Chongqing- In the first quarter, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) made a good start and continued to play a positive role in stabilizing the regional industrial chain and supply chain.

Specifically, fifteen China-Singapore cross-border financing projects were launched, with funding equivalent to 570 million U.S. dollars, injecting new momentum into the development of Inventec and other enterprises in the electronic technology, machinery manufacturing, and composite materials industries.

The number of rail-sea intermodal freight trains in the New International Land-Sea Trade Corridor (ILSTC) reached 450, with a year-on-year increase of 14.5%, and the value of goods was 3.53 billion yuan, an increase of 45.3%; there were 47 China-Vietnam freight trains, four times the number of trains in the same period last year; 47 China-Laos freight trains had been set up to realize normal operation.

Additionally, the Singapore Airlines Aircraft Spares Bonded Distribution Center (Chongqing) was landed. The Chongqing-Singapore route operated stably, with 25 passenger-to-cargo flights with a cargo volume of about 1,200 tons.

Singapore’s investment in China increased by 20%

According to data released by the Ministry of Trade and Industry of Singapore on April 14, Singapore's gross domestic product (GDP) in the first quarter of this year increased by 3.4% year on year.

In terms of industries, the manufacturing industry in the first quarter increased by 6.0% year-on-year, the construction industry increased by 1.8%, and the service industry increased by 3.9%.

As the first member of the Association of Southeast Asian Nations to complete the official Regional Comprehensive Economic Partnership (RCEP) approval process, the RCEP has further expanded the scope of Singapore's trade cooperation and enhanced its participation in the global value chain.

According to Ong Tze Guan, Chairman of the Singapore Chamber of Commerce and Industry in China, China is Singapore's largest trading partner. Singapore is also one of China's largest foreign direct investors. Statistics show that Singapore's investment in China increased by 20 in the first three months of this year.

From the ILSTC of China-Singapore cooperation under the COVID-19 epidemic to the discussion of trilateral cooperation between China and Singapore in many countries in Southeast Asia to China and Singapore taking the lead in completing the RCEP approval process, it has effectively promoted the process of regional integration.

(Wang Lu, as an intern, also contributed to this report.)