Chongqing- The 2020 China-Singapore (Chongqing) Connectivity Initiative Financial Summit (CCI-FS) kicked off in Southwest China's Chongqing Municipality and Singapore on November 23rd, based on the theme of Enhancing Financial Connectivity, Contributing to and Sharing Benefits of the CCI-ILSTC.

This online + offline conference has attracted nearly 200 financial elites in a wide range of fields from China, Singapore, and the Association of Southeast Asian Nations (ASEAN) countries. They focused on cross-border financial cooperation, green finance, financial technology, and the digital economy, as well as further exploring prospects for East Asia to cooperate in market openness,  strengthened financial interconnectivity, and the development of green finance in response to climate change.

Tang Liangzhi, Deputy Secretary of the Communist Party of China Chongqing Municipal Committee and Mayor of Chongqing, extended welcome to all the leaders and guests participating in the CCI-FS on behalf of the municipal party committee and municipal government as well as Secretary of the CPC Chongqing Municipal Committee Chen Min'er. The mayor thanked everyone for the long-term care and support for the development of Chongqing.

Chongqing's goal has been to accelerate the construction of an inland international financial center based in Western China that radiates influence across ASEAN. The financial summit is a landmark project of the China-Singapore (Chongqing) Demonstration Project on Strategic Connectivity and is an international platform for promoting financial exchange and cooperation.

Tang Liangzhi expressed his hope that partners in financial circles both home and abroad will join hands to seize the Regional Comprehensive Economic Partnership agreement's major opportunities to deepen cooperation further. He also called for joint promotion of the construction of Chongqing as an inland international financial center, extensive consultation, joint contribution, and shared benefits of the ILSTC and joint efforts on CCI growing in depth and substance.

Josephine Teo, Minister for Manpower and Second Minister for Home Affairs, Singapore, stated in an online speech that the world pandemic has brought unprecedented challenges and severely affected supply chains' stability and economic growth in various countries. This has raised awareness regarding the importance of interconnectivity.

China has been the largest trading partner of ASEAN for 10 consecutive years, while ASEAN becomes the largest trading partner of China for the first time this year. The strengthening of exchange in economic trade is inseparable from closer financial inter-connectivity so that high-quality financial services can promote the cross-border flow of trade and investment.

Under the CCI framework, Singapore and Chongqing are strengthening cooperation in cross-border financing, trade digitization, green finance, disaster insurance, and multiple other fields.

Singapore and Chongqing will better play the role of dual hubs and promote cooperation between China's western region and ASEAN countries through wider cooperation. As the level of inter-regional connectivity improves further, the ILSTC has become a new major trade channel and testing ground for emerging digital technologies and financial solutions, which in turn serve further to enhance the attraction of the project as a whole.

Both China and ASEAN have a solid foundation for economic growth. It is hoped that this summit will be used as an opportunity to deepen cooperation between all parties in the field of financial interconnection, strengthen the joint construction and benefits-sharing of ILSTC, and further release the potential for regional economic growth.

Before the opening ceremony, a key project cloud signing event was held. A total of 46 key projects were signed with a total contract value of 77.4 billion yuan (about USD 11.76 billion). The projects cover cross-border finance, financial technology, and green finance, which will demonstrate the stature of the project whilst providing a further impetus.