Singapore-Chongqing connectivity strengthens and facilitates trade

The land-sea freight train of the new international land-sea trade corridor to Indonesia awaits departure from Chongqing, southwest China, April 26, 2019. Photo: Xinhua

The interconnection between China and the members of the Association of Southeast Asian Nations (ASEAN) extends from an original focus on infrastructure and logistics flows to financial cooperation, marking a further step in strengthening connectivity despite the headwinds created by the pandemic.

At the China-Singapore Connectivity Financial Summit (Chongqing) which just ended on Wednesday, 10 memoranda of understanding between Singapore and companies and institutions in the municipality of Chongqing (southwest China) concerning cross-border cooperation of financial services, green finance and fintech have been signed, according to the Monetary Authority of Singapore (MAS).

The authority said the China-Singapore (Chongqing) Strategic Connectivity (CCI) Demonstration Initiative has helped catalyze $ 3 billion of Chongqing’s multi-currency financing deals this year, amounting to more than 17 billion dollars in cross-border agreements since the start of the initiative. in 2015.

The two-day summit is a flagship event under the initiative’s financial services pillar. It focuses on opportunities to deepen financial collaboration between Singapore and Chongqing, and more broadly between ASEAN and Western China.

Financial cooperation has become a driving force for the Belt and Road Initiative (BRI) projects, linking the Silk Road Economic Belt and the Maritime Silk Road of the 21st century.

For example, CCI’s cross-border financial services strengthen the new international land-sea trade corridor. It is a financial services platform jointly built by China and Singapore for the corridor, providing convenient and inexpensive financial services to logistics, trade and manufacturing companies along the route.

The New Land-Sea International Trade Corridor is a trade and logistics passage jointly constructed by Singapore and the provincial-level regions of western China. Chongqing is the operating center of the corridor. By means of rail, sea and road, goods from western China can travel south and access the world market through coastal and border ports faster than the traditional route from the east. from China.

The trade corridor has so far extended its reach to 311 ports in 106 countries and regions around the world, the Xinhua news agency reported.

In the first half of the year, land-sea freight trains out of Chongqing recorded 952 trips, up 147 percent year-on-year.

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