Southwest China's Chongqing city, has signed 118 contracts worth 21.4 billion U.S. dollars with Singapore, since the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity was launched three years ago, according to local authorities.
The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity was launched in November 2015, mainly focusing on cooperation in finance, aviation, logistics and information and communication technology (ICT). It is the third such initiative between China and Singapore, following the China-Singapore Suzhou Industrial Park (SIP) and the Sino-Singapore Tianjin Eco-City (SSTEC).
Under the initiative, 60 overseas financing projects have been introduced in the past three years for Chongqing and other three China's western provinces, which are Sichuan, Shaanxi and Qinghai, with over 5.06 billion U.S. dollars of funds raised at a rate 1 percentage point lower than the average level in China, according to Han Baochang, an official in charge of the initiative's operation.
In addition, the number of flights between Chongqing and Singapore has increased from 5 to 14 per week, and the two sides are planning to build an aviation industry park to gather industries including aviation maintenance, logistics, training and finance.