Chongqing takes ASEAN connectivity lead in western China

​By Wang Yanfang
0 Comment(s)Print E-mail, November 6, 2019
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Photo taken on March 19, 2019 shows the night scenery in Chongqing, southwest China. [Photo/Xinhua]

As the operating center of the China-Singapore demonstration initiative on strategic connectivity, southwest China's Chongqing Municipality is taking the regional lead in contributing to connectivity with ASEAN and promoting cooperation along the Belt and Road routes. 

Evidence of this is that a total of 56 major projects were signed at this year's China-Singapore (Chongqing) Connectivity Initiative Financial Summit held Monday in the city, with an aggregate amount of 194.5 billion yuan (about $27.7 billion). 

The projects include those involving the issuance of green bonds, debt financing, cross-border logistics, education and tourism. 

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

A meeting attended by high-level officials of western Chinese provincial regions including Chongqing, Guangxi, and Yunnan was also held to promote financial cooperation between western Chinese regions and ASEAN, and also offer strong support for the construction of the China-Singapore New International Land-Sea Trade Corridor. 

Thanks to the rapid development of China (Chongqing)-Europe freight train services and the New International Land-Sea Trade Corridor, the first three quarters of 2019 saw ASEAN becoming Chongqing's largest trading partner, producing trade growth of 34.1% to 115.7 billion yuan along the Belt and Road. 

With location, ecological and industry advantages, the municipality is striving to build itself into an inland international financial center focusing on the ASEAN countries in western China. 

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

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