Chongqing- The 2020 China-Singapore (Chongqing) Connectivity Initiative Financial Summit (CCI-FS) held a press conference to mark the event’s conclusion on November 24th.
The CCI-FS concluded with a press conference to summarize the numerous achievements gained over the past two days.
Wu Heng, deputy director of Chongqing Local Financial Supervision and Administration Bureau, introduced the fruitful results gained over the two-day summit.
This summit was themed on Enhancing Financial Connectivity, Contributing to and Sharing Benefits of the CCI-ILSTC, with additional focus on RMB internationalization, financial technology, as well as green and supply chain finance.
Over 200 important guests from the central banks of the Association of Southeast Asian Nations (ASEAN) countries, international financial institutions, western provinces, major domestic financial institutions, and leading technology companies attended the conference, either face to face or screen to screen to exchange ideas, share wisdom, and discuss future development.
Continuing to deepen cooperation
Chongqing Mayor Tang Liangzhi proposed greater financial opening to seize the opportunity for regional economic partnership agreements, strengthen cooperation, and jointly promote the construction of Chongqing into an inland international financial center.
Josephine Teo, Minister for Manpower and Second Minister for Home Affairs, Singapore, expressed her hopes that the summit will release the potential for regional economic growth, achieved through deeper cooperation and the sharing of new land and sea channels.
Nine ASEAN central banks also put forward an initiative to rely on China-Singapore (Chongqing) financial cooperation in order to promote China-ASEAN cooperation on cross-border digital payments.
China's Ministry of Commerce will support Chongqing and ASEAN in strengthening epidemic financial cooperation and will offer increased financial support for the construction of the ILSTC, and a China-Singapore financial technology cooperation demonstration zone. The Monetary Authority of Singapore will also increase support for cooperation in digital trade finance, green finance, and disaster risk insurance.
Additionally, the China Banking and Insurance Regulatory Commission will encourage Chinese and foreign bancassurance institutions to rely on China-Singapore financial cooperation, with the aims of enhancing cross-border financial service capabilities and regional influence based in Chongqing, as well as promoting cooperation in financial technology and exploring cross-border trade financing service platforms.
The State Administration of Foreign Exchange intends to support the opening of capital projects through connectivity between the financial markets of China and Singapore. In addition, they will actively support financial innovation and development in Chongqing through high-level mutual opening up in financial markets, and back pilot projects for qualified domestic limited partners (QDLP). A pilot program for mutual fund recognition between the two countries will also be launched.
Exchanging ideas
As a platform for the exchange of ideas, the first annual meeting of the China-Singapore Financial Expert Advisory Group was held, which provided insights to improve the financial cooperation mechanisms.
Zhou Xiaochuan, vice chairman of the Boao Forum for Asia, suggested that cooperation between China, Singapore, and ASEAN countries in digital currency should focus on retail and current account payments, which will serve to enhance the convenience and efficiency of interconnectivity.
Promoting cooperation
Wu Heng reported that 46 projects were signed during the financial summit, covering the fields of cross-border finance, green finance, financial technology, multi-level capital markets, and mutually established institutions. These will support the construction of ILSTC, the issuance of bonds in New Zealand, international business loans, green bonds, and fintech investment funds.
Meanwhile, the China-Singapore Digital Securities Innovation Service Platform and other projects will support the construction of an inland international financial center in Chongqing and promote the connectivity of transportation infrastructure in the Twin City Economic Circle.
During the summit, the Singapore China Bond ETF Fund jointly issued by ICBC and Nikko Asset Management was successfully listed, realizing connectivity in the China-Singapore bond market, and promoting in-depth development in the internationalization of RMB currency.
In addition, the summit also launched an online exhibition to display the results, content, and highlights. The exhibition showcased achievements in the four key areas of financial services, transportation logistics, aviation, and communications. This endeavor has produced a blueprint for renewed financial cooperation.