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CCI-FS 2021 Concludes with Fruitful Results, Proposal for Cooperation Under RCEP

By JAMES ALEXANDERICHONGQING|Nov 25,2021

Chongqing– Results of China (Chongqing) Singapore Connectivity Initiative Financial Summit 2021 (CCI-FS) were announced on November 24, following the conference themed on deepening financial cooperation and forming a new connectivity pattern for China ASEAN.

More than 110 high-profile guests from ASEAN and domestic financial circles met on and offline to exchange ideas, share wisdom and discuss overall plans for financial cooperation between China and Singapore. 

Keynote speeches were delivered to gather invaluable wisdom and formulate development strategies to connect the Chengdu-Chongqing economic circle and further the construction of the International Land-Sea Trade Corridor (ILSTC).

New ideas and dynamism were accumulated by focusing on stable development in the financing, the expansion of two-way financial opening, the construction of a new modern financial system, and financial services for the Belt and Road Initiative.

Following extensive deliberations, several major policy measures were put forward to deepen financial cooperation between China and ASEAN, promote financial reform, and open up for Chongqing.

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High-profile leaders from domestic financial institutions announce their strategies for enhancing financial cooperation between China, Singapore, and ASEAN at a press conference following CCI-FS 2021. (iChongqing/ Wang Xiaoyan)

Consensus across multiple agencies reached

The Ministry of Commerce proposed deeper cooperation in green finance, financial cooperation in cross-border supply chains, and new financial infrastructure in the region.

Additionally, the Monetary Authority of Singapore put forward suggestions for developing green investments and financing through a secure, stable, and conducive environment between Chongqing and Singapore.

The People’s Bank of China (BOC) reiterated their firm support of an open inland highland based in Chongqing, orientated towards ASEAN countries and serving the Belt and Road Initiative.

BOC further committed to playing a greater role in supporting strategic connectivity between China and Singapore, a national green financial system, and cooperation in finance in technology between the two countries.

The China Banking and Insurance Regulatory Commission (CBIRC) affirmed they would continue to strengthen financial cooperation between China and ASEAN and strive for all parties’ mutual benefit.

In the interests of forming a major growth pole for high-quality development in Western China, the CBIRC also pledged their vigorous support for innovative development in the financial industry of Chongqing and accelerated construction of an open inland highland with reliance on connectivity between China and Singapore.

The China Securities Regulatory Commission (CSRC) confirmed their full support for the Connectivity Initiative, ILSTC construction, deepened cooperation between the capital markets of China, Singapore, and ASEAN, and the implementation of policies for opening the capital market in Chongqing.

In addition, the State Administration of Foreign Exchange confirmed they would strive to facilitate cross-border trade, promote the high-level opening up of capital projects, boost financial cooperation with ASEAN, support construction of the Chengdu Chongqing Economic Circle, and back the deepening of financial cooperation between China and Singapore.

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Eighty-five projects were signed at CCI-FS 2021 with a contractual value of more than 15 billion US dollars. (iChongqing/ Kenny Dong)

Signed projects total over 100 billion yuan

CCI-FS 2021 witnessed the signing of 85 projects with a contractual value of 101.1 billion yuan. These cover areas such as financial cooperation between China and Singapore, strategic cooperation between government and banking institutions under the 14th Five Year Plan, the creation of financial institutions and business entities, and innovation for business models and cross-border financial services.

Proposals for a new era of cooperation

CCI-FS has served as a leading platform for the integration of industry and finance. During the summit, results achieved through a number of cooperation initiatives and research projects were announced.

A joint proposal from government and banking institutions for cooperative development under the RCEP framework stated that domestic and foreign regulators, commercial authorities, and financial institutions would aim to strengthen RCEP rules, trade liberalization, open financial services, cross-border RMB transactions, high-quality construction of the ILSTC, and create a platform for the mutual sharing of financial resources.

Another proposal advocated joint construction of the Western Financial Center, where 24 experts from the China Singapore Financial Advisory Group suggested that government departments, financial institutions, enterprises, and individuals in the financial community work together to build the financial center, create a new pattern of connectivity, and dawn a new era of mutually beneficial cooperation.

Jin Yongjie, deputy director of the Chongqing Local Financial Supervision and Administration Bureau, said, “China and ASEAN have officially begun a new era of comprehensive strategic partnership, and the RCEP will soon take effect in Singapore, China, and other countries. Therefore, financial opening in Western China and ASEAN nations will usher in historical opportunities. We now look forward to the next China (Chongqing) Singapore Connectivity Initiative Financial Summit in 2022.”

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