Chongqing- Monday witnessed the signing ceremony of 30 China-Singapore major cooperation projects, covering information and communications, transportation and logistics, finance, personnel training, and other vital areas. The ceremony was held at the Seventh Meeting of the Joint Implementation Committee of China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI), in southwestern China's Chongqing Municipality.
The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Signing Ceremony is held in southwestern China's Chongqing Municipality on April 11, 2022. (Photo provided to iChongqing)
Specifically, 20 commercial cooperation projects worth 250 million US dollars, eight cross-border financing projects with a value of 1.57 billion US dollars, and the other two are governmental cooperation projects.
Strong financial cooperation
Singapore has ranked fourth in the world's financial center. Chongqing is aiming to build the inland international financial center for the world. As the dual international logistics hub, Chongqing and Singapore have seen close cooperation in finance.
The Seventh Meeting of the Joint Implementation Committee of China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity was held on April 11, 2022. (Photo provided to iChongqing)
In 2021, under the framework of the CCI, a total of 50 commercial cooperation projects valued at 3.36 billion US dollars were signed, and 40 cross-border financing projects worth 4 billion US dollars were conducted. With the expansion of the China-Singapore cross-border financing channel, the CCI has provided 5.67 billion US dollars for enterprises in Sichuan, Guangxi, Xinjiang, and other provincial regions in western China.
Hechuan District, Rongchang District, and Nanan District in Chongqing Municipality will issue bonds on the Singapore Exchange (SGX) under the new opportunities brought out by the Regional Comprehensive Economic Partnership (RCEP).
The CCI Cross-border Financing Forum. (Photo provided to iChongqing)
Financial institutions such as DBS Bank will provide cross-border financial services for Winbond, Inventec, and other enterprises.
Faster transportation
In early April, a truck loaded with Three Gorges Yangju, a kind of Chrysanthemum tea, drove out from Hongshi Town, Yunyang County, along the New International Land-Sea Trade Corridor (ILSTC) to arrive in Singapore in 20 days.
Agricultural products such as citruses from Zhongxian County, small chrysanthemum, and sweet blood oranges are dropped into the international market through the ILSTC. And this is just a glimpse of logistic cooperation under CCI.
Statistics show that 2,123 international intermodal trains were on track in 2021, with a year-on-year increase of 44%. Besides, a total of 3,347 cross-border highway shuttles drove out in 2021, with a year-on-year increase of 17%.
The logistic network has covered 106 countries and 311 ports, demonstrating the CCI's strategic and radiative influence.
Intellectual support
Both parties have jointly created a series of talent exchange and cooperation projects.
Up to now, 156 government officials and heads of state-owned enterprises went to Singapore for exchange, and the National University of Singapore (Chongqing) Research Institute landed in Chongqing Liangjiang New Area. More achievements are underway.
They will deepen the cooperation in vocational consultation and training services and continue to carry out vocational teachers and students exchange activities between Chongqing and Singapore.
In addition, the China-Singapore international trade and supply chain industry college, the vocational education and training base project, and the intelligent manufacturing vocational training project are also being advanced steadily, which will consolidate the two parties' talent exchange.
New opportunities emerged
How can western China and countries of the Association of Southeast Asian Nations (ASEAN) connect via the ILSTC? New cooperation opportunities have emerged at this time.
Enterprises from Chongqing and Singapore will jointly construct the comprehensive foreign trade service platform and Hungary's comprehensive logistic base to promote tea products, fruits, and specialty foods from western China to enter the ASEAN market.
In agriculture, enterprises from both sides will cooperate in low-carbon agriculture and digital green town. This collaboration will upgrade Chongqing's industrial structure under the carbon peaking and carbon neutrality goals.
Furthermore, enterprises from both sides will jointly build the China-Singapore medical operation center by combining the local medical resources of Chongqing with Singapore's advanced medical management models.
The China-Singapore (Chongqing) science and technology city project will be launched soon in Bishan District, and they will practice urban planning collaboration this time.