Chongqing - On April 20, Chongqing and Singapore simultaneously held the 5th China-Singapore (Chongqing) Connectivity Initiative Financial Summit and showcased the new platform for China-Singapore financial cooperation. To speed up the filling of the shortcomings in innovative finance, such as technology finance and green finance, and to accelerate the construction of an inland international financial center based in the west and facing ASEAN, Changjiahui International Financial Center is indispensable.

Nan'an District has always been one of the important financial industry gathering places in Chongqing, with a profound cultural accumulation of the financial industry. In 1891, Chongqing opened its port at Danzishi, Nanbin Road. In the same year, financial and trade institutions such as New China Trust and Anderson & Co. quickly gathered in the Longmenhao area of Nanbin Road. In 1905, Copper Cash Manufactory, the earliest minting institution in Chongqing, was established here.

Green ecology

Nan'an District currently has 115 financial institutions, including banking, insurance, securities, factor markets, funds, financial leasing, small loans, guarantees, and other financial institutions. In addition, many key projects, such as the first Sino-Singapore cooperation fund project in Chongqing, the Shiyan Yiming Equity Investment Fund, have successfully settled down. "By 2025, we will strive to have more than 20 green financial institutions in the district, with green loans accounting for more than 15%," said Wang Maochun, District Mayor of the Nan'an District People's Government.

Wang Maochun, District Mayor of the Nan'an District People's Government. (Photo/Nan'an District)

"To develop green finance, Nan'an District has ecological advantages," said Wang Maochun. The Changjiahui Financial Center will concentrate on the Guangyang Bay area, enhancing cross-border cooperation in green finance between China and Singapore. It will actively promote green finance, innovate green credit and green insurance products, and support the development of carbon financial instruments, such as carbon futures and other derivatives. Furthermore, it will establish a pilot zone for green financial reform and a demonstration zone for green development in the Yangtze River Economic Belt, exploring the creation of replicable and sustainable green financial development experiences and models.

Wang Maochun also mentioned that Nan'an District has successfully set up several government industrial funds to facilitate the transformation and upgrading of industries. By the end of 2022, the Guangyang Bay Green Industry Development Fund, Nanshan Innovation Fund, Changjiahui Innovation Fund, and Guangyang Bay Smart Innovation Eco-City Fund will have reached a combined total of 7 billion yuan.

Carbon Finance International Center

Financial technology, as a technology-driven innovation, plays a crucial role in deepening structural reforms within the financial sector and enhancing its capacity to serve the real economy. In addition to advancing green finance, Nan'an District will also focus on promoting the application and development of financial technology at the Changjiahui Financial Center.

Wang emphasized that by leveraging the synergies among finance, technology, and industry, Nan'an District will utilize science and technology finance as a catalyst to bolster the transformation of technological innovations into practical applications. This approach will expedite the formation of a virtuous cycle and triangular interaction between finance, technology, and industry, driving growth through innovation.

Moreover, he revealed that efforts are being accelerated to construct the Carbon Finance International Center, with an estimated total construction area of approximately 240,000 square meters. This development aims to establish a financial business district that integrates various functions such as financial institution offices, roadshows, experiential activities, and business support services. It will also continuously expand the network of financial partners.