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Chongqing's Cross-Border E-commerce Soars with Singapore's Trade and Financial Advantages | Insights

By YUTING CHEN|May 19,2023

Chongqing - "Singapore's trade and financial advantages will drive the development of cross-border e-commerce in Chongqing," said Liao Honghai, Chairman of Singapore Alliance Investment Group, during an exclusive interview with iChongqing and Bridging News at the Second China (Chongqing) Cross-Border E-commerce Development Summit on May 18.

iChongqing and Bridging News had an exclusive interview with Liao Honghai, Chairman of the Singapore Alliance Investment Group, on May 18. (Photo/Yang Fan)

As an important event of the Fifth Western China International Fair for Investment and Trade (WCIFIT), the Second China (Chongqing) Cross-Border E-commerce Development Summit is on the theme of "Digital Transformation Reshaping Cross-border Trade Opportunities." It aims to facilitate exchange, cooperation, and investment opportunities to foster the better development of the cross-border e-commerce industry.

In 2022, Chongqing's cross-border e-commerce transaction volume reached 40.7 billion yuan (about 5.78 billion U.S. dollars), representing nearly 28% year-on-year growth and positioning the city as one of the most active in the cross-border e-commerce sector in western China.

Providing funding support for sellers

"China and Singapore primarily engage in economic and trade cooperation in four sectors, aviation, logistics, finance, and modern services and information," said Liao, "Smooth capital flow is a crucial aspect of economic cooperation."

As a financial center in Asia, Singapore has fully opened its Qualified Domestic Limited Partner (QDLP) program. The QDLP refers to projects where domestic institutions convert RMB into foreign currencies within an approved limit for investment into overseas equity funds. Advance procedures include a review of eligibility, limit approval, and regulatory supervision.

The opening of QDLP will facilitate capital flow by allowing qualified domestic investors to conduct overseas investments and bring foreign capital into the country. This means more funds from Singapore can enter the market through the QDLP mechanism, providing financial support and financing channels for developing cross-border e-commerce industries and enterprises in Chongqing.

The Development Bank of Singapore (DBS Bank), Oversea-Chinese Banking Corporation (OCBC Bank), and United Overseas Bank (UOB) have established branches in Chongqing, facilitating fund flows between the two regions.

"The most critical aspect among the six key ecological sectors in the China-Singapore (Chongqing) Cross-border E-commerce Industry Park is supply chain finance," said Liao, "We have already reached a supply chain finance agreement with DBS Bank, Singapore's largest bank."

DBS Bank will provide financial support to cross-border e-commerce sellers regarding supply chain finance. Through this, sellers can complete a trade cycle within two months, increasing trade volume and capital utilization efficiency while addressing cash flow difficulties and funding support for sellers.

Deep cooperation with Amazon Global Selling

Singapore Alliance Investment Group focuses on industrial investment and operation. Within one year, it has built the most significant cross-border e-commerce industry park in Chongqing, the China-Singapore (Chongqing) Cross-border E-commerce Industry Park. 

Collaborations with major cross-border e-commerce platforms will drive trade and industrial development in Chongqing. This March, the Amazon Cross-border E-commerce High-quality Development Forum was held in Chongqing.

"We maintain a deep cooperative partnership with Amazon Global Selling," said Liao.

He continued, "Through cooperation with Amazon, we will select the top 50 manufacturing enterprises in Chongqing, aiming to promote more Chongqing products to foreign markets and achieve internationalization of Chongqing manufacturing." 

The China-Singapore (Chongqing) Cross-border E-commerce Industry Park, as an essential platform for China-Singapore cooperation, is committed to deepening economic and trade exchanges and exploring new models for cross-border e-commerce business. 

The industry park aims to cultivate four billion-scale cross-border e-commerce clusters, including consumer goods, automotive, new and used cars, and specialty agricultural products. 

By integrating cross-border e-commerce, finance, logistics, and digital sectors, the park will nurture emerging cross-border e-commerce enterprises, promote regional economic transformation and upgrading, and drive innovation and development.



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