Chongqing — China and Singapore have signed a total of 111 cooperative projects with a total value of approximately USD 21.4 billion, according to a joint progress report released on April 9.
As of the end of March 2021, under the framework of the China-Singapore (Chongqing) Connectivity Initiative (CCI), China and Singapore had achieved fruitful results, according to the Joint Progress Report on China-Singapore (Chongqing) Demonstration Project on Strategic Connectivity.
Moreover, 150 China-Singapore cross-border financing channels had landed, with a financing amount equivalent to USD 13.1 billion.
Chongqing is of special attraction for Singaporean business people and entrepreneurs, as the third intergovernmental cooperation project between Singapore and China, the CCI, is centered in Chongqing.
Since the CCI initiation on November 7, 2015, China and Singapore have been building passages within the framework of CCI, focusing on the four areas of financial services, aviation, transport and logistics, information and communications technology, and enhancing the connectivity between western China and Southeast Asia.
Financial services
In the field of financial services, through the China-Singapore cross-border financing channels, enterprises in nine other western provinces, including Sichuan, Guangxi, and Xinjiang, have received more than US$5.5 billion overseas funds. The Singapore CMIA Capital Partners Pte. Ltd. and the Nan'an District People's Government have jointly established the Modern Service, Industry Fund. The first phase of the 100-million-yuan modern service industry fund has been launched. The plan for the establishment of the 500-million-yuan Sino-Singapore Fintech Investment Fund is basically finalized.
The 2020 China-Singapore (Chongqing) Connectivity Initiative Financial Summit kicked off in Southwest China's Chongqing Municipality and Singapore on November 23rd. (iChongqing file photo)
China and Singapore also successfully hosted the 2020 China-Singapore (Chongqing) Connectivity Initiative Financial Summit and a series of forums and training activities, including the first New International Land-Sea Trade Corridor Financial Salon.
Aviation
In the aviation industry, the airport non-aeronautical business operated by the Sino-Singapore (Chongqing) Airport Commercial Management Co., Ltd. has shown a strong recovery.
Under the global situation of preventing and controlling the COVID-19 pandemic, the air passage between Chongqing and Singapore was kept open.
The investment promotion of the logistics section of the China-Singapore Aviation Industry Park is progressing smoothly, and a number of investment agreements have been signed with GLP and other companies.
Transport and logistics
In the field of transport and logistics, since 2020, the freight volume of the three main modes of transportation, including international rail-sea combined transportation, cross-border road transportation, and international rail combined transportation, has risen against the trend, increasing by 29.72%, 132%, and 145% respectively year-on-year, played an active role in fighting the epidemic and stabilizing the supply chain of the regional industrial chain.
Inauguration of the “1+1” Multimodal Transportation and Logistics Demonstration Project on August 2017. (iChongqing file photo)
In addition, the Customs Service of Singapore and the General Administration of Customs of the People's Republic of China have begun to implement the Single Window cooperation framework agreement for international trade in phases, using Chongqing as a pilot project to enhance the level of international trade facilitation effectively.
Information and communications technology
In the field of information and communication technology, Chongqing and Singapore are accelerating the application and promotion of China-Singapore International Data Channels and innovative research, jointly convening the 2020 China-Singapore International Data Channel Forum.
The two parties are actively planning to promote the project to other western cities in China and Southeast Asian countries and give full play to the role of Chongqing and Singapore as the dual hub to create an information highway connecting western China and Southeast Asia. The two parties also formulated bilateral data transmission templates, guidelines, and draft procedures to facilitate cross-border data flows between Chongqing and Singapore companies and organized companies to carry out pilot projects.
In addition, the Ministry of Trade and Industry of Singapore participated in the 2020 Online Smart China Expo as the organizer for the first time and achieved good results.
As a special guest hall in the 2019 Smart China Expo, Singapore has brought lots of new technologies and opportunities. (File photo)
Other areas
In addition to key areas of cooperation, the two sides actively promote cooperation in education training, cultural tourism, medical care, and elderly care. The National University of Singapore (Chongqing) Research Institute and the Sino-Singapore International Cancer Hospital were put into operation. The Nanyang Technological University China (Western) Innovation Base project was signed.
Besides, China and Singapore have also achieved positive results in their cooperation in fighting the epidemic. Chongqing actively coordinated to help companies in Chongqing to resume work and production. Singapore has guided financial institutions to take advantage of cross-border business and establish green financing channels. It has provided financial support for epidemic prevention enterprises in western provinces, regions, and municipalities with more than 600 million yuan during the epidemic.