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CCI-FS Opening Ceremony Promises Deeper Financial Cooperation and New Connectivity Pattern

By JAMES ALEXANDERVIVIAN YANICHONGQING|Nov 24,2021

Chongqing– The two-day China-Singapore (Chongqing) Connectivity Initiative Financial Summit 2021 (CCI-FS), on deepening financial cooperation and a new connectivity pattern for China-ASEAN, opened in Chongqing on November 23, with an online summit being held simultaneously in Singapore.

Tang Liangzhi, Deputy Secretary of the Communist Party of China Chongqing Municipal Committee and Mayor of Chongqing Municipality welcomed all the guests in attendance and offered his gratitude for their long-term concern and support for the development of Chongqing.

In recent years, Chongqing has promoted deep financial cooperation through the China-Singapore Demonstration Initiative on Strategic Connectivity (CCI). It has pushed for greater frequency, breadth, and impetus in financial interactions.

CCI-FS has become an important business card for the financial opening up and development in Chongqing and offers an important platform for exchange and cooperation between the financial industries of Western China and ASEAN countries.

Tang Liangzhi noted in his speech, “We sincerely hope that our friends home and abroad will join us to seize opportunities, deepen cooperation, promote the construction of the Western Financial Center, and solidify cooperation between Western China and ASEAN in contribution to our common destiny.”

CCI-FS 2021

The China (Chongqing) Singapore Connectivity Initiative Financial Summit 2021 has opened in Chongqing and focuses on deeper financial cooperation and a new pattern for connectivity. (iChongqing/ Wang Xiaoyan)

China-ASEAN to usher new opportunities

Minister for Communications and Information and Second Minister for Home Affairs in Singapore, Josephine Teo, joined the conference by live video link and thanked Chongqing for the great effort made in hosting CCI-FS 2021.

During her live address, she commented how establishing the China-ASEAN Comprehensive Strategic Partnership and the effective implementation of RCEP will usher in major opportunities.

‘Singapore has worked closely with Chongqing on the pillar of the financial services of the Chongqing Connectivity Initiative, in areas such as cross-border financing, trade digitalization, and green financing. I’m glad to see that more financial institutions and companies from both sides are actively tapping into opportunities made available through our cooperation.’

As the level of inter-regional connectivity improves, the International Land-Sea Trade Corridor (ILSTC) has become an effective new channel for trade between Western China and ASEAN, an endeavor to which financial cooperation between Chongqing and Singapore has made an outstanding contribution.

CCI-FS 2021

Josephine Teo addressed the financial summit live by video link from Singapore and described the latest developments in connectivity for China, Singapore, and ASEAN. (iChongqing/ Wang Xiaoyan)

Looking ahead, financial services will continue providing assistance in improving transportation infrastructure along the corridor and will enhance the overall level of digital trade.

Cooperation between China and ASEAN has been full of vitality over the past thirty years. It is hoped this summit will further deepen financial inter-connectivity and further release potential for regional economic growth for all parties.

One hundred one billion yuan of contracts signed!

CCI-FS 2021 has seen a total of 85 projects signed with a contractual value of 101.1 billion yuan, covering areas such as China-Singapore financial cooperation, strategic cooperation in economic and social development under the 14th Five-Year Plan, the fruition of institutions and entities in the financial sector, business model innovation, and cross-border financial services.

The broad scope, practical content, and close integration of industry and finance will vigorously promote economic and financial cooperation between the western regions of China and ASEAN countries.

This two-day summit will feature a series of activities, including sub-forums, annual meetings of expert advisory groups, financial technology festivals, and accomplishment exhibitions focused on stable development, the expansion of two-way openness, and a modern financial system established by ASEAN countries and domestic institutions.

More than 110 important guests from the industry gathered online and offline to exchange ideas, share wisdom, and discuss plans for broader and deeper financial cooperation between China and Singapore.

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