Boosting the Western Modern Service Economy The 9th Anniversary of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity
The 9th Anniversary of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity
On 7 November 2024, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity officially marked its 9th anniversary. Over the past nine years, the project has signed government and commercial cooperation agreements worth a total of USD 25.75 billion and has facilitated cross-border financing of USD 21.28 billion. The project has also resulted in the development of outcomes such as the New International Land-Sea Trade Corridor, continually driving the modern connectivity and development of the modern service economy in the western region.
The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity was officially launched on 7 November 2015. It is the third intergovernmental cooperation project between China and Singapore, following the China-Singapore Suzhou Industrial Park and the China-Singapore Tianjin Eco-city. The project primarily focuses on four key cooperation areas: financial services, the aviation industry, transportation and logistics, and information and communication technology.
Moving forward, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity will further leverage the dual-hub roles of Chongqing and Singapore, enhance international cooperation within the New International Land-Sea Trade Corridor, and improve the corridor's capacity to support industrial and supply chains.
Transportation and Logistics
Relying on the China-Singapore bilateral cooperation mechanism, the two countries have jointly developed the New International Land-Sea Trade Corridor and cooperated in infrastructure construction. As of September 2024, the corridor has reached 542 ports across 125 countries and regions worldwide, transporting over 1,150 types of goods, with more than 30,000 train services having been operated.
Aviation Industry
The flight routes between Chongqing and Singapore have now achieved 24 weekly services and have driven the implementation of the country's first "airline unit" bonded aircraft materials customs supervision model innovation.
Financial Services
China and Singapore have jointly created cross-border financing channels, with Chongqing companies raising approximately USD 14.6 billion through tools such as cross-border bonds, which have driven USD 6.1 billion in cross-border financing across nine provinces and municipalities in the western region. This has benefited over 100 companies, particularly in the fields of electronic information.
Information and Communication
The China-Singapore (Chongqing) International Dedicated Connectivity (IDC) has achieved interconnection of digital infrastructure between the two regions, offering Chongqing and businesses in the western region more efficient and secure international data transmission services. The China-Singapore connectivity project has also expanded its cooperation to areas such as talent exchange and healthcare.
Chinese Article and Photos Source:
Chongqing Municipal Commerce Commission