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$16 billion! Biggest Financial Projects Ever Signed in Chongqing at CCI-FS 2021

By KENNY DONGICHONGQING|Nov 23,2021

Chongqing– About USD, 16 billion worth of financial projects were signed at the 2021 China-Singapore Connectivity Initiative Financial Summit held in Chongqing, as leaders and experts of the world economic fields and the administration of Chongqing Municipality gathered in Chongqing Liangjiang New Area on November 23.

Higher than the last year’s total amount, the projects signed together also covered wider fields, like China-Singapore financial cooperation, strategic cooperation between governments and banks, the implementation of financial institutions and entity enterprises, and financial business model and cross-border financial services. Thirty-one financial institutions and business entities were signed to be implemented in Chongqing, including famous financial institutions like ICHAM, GEM, and SBI, much more than last year’s achievement of 12.

There were two rounds of signing ceremonies. Representatives of the enterprises and the governments sat in several rows and signed the deal. (iChongqing / Kenny Dong)

Themed “Deepening China-ASEAN Financial Cooperation and Co-founding New Pattern of Connectivity,” the open ceremony of the summit was held both online and offline. Influenced by the pandemic, most of the overseas guests joined the conference remotely and gave video speeches.

This was the fourth China-Singapore Financial Summit since 2018. The biggest deal ever achieved made it also the most fruitful one. The summit was launched in 2018 when China and Singapore reached the Connectivity Initiative and decided to set the project base in Chongqing as an important part of the New Land-Sea Corridor that connects western China and Southeast Asia.

China and Southeast Asian countries are accelerating closer regional cooperation. Yesterday, President Xi Jinping announced the formal establishment of a comprehensive strategic partnership between China and ASEAN at the China-ASEAN Special Summit to Commemorate the 30th Anniversary of China-ASEAN Dialogue Relations. On November 7, the Ministry of Commerce of China announced that the RCEP would take effect January 1 next year. Once it starts operation, it will become the largest free-trade zone in the world.

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