Chongqing - Sixteen financial institution projects were implemented with contracts totaling 24.23 billion yuan (about 3.51 billion U.S. dollars), at the 5th China-Singapore (Chongqing) Connectivity Initiative Financial Summit (CCI-FS) from April 20 to 21.
Among them, the China-Singapore (Chongqing) connectivity investment fund was established, with a total scale of 20 billion yuan, said Wu Heng, Deputy Director of the Chongqing Municipal Financial Supervision and Administration Bureau.
Wu Heng reported the main achievements gained from the CCI-FS 2023. (Photo/Kenny Dong)
Wu announced that China and Singapore have agreed to enhance regulatory cooperation in capital markets and green finance, working together to build a regionally influential financial market system.
Both countries' exchanges and market institutions will continue collaborating in areas such as information exchange, personnel exchange, and joint research. They have collectively launched the Initiative for the Integration of Special Asset Markets in the Chengdu-Chongqing Economic Circle, which advocates for establishing a collaborative mechanism for special asset markets in the region.
In terms of building a green financial service system, policy recommendations were put forth to enhance the construction of the ESG regulatory system and achieve carbon neutrality. The Chongqing Municipal People's Government, along with four financial institutions, including China Construction Bank, Bank of Communications, Shanghai Pudong Development Bank, and China Everbright Bank, signed a strategic cooperation agreement to develop a green financial reform and innovation pilot zone.
Regarding creating a financial innovation system, an initiative was launched to deepen multidimensional financial and technological cooperation between China and Singapore. Milestones such as the Financial Technology Service Capability Evaluation Index and the 5G+ Intelligent Finance Application Innovation Development White Paper (2023) were unveiled.
To construct an inland financial opening system, 56 member banks signed an agreement to establish the joint financial service organization of the New International Land-Sea Trade Corridor (ILSTC), forming a preliminary cross-regional and cross-border financial service network system that covers the entire corridor.
Financial regulatory bureaus from 12 western provinces and autonomous regions, Hainan province in southern China, and two prefecture-level cities issued the Joint Initiative for Financial Support for the Construction of the ILSTC, proposing measures to create a western connectivity model and strengthen international financial cooperation in the region.
Addressing financial services for railway transportation documents, the report of the Land Trade Financial Service Platform of Chongqing Pilot Free Trade Zone and pilot product cases of financial services for railway transportation documents were released, laying the groundwork for enhancing the relevant legal protection and policy support system for the securitization of railway transportation documents.