked off Tuesday online and offline simultaneously in southwest China's Chongqing Municipality and Singapore.

With the theme of "Deepening China-ASEAN Financial Cooperation, Creating a New Paradigm of Interconnectivity", the summit aims at boosting connectivity between western China and ASEAN countries by enhancing the financial cooperation between Chongqing and Singapore.

A total of 85 projects were signed at the summit, with a contract value of 101.1 billion yuan.

Among these projects, 31 involve financial institutions and entities with a contract value of 17.3 billion yuan. Besides, ten are key China-Singapore financial cooperation projects, with a contract value of 4.2 billion yuan and expected to play a leading role in financial technology, green finance, cross-border investment and cross-border service facilitation.

ICHAM, a Singaporean company, will set up a Qualified Domestic Limited Partner (QDLP) private equity fund in the Liangjiang New Area of Chongqing. It will become the first Singaporean company to be granted the QDLP pilot qualification in China.

The China-Singapore (Chongqing) Connectivity Initiative Financial Summit has been held successfully for three times since 2018, becoming a key platform for financial exchanges and cooperation between western China and ASEAN countries, a crucial window for the opening-up of the Chengdu-Chongqing Economic Circle and an important business card for Chongqing's financial opening-up and development.

The China-Singapore (Chongqing) Connectivity Initiative, also known as the China-Singapore (Chongqing) Demonstration Project on Strategic Connectivity, is an inter-governmental cooperation project between China and Singapore officially launched on November 7, 2015, and mainly covers four key cooperation areas of financial services, aviation industry, transportation and logistics, and information communication.

Editor: Gao Jingyan