Chongqing- The China-Singapore (Chongqing) Cross-border E-commerce Industry Park started its operation on September 23, attracting enterprises to settle in and realizing the integrated development of cross-border e-commerce and industrial agglomeration in Southwest China's Chongqing. 

At the event, 20 projects were signed in which ten cross-border enterprises, involving e-commerce sales and supporting services were signed to settle in the China-Singapore (Chongqing) Cross-border E-commerce Industry Park.

Jointly build China-Singapore (Chongqing) Cross-border E-commerce Industry Park & Key Projects Signing Ceremony was held in Chongqing on September 23. (iChongqing/ Chen Zhan)

100 cross-border e-commerce enterprises within five years

Located in Jiangbeizui Central Business District (CBD), with an area of about 14,000 square meters, the China-Singapore (Chongqing) Cross-border E-commerce Industry Park will build a complete chain service platform for cross-border e-commerce online comprehensive services, logistics information, financial services, payments, cross-border e-commerce talent training, etc. 

In the next five years, the park aims to introduce 100 cross-border e-commerce export and service enterprises, including global platforms such as Amazon, Lazada, Jumia, etc., and incubate 400 startups with a total export volume of more than 16 billion yuan (about 2.26 billion U.S. dollars), bringing opportunities to the cross-border e-commerce industry in Chongqing. 

A picture of Jiangbeizui Central Business District (CBD). (iChongqing file photo)

Singapore is the world's second-largest offshore RMB settlement center. At the same time, Jiangbei District is the core area to build the western financial and international consumption centers, said Tao Shixiang, mayor of Jiangbei District. So far, 22 CCI projects have been promoted and landed in Jiangbei District, covering three sectors of finance, commerce, and culture. 

As a key project of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) and a critical part of the New International Land-sea Trade Corridor (ILSTC), the China-Singapore (Chongqing) Cross-border E-commerce Industry Park will boost Chongqing's cross-border e-commerce industry and international consumption center, building an inland opening highland, said Zeng Jinghua, Director of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Administrative Bureau (CCIB). 

The China-Singapore (Chongqing) Cross-border E-commerce Industry Park started operation on September 23. (Photo provided to iChongqing)

Cross-border e-commerce: new foreign trade business format 

"Cross-border e-commerce is connected to finance and consumption, which is a new foreign trade business format with the fastest development, greatest potential, and strongest driving effect in the country," said Tao. 

Traditional foreign trade has been hit strongly by the COVID-19 pandemic. In contrast, cross-border e-commerce has become a significant channel for two-way trade cooperation between western China and the Association of Southeast Asian Nations (ASEAN) countries. 

As a key increment in the trade's transformation and development, Chongqing is creating a new business format dominated by the local manufacturing industry to promote the featured industrial products overseas.

"We hope to promote the extension of advantageous industrial zones to Southeast Asia, Europe, the United States, and even the world through the industrial park," said Liao Honghai, president of Alliance Investment Management. 

Once the park operates, the introduced enterprises will expand a broader market, with Singapore's advantages in finance, logistics, headquarters-based economic channels, and networks, as well as the gathered cluster effects of the cross-border e-commerce supply and industry chains.