This photo, taken on April 20, 2023, shows the signing of key projects at the opening ceremony of the 5th China-Singapore (Chongqing) Connectivity Initiative Financial Summit in southwest China's Chongqing. (Photo/Xinhua)
The China -Singapore (Chongqing) Connectivity Initiative Financial Summit (CCI FS) is one of the five flagship projects under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.
It was co-hosted by the Ministry of Commerce, PRC; the People's Bank of China; the National Financial Regulatory Administration, PRC; the China Securities Regulatory Commission; the State Administration of Foreign Exchange, PRC; the Ministry of Trade & Industry, Singapore; the Monetary Authority of Singapore; and the Chongqing Municipal People's Government.
CCI-FS is becoming an important platform for exchanges and cooperation among the financial communities of Western China and ASEAN countries, a crucial channel for opening up Western China, and a signature event for Chongqing's financial opening and development.
The first CCI-FS was held on November 1-2, 2018. During the event, 46 entities from China and Singapore signed 36 cooperation agreements, launching major projects that brought substantial development benefits to Chongqing's financial, trade, logistics, and manufacturing sectors.
The hosting of the first CCI-FS was a significant exploration of collaborative efforts between the financial sectors of both countries. It also demonstrated Chongqing's commitment to strategic planning, integrating regional development into the broader national context.
The second CCI-FS, held on November 4-5, 2019, was themed "Financial Connectivity Supporting the 'Belt and Road' - Open and Innovative Finance Driving the New International Land-Sea Trade Corridor."
The event saw the signing of 56 major projects, covering various fields such as green bonds, debt financing, cross-border logistics, education tourism, technological innovation, and big data intelligence.
This summit deepened cooperation under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, particularly in the financial sector. It also advanced connectivity and collaborative development between China, Singapore, and ASEAN.
The third CCI-FS, which took place on November 23-24, 2020, had the theme "Enhancing Financial Connectivity, Contributing to and Sharing Benefits of the CCI-ILSTC."
During the summit, China and Singapore reached 46 cooperation agreements involving dozens of entities from both countries across various sectors, including fintech, green finance, and cross-border financing.
The event further broadened cross-border financing channels to meet the needs of enterprises in Chongqing and Western China, enhanced Chongqing's financial openness, deepened China-Singapore financial cooperation, and promoted economic and financial collaboration between China and ASEAN.
The fourth CCI-FS was held on November 23-24, 2021, under the theme "Deepening China-ASEAN Financial Cooperation, Creating a New Paradigm of Interconnectivity."
A total of 85 projects were signed, covering areas such as China-Singapore financial cooperation, innovation in financial business models, and cross-border financial services.
This summit further deepened industry-finance cooperation, significantly advancing economic and financial collaboration between China's western region and ASEAN countries.
The fifth CCI-FS took place on April 20-21, 2023, under the theme of "Charting a New Path for Financial Center Development, Creating New Impetus for Financial Opening-Up."
During the event, 12 themed activities were held, including an opening ceremony, three sub-forums, and three closed-door meetings. Additionally, nine special sessions were conducted on topics such as consumer finance, special asset management, financial services for the New International Land-Sea Trade Corridor, and empowering the Chengdu-Chongqing economy. A total of 90 projects were signed, with contract values amounting to 111 billion yuan ($15.46 billion).
The summit provided strong support for Chongqing's development as a financial center in Western China.
A regular and long-term mechanism was established, leveraging China-Singapore cooperation to promote policy coordination for building a financial center in the Chengdu-Chongqing area. An international platform was enhanced to connect financial resources and facilitate business cooperation between Western China and ASEAN. Financial channels were optimized to empower the construction of the New International Land-Sea Trade Corridor and facilitate the efficient cross-border flow of capital, supporting the development of the western financial center. This expanded the integrated development of finance, trade, and industry within the western financial center and broadened regional coordinated development.
This article was updated on August 12, 2024.
(Qi Xiaofang, as an intern, also contributed to this article.)