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CCI-FS: How to Realize Opening up and Innovation in Finance?

Nov 07,2019 ByWANG, JIEYUYUE XINGCHENICHONGQING

On November 4, the 2019 China-Singapore (Chongqing) Connectivity Initiative Financial Summit (2019 CCI-FS) was held at Chongqing Yuelai International Convention Center in Liangjiang New Area.

The opening ceremony of 2019 China-Singapore (Chongqing) Connectivity Initiative Financial Summit.

Under the theme of Financial Connectivity Supporting the “Belt and Road” — Open and Innovative Finance Driving the New International Land-Sea Trade Corridor, this splendid event has gathered around 1,200 participants, including directors from Singapore’s relevant ministries, financial supervision departments of some ASEAN countries, directors of large financial institutions and organizations from home and abroad, etc.

Here are their insights.

Ong Ye Kung, Minister for Education and Board Member of Monetary Authority of Singapore

Ong Ye Kung, Minister for Education and Board Member of Monetary Authority of Singapore, delivered a speech.

Singapore warmly welcomes China’s reform and opening up, and Chongqing can play a significant role in the large-scale development of China’s western region by enhancing transportation, communication, trade, investment, financial service, and others with the rest of China and abroad.

The shared aspirations and targets have made ASEAN countries and China partners in promoting economic cooperation and free trade. The ASEAN should intensify the connectivity with China’s western regions, thus obtaining developing impetus under the framework of free trade.

The second session of the CCI-FS was held in this year. It is expected to achieve concrete results, deepen cooperation in the capital market, and improve the quality of financial service. These achievements will bolster the real economy, benefit people and middle and small-sized enterprises, and guarantee growth and prosperity.

Huang Hong, Vice Chairman, China Banking and Insurance Regulatory Commission

Chongqing’s development in recent years is indeed impressive. Built on China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI), the city has realized the connection with the Land-Sea Trade Corridor southward through the Beibu Gulf and with China-Europe freight trains westward. The international network, extending in all directions, has enabled the connectivity in both logistics and financial data, thus accelerating Chongqing’s paces in building itself into an exemplary inland city of opening-up.

It is hoped that banks and insurers can take win-win cooperation as the basis, provide quality financial service to the real economy through cross-border investment and financing, and bank loans; take green development as the concept, carry out green financial businesses, and protect air environment, water environment, and biodiversity; take marketization and legalization as the principle, stick to the business ethics and morality, and keep the sound contacts with governments, enterprises, and other institutions.

Yuan Xiaoming, Deputy Director, Department of Finance, Ministry of Commerce

Economic trade and finance are powerhouses and vital parts of opening up. The two are closely related, influence, and promote with each other. Intense economic and trade contacts will increase the demand for such service as settlement and financing, and complete financial service will improve the facilitation and liberalization of trade and investment. The 2019 CCI-FS revolves around economic connectivity, opening-up, and innovation, aiming to facilitate discussions and cooperation around the construction of the Belt and Road Initiative and the land-sea corridor.

China and Singapore should continue to regard the CCI as a platform for opening-up and policy innovation. They are well-advised to plan and promote related projects with the construction of China (Chongqing) Pilot Free Trade Zone (CFTZ), thus tapping their respective advantages, carrying out more pragmatic cooperation, and stimulating the exchanges and collaboration among China’s central and western regions, Singapore, and ASEAN regions.

Neav Chanthana, Deputy Governor, National Bank of Cambodia (central bank)

Neav Chanthana, Deputy Governor, National Bank of Cambodia (central bank) delivered a speech.

Cambodia has benefited a lot from the Belt and Road Initiative. The infrastructures, including roads, ports, railways, bridges, hydropower stations, etc. have bonded Cambodia with China and its other neighboring countries.

The construction of the Belt and Road Initiative will also bring benefits to other ASEAN countries. They support the economic integration of ASEAN and need to rely on better infrastructures to boost economic advance, thus enhancing competitiveness in related regions.

Source: Chongqing Release

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