CHONGQING, China, April 21, 2023 /PRNewswire/ -- A news report from iChongqing- Chongqing - The 5th China-Singapore (Chongqing) Connectivity Initiative Financial Summit (CCI-FS) commenced on April 20 in Southwest China's Chongqing and Singapore, featuring leaders from both Singaporean and Chinese governments, financial departments, and heads from ten central banks of ASEAN countries presented at the opening ceremony.

The opening ceremony of the 5th CCI-FS was held in Southwest China's Chongqing Municipality on April 20. (Photo/ Kenny Dong)

"Singapore-Chongqing collaboration in financial services has evolved in tandem with the broadening of our cooperation under the CCI, from providing traditional cross-border financing to companies in Chongqing and China," said Josephine Teo, Minister for Communications and Information and Second Minister for Home Affairs of Singapore, at the opening ceremony via video link. "Our collaboration has expanded to include areas such as green and sustainable finance."

Other participating guests include consuls general of RCEP member countries in Chongqing, Chengdu, and Kunming, leaders of the regions along the New International Land-Sea Trade Corridor (ILSTC), as well as executives of large financial institutions, multinational companies, and global financial scholars.

During the opening ceremony, 90 projects related to the China-Singapore financial cooperation and the construction of the ILSTC and Western Financial Center were signed, with the amount reaching 111 billion yuan (US$16 billion).

Centered on the topics of financial co-founding the Belt and Road, the implementation of RCEP, the construction of the Chengdu-Chongqing economic circle, and the ILSTC, the two-day summit will hold 12 main events and 9 special events. The events will concentrate on the cooperation and co-construction mechanism of financial services in the ILSTC, exploring the digital innovation of financial models, proposing strategies for building digital financial service platforms, and promoting financial connectivity and green finance innovation.

Since 2018, the CCI-FS has been held consecutively for four times. Over the past seven years, Chongqing and Singapore have deepened their financial cooperation under the CCI. Chongqing enterprises invested more than US$60 million in Singapore, and Singaporean institutions directly invested US$3.4 billion in Chongqing.

The 5th CCI-FS is jointly held by the Ministry of Commerce of China, People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange, Ministry of Trade and Industry of Singapore, Monetary Authority of Singapore and Chongqing Municipal Government.

For more details on 5^th CCI-FS, please click https://www.ichongqing.info/special/cci-fs-2023/