Chongqing- The China-Singapore (Chongqing) Connectivity Initiative Financial Summit, known as CCI-FS, has been successfully held for four consecutive years since 2018. It has become an important platform for financial industry exchanges and cooperation between western China and the Association of Southeast Asian Nations (ASEAN) countries.

Data shows that the last four sessions have implemented projects of 128.3 billion yuan (about 17.69 billion U.S. dollars), opening a new pattern of financial opening up under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI).

ASEAN Countries Setup 30% of Foreign Banks in Chongqing

Data shows that Singapore has jointly or solely established more than 20 financial institutions in Chongqing, involving funds, small loans, financial leasing, rural banks, and other fields, while the CCI fund has invested about 10 billion yuan in Chongqing logistics, big data, and other areas.

The ASEAN countries, including Singapore, currently occupy 30% of foreign banks in Chongqing.

The cross-border investment and financing channels between Chongqing and Singapore have also been greatly expanded.

By the end of September this year, the cross-border financing from Singapore through the Singapore bond market and other channels had reached 6.6 billion U.S. dollars, and Singapore institutions had directly invested 3.4 billion U.S. dollars in Chongqing. Meanwhile, data shows that Chongqing had invested more than 60 million U.S. dollars overseas in Singapore. 

More importantly, The facilitation of China-Singapore cross-border settlement remains strong. By the end of September this year, Chongqing and Singapore had accumulated foreign-related income and expenditure of 58.2 billion U.S. dollars, accounting for 5.8% of its citywide total. Among them, RMB cross-border receipts and payments totaled 54 billion yuan, accounting for 5.2% of its citywide total over the same period.

Singapore became the third largest cross-border RMB settlement overseas region in Chongqing, involving 546 enterprises with 126 new ones compared with seven years ago, covering manufacturing, wholesale and retail, transportation, and other industries.

Guest insights, including the leaders of the ASEAN central banks

Several innovative financial products have emerged with the expansion of China-Singapore cross-border investment and financing channels, as well as the facilitation of investment and financing brought by the improvement of the RMB's international influence. 

For example, The Chongqing Branch of DBS Bank helped SASSEUR (Chongqing) Outlets to issue the first Outlets real estate investment trust in Asia at the Singapore Exchange, and Chongqing Banan Economic Park issued the first Singapore dollar public offering bond under the CCI. 

With important guests attending, including the leaders of the ASEAN central banks, the CCI-FS has solicited insights that helped Chongqing form innovative policies and facilitated the signing and implementation of key projects.

The CCI-FS serves as an important name card for Chongqing's financial opening, a prominent platform for opening the Chengdu-Chongqing economic circle, and financial cooperation between western China and the ASEAN countries.

Next, key systems will be improved, including the financial institution system, market connectivity system, financial product innovation system, characteristic financial cooperation system, cross-border capital flow system, and open financial ecosystem.

By integrating resources relying on the New International Land-sea Trade Corridor (ILSTC), the CCI-FS will aim better to serve the construction of the western financial center and promote the China-Singapore economic cooperation further. 

(Tan Jingyue, as an intern, also contributed to this report.)