Chongqing - With the aim of deepening cooperation in crucial areas and cultivating new growth points, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) recently released the 2022 joint progress report.
Statistics show that from January to September, CCI signed 56 government and commercial cooperation projects worth 260 million U.S. dollars and 27 financial service projects worth 5.848 billion U.S. dollars. A total of 218 government and commercial cooperation projects with 25.26 billion U.S. dollars and 235 financial service projects with 29.04 billion U.S. dollars have been implemented.
Statistics of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) 2022 progress report. (iChongqing/ Chen Zhan)
China and Singapore continued to deepen cooperation in crucial areas such as financial services, aviation, transportation and logistics, information and communications, and others. For example, the China-Singapore cross-border financing channel is running smoothly; the international aviation corridor is kept open to ensure the stable supply chain of critical industries in Chongqing and the smooth flow of personnel between the two countries.
It's worth noting that both sides accelerated the expansion of cooperation spaces in green development, digital economy, smart cities, science and technology, and others to cultivate new growth points. This year, Singapore's annual light festival i-Light Marina Bay selects Chongqing for its first overseas exhibition during the 2022 Experience Singapore Week, which is designed with energy-efficient lighting and environmentally friendly materials to encourage sustainability.
2,055 ASEAN cross-border trains under the CCI-ILSTC
Another fundamental part of the CCI is the New International Land-sea Trade Corridor (ILSTC). ILSTC is a trade and logistics passage jointly built by the ASEAN countries and provincial-level regions of western China, and Chongqing is the center of operations for the corridor.
The two sides jointly launched 30 critical projects of the ILSTC under the CCI, while Chongqing launched the preliminary study of 9 key projects.
Among them, based on the related cooperation plan, China promoted Laos and Thailand enterprises to participate in the joint construction of the corridor relying on the China-Laos Railway, further expanding the corridor's circle. For instance, companies from four countries of China, Singapore, Laos, and Thailand have jointly participated in the cooperation of the logistics park project in Vientiane, Laos.
Statistics of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) 2022 progress report. (iChongqing/ Chen Zhan)
From January to September, 1,795 rail-sea intermodal trains and 2,055 Association of Southeast Asian Nations (ASEAN) cross-border trains were operated under the CCI-ILSTC. So far, the ILSTC has covered 113 countries and 335 ports, supporting the regional supply chain and industrial chain.
In terms of institutional opening, the Singapore Airlines Aircraft Spares Bonded Distribution Centre (Chongqing) was landed, marking China's first airline-based aircraft spares bonded customs supervision model. The two sides also explored and promoted innovative pilot projects in the financial sector, while Chongqing launched feasibility studies on projects like the International Commercial Bank for the ILSTC.
In the next step, both sides will seize opportunities of the Regional Comprehensive Economic Partnership (RCEP) implementation, Chongqing's inland open highland, Chengdu-Chongqing economic circle, and other strategies to deepen international cooperation of the CCI-ILSTC and cultivate new cooperation growth points.