The 5th China-Singapore (Chongqing) Connectivity Initiative Financial Summit is being held simultaneously in China's Chongqing and Singapore from April 20th to 21st. Focused on green finance reform and innovation, the summit's Panel Discussion 3 will delve into the development of a foreign-funded financial cluster in Yuzhong District, the enhancement of green and cross-border finance innovation, and the deepening of financial liberalization in the free trade zone under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.

Boasting an industrial size of 100 billion yuan (about USD 14.5 billion), Yuzhong District's financial sector is home to 433 diverse financial institutions. Foreign-funded banks and insurance institutions comprise nearly 70% of the city's total. In 2022, the financial sector in Yuzhong District generated an added value of 38 billion yuan, making up 15.3% of the city's total. The balance of deposits and loans in renminbi and foreign currencies amounted to 1.27 trillion yuan, representing 12.8% of the city's total.

Chongqing Green Finance Center

"We will facilitate the pilot program for green finance, focus on reaching peak carbon emissions and carbon neutrality, and rely on developing a pilot zone for green finance reform and innovation. In this way, we will continue to strengthen the green finance industry, support a green-oriented economy transition, and move faster to build Chongqing Green Finance Center," said Huang Maojun, Mayor of the Yuzhong District People's Government.

Huang Maojun, Mayor of the Yuzhong District People's Government. (Photo/Yuzhong District)

"In terms of enhancing cross-border cooperation in green finance, we will promote innovation in the cross-border financial business in an orderly manner, support the development of an open account system in the free trade zone, encourage financial institutions to provide enterprises with cross-border financial services such as cross-border bond issuance, and cross-border investment and M&A, and continuously improve the capacity of cross-border financial services."

Chongqing Green Finance Avenue. (Photo/Yuzhong District)

"We will actively promote China-Singapore financial cooperation, accelerate the development of a financial service industrial park for China-Singapore cooperation in Raffles City Chongqing, strive for the implementation of innovative pilot projects such as China-Singapore wealth management connectivity and fund connectivity, and boost the growth of products and services such as China-Singapore cross-border green bonds and international commercial loans."

"We will explore and promote the connectivity of cross-border financial markets, develop cooperation mechanisms with consulates, business associations, and financial institutions of RCEP member countries, and encourage local enterprises to carry out mutual investment and fund-raising with Singapore and countries and regions along the Belt and Road."

In 2022, Yuzhong District built the first RCEP trade promotion center in central and western China, and worked to develop RCEP information, international trade information, international trade financial services and other platforms to help micro, small and medium-sized enterprises develop overseas markets; introduced the first China-Southeast Asia economic and trade cooperation platform in western China—China (Chongqing) Southeast Asia Business Center, and built a new platform for Chengdu and Chongqing in foreign-related economic, trade and cultural exchanges and cooperation—Chengdu-Chongqing Foreign Chambers of Commerce Union to promote the gathering of international institutions, multinational enterprises, foreign-related chambers of commerce, business associations and other open entities; and built the first export cluster of the buyout game industry in western China—Chongqing Digital Culture Export Base and the largest foreign culture trade cluster in southwest China—Chongqing Foreign Culture Trade Base to enhance the international appeal of culture.

Huang Maojun said that Yuzhong District would focus on supporting green transportation and green buildings with finance and actively introduce green finance state monopoly business operations, green finance centers, green finance business units, etc. By exploring the establishment of the Chongqing Green Finance Research Institute, we aim to help increase the size of green credit and bonds.

Judicial supply for Western Financial Center

Yuzhong District initiated the first financial tribunal in western China in 2010 and inaugurated Chengdu-Chongqing Financial Court in 2022. As Chongqing Central Legal Services District's development has accelerated, the financial and legal ecosystem has been further improved.

Chengdu-Chongqing Financial Court has jurisdiction over relevant financial civil and commercial cases and finance-related administrative cases in Chongqing and Sichuan that belong to the Chengdu-Chongqing economic circle and shall be under the jurisdiction of an intermediate people's court. Its specific jurisdiction shall be subject to the relevant judicial interpretation of the Supreme People's Court.

Chengdu-Chongqing Financial Court. (Photo/Yuzhong District)

The establishment of the Chengdu-Chongqing Financial Court marks that Sichuan and Chongqing have entered a new stage of judicial reform in a coordinated way. By coordinating and integrating official business and case handling in the two places, we will develop an efficient, coordinated, cross-provincial, integrated working mechanism for financial trials, promote joint contribution to building a financial legal coordination center, comprehensively improve effective, leading, and predictable financial trials, and build a judicial supply highland serving the Western Financial Center.

We will continue to actively play the role of the Chengdu-Chongqing Financial Court, further improve the comprehensive governance of the financial sector under the rule of law, and strengthen the enforcement of financial cases. Yuzhong District will support the development of the Chongqing Advanced Institute of Finance, intensify the training of financial expertise for judicial and law enforcement personnel, and improve financial justice.