The 5th China-Singapore (Chongqing) Connectivity Initiative Financial Summit (CCI-FS) commenced on April 20 in Southwest China's Chongqing and Singapore, engaging leaders from both Singaporean and Chinese governments, financial departments, and heads from ten central banks of ASEAN countries presented at the opening ceremony.

Themed “Charting a New Path for Financial Center Development, Creating New Impetus for Financial Opening-up”, the two-day summit held a total of 12 main events and nine special events, concentrating on the cooperation and co-construction mechanism of financial services in the New International Land-Sea Trade Corridor (ILSTC), exploring the digital innovation of financial models, proposing strategies for building digital financial service platforms and promoting financial connectivity and green finance innovation.

The opening ceremony of the 5th CCI-FS was held in Southwest China's Chongqing Municipality on April 20. (Photo/Kenny Dong)

On March 31, 2023, in his meeting with Singaporean Prime Minister Lee Hsien Loong, President Xi Jinping pointed out that China and Singapore are important partners of cooperation, and China-Singapore relations are forward-looking, strategic and demonstrative, not only giving a strong boost to the development and rejuvenation of the two countries but also setting a benchmark for countries in the region. 

In recent years, financial institutions between China and Singapore as well as other ASEAN countries have deepened their cooperation to expand more channels for cross-border investment and financing cooperation, and also to explore more opportunities in green finance, Fin-tech and digital financial technology. 

When it comes to the China and ASEAN partnership, the Regional Comprehensive Economic Partnership (RCEP) is a key topic to talk about. During the two-day summit, many participants believed that the implementation of the RCEP would bring more opportunities to the financial cooperation between China and ASEAN countries, pushing the financial cooperation to a deeper level. Zhan Dongsheng, President of the Agricultural Development Bank of China said that the formal implementation of the RCEP has strengthened economic and trade exchanges among member countries and has directly promoted the deepening of financial cooperation among all parties. 

(Photo/China Daily, via Tide News)

Lu Lei, Deputy Director of China’s State Administration of Foreign Exchange, said in his speech that ASEAN has been China's largest trading partner for three consecutive years, and China will effectively implement the RCEP, further facilitate cross-border trade, investment and financing, and promote regional mutual benefits and win-win results as well as economic growth for all. At the same time, RCEP will further improve financial services related to the new land-sea corridor and increase financial support for the construction of critical projects.

Just one month ago, in East China’s Zhejiang Province, at China (Zhejiang)-Singapore Trade and Investment Seminar, Ying Guohua, Vice President of Zhejiang Provincial Committee of China Council For the Promotion of International Trade said in his speech that, Singapore is one of the most competitive economies in the world, while Zhejiang has developed manufacturing industry and unique advantages in many national and global initiatives and strategies such as the Belt and Road Initiative, the Yangtze River Delta Integration and the Yangtze River Economic Belt. There are broad prospects for cooperation between Chinese and Singapore companies in green development, digital economy, e-commerce and the building of a new land-sea corridor.

In 2022, the imports and exports of Zhejiang Province to RCEP member countries reached about 1.17 trillion yuan, up 12.5 percent. The import and export of Zhejiang Province to Singapore were 55.05 billion yuan, up 23.1% year on year, among which the export volume was 37.01 billion yuan, up 46.2% year on year, and the import volume was 18.04 billion yuan. 

The 5th CCI-FS is jointly held by the Ministry of Commerce of China, People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange, Ministry of Trade and Industry of Singapore, Monetary Authority of Singapore and Chongqing Municipal Government.

Editor: Ye Ke