China-Singapore (Chongqing) Connectivity Initiative Financial Summit takes off Nov 23-24

KUALA LUMPUR, Nov 22 -- The China-Singapore (Chongqing) Connectivity Initiative Financial Summit (CCI-FS) will be held in Chongqing and Singapore parallelly from Nov 23 to 24, the Information Office of the Chongqing Municipal People's Government announced recently.

According to a statement, CCI-FS this year will be held under the theme: Deepening China-ASEAN Financial Cooperation, Creating a New Paradigm of Interconnectivity.

As a key event under the third intergovernmental cooperation project between China and Singapore, CCI-FS has been successfully held for three times.

In November 2015, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) was officially launched with financial services as one of its four priority areas.

Since the onset of the COVID-19 pandemic, shipping and air transportation have been hampered, however, the cargo volume along China-Europe Railway Express has instead increased despite the disruptions, a vital support to Europe in fighting COVID-19 and maintaining the stability of global supply chain.

Under the CCI framework, Chongqing International Logistics Hub, where the starting terminal of China-Europe Railway Express, i.e. Chongqing Tuanjiecun Railway is located, issued bonds worth US$500 million in Singapore with lower cost than that in the domestic market. (US$1 = RM4.187)

The issuance has raised funds for infrastructure construction in the hub, so that financial cooperation plays its role to create a better port terminal.

The New International Land-Sea Trade Corridor (ILSTC) serves as a major international logistics channel between China and Southeast Asian countries.

By means of railway, sea and road, goods from western China can travel southward and access the world market through coastal and border ports such as Guangxi and Yunnan, with shorter time compared with the traditional route from eastern China.

Meanwhile, the CCI cross-border financial services are empowering the ILSTC. A financial service platform jointly built by China and Singapore for the corridor provides convenient and low-cost financial services for logistics, trade and manufacturing enterprises along the route, and also empowers its operation companies.

-- BERNAMA