The Green Finance Helping the Green Development of International Land-Sea Trade Corridor (ILSTC) Sub-forum of 2020 China-Singapore (Chongqing) Connectivity Initiative Financial Summit (CCI-FS) was held on November 24 in Yuzhong District.

More than 160 industry experts, scholars, business representatives, and others from home and abroad gathered to discuss and share advice on Chongqing's development.

Chongqing assigns great importance to green finance development. In the past years, it has actively explored green finance reform and innovation and adopted multiple measures.

For example, this includes establishing green and low-carbon project libraries and innovating green finance support policies to promote the deep integration of green finance and industries and inject strong momentum into green development.

By the end of September 2020, Chongqing's outstanding green loan exceeded 260 billion yuan, up nearly 18% over the beginning of the year.

The green finance here refers to the financial services provided to support economic activities on environmental improvement, climate change response, resource conservation, and efficient utilization. At the moment, developing green finance to promote green development has become a global topic that has drawn the attention of worldwide countries.

According to a relevant head from Yuzhong District, as of the end of the third quarter, the district's outstanding green loan reached 76.742 billion yuan, accounting for 28.8% of Chongqing's total; a total of 11.5 billion yuan of green bonds was issued, accounting for 49% of Chongqing's total. Yuzhong District ranked first in terms of both indicators in the city.

"Chongqing and Singapore can maximize respective strengths to develop green finance better and make it a stronger driving force in advancing the development of neighboring economies," said Chen Shushan, Group Head of Institutional Banking at DBS.

For instance, she suggested that Chongqing can cooperate with Singapore and other ASEAN countries through project financing to develop green projects. DBS can help Chinese companies enter the international project financing market and provide suggestions and solutions for them in cooperation with different countries and regions.

"More importantly, all the parties concerned, including policymakers, governments, and banks need to reach a consensus in this regard," said Chen.

According to a relevant head from Yuzhong District, the district will make a big push to develop Jiefangbei Green Finance Avenue, Chaotianmen Green Finance Centre, and "Chongqing International Trade and Commerce Centre" Green Industry Park, to gather more green finance institutions and develop innovative green finance businesses.