US$27.7b projects signed at China-Singapore financial summit

Xinhua

A total of 56 major projects were signed at this year's Financial Summit of China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity held Monday in southwest China's Chongqing Municipality, with an aggregate amount of 194.5 billion yuan (US$27.7 billion).

The projects involved areas including green bonds, debt financing, cross-border logistics, education and tourism, in a bid to enhance financial cooperation under the initiative.

The summit was co-hosted by the Ministry of Commerce, the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Chongqing municipal government, as well as the Ministry of Trade and Industry and the Monetary Authority of Singapore.

More than 300 government officials, business people and scholars from China, Singapore and other countries attended the summit and discussed various topics including cross-border investment and financing, financial technology, green finance and logistics finance.

Ong Ye Kung, Singapore's minister for education and a board member of the Monetary Authority of Singapore, noted that he hoped the two countries will deepen financial cooperation and improve service quality in the financial industry, benefiting small and medium-sized enterprises.

Standard Chartered China and the Chongqing municipal government signed a memorandum of cooperation at the summit to promote financial services along the Belt and Road.

According to the memorandum, Standard Chartered China will provide all-round financial solutions for Chongqing-based enterprises to go global.

Launched in November 2015, the China-Singapore (Chongqing) Demonstration Initiative covers four key cooperation projects in financing, air transportation, logistics transportation and information and communications technology.