Chongqing - The Memorandum of Financial Cooperation between China’s West and Hainan Province under the China-Singapore (Chongqing) Demonstrative Project on Strategic Connectivity was signed at a meeting Monday during the 2019 China-Singapore (Chongqing) Connectivity Initiative Financial Summit from November 4 to 5, 2019.

A meeting involving some of China's provinces, municipality, and the autonomous region is held on November 4, during the 2019 China-Singapore （Chongqing) Connectivity Initiative Financial Summit. (Photo from the Organizing Committee of CCI-FS 2019 )

Li Bo, Vice Mayor of the Chongqing Municipal People’s Government, put forward four proposals. First, to ensure the “hard channels” construction for the New International Land-Sea Trade Corridor (ILSTC). The provinces, municipality, and autonomous regions in western China should jointly promote the financing of infrastructure, including railway, highway, waterway, and airway. Second, to share “soft channels” resources of ILSTC. The soft channels of data, finance, and capital will be established. Third, to form unified rules for land-borne trade between China’s west region and ASEAN countries. Fourth, the provinces, municipality, and autonomous region in western China should enhance communication, form a special team, and hold conferences regularly.

Li Bo, Vice Mayor of the Chongqing Municipal People’s Government, puts forward four proposals at a meeting of the 2019 China-Singapore (Chongqing) Connectivity Initiative Financial Summit in Southwest China's Chongqing Municipality on November 4, 2019. (Photo from the Organizing Committee of CCI-FS 2019 )

Relevant guests from the Monetary Authority of Singapore shared experience and results of Singapore as an international financial center, support for and participation in the construction of ILSTC to promote closer economic and trade ties between China and Singapore.

According to the Memorandum of Financial Cooperation, priorities involve joint efforts on the advancement mechanism for financial cooperation, gateway of economic opening-up to ASEAN countries, application of innovation policies for financial opening-up, significant projects cooperation in financial sector, fintech and its innovation, cross-border cooperation between financial institutions, cross-border investment and financing for enterprises in western China, and cooperation between China’s western region and ASEAN countries.