China-Singapore cooperation boosts financing in Chongqing

Thirty-nine cross-border financing projects with a total value of $3.22 billion landed in Chongqing during the one-year-long operation of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, as local media reported on Jan 9.

These projects covered various financing types from international commercial loans and offshore bonds to bank consortium loans, and benefit 12 districts and counties across Chongqing, including Liangjiang New Area and Jiangjin.

According to preliminary estimates, the financing cost of about 130 million yuan ($18.8 million) has been saved for companies involved in the project.

Han Baochang, director of the Management Bureau of China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, said, “One percent of cost saved for a financing project is a considerable amount of revenue for a private company whose clients are mainly middle and small-sized companies.”

The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity was launched one year ago on Jan 8 in Chongqing Municipality. The city has invested in six companies with an overall investment volume of $4.74 million.

The investment is mainly in clean energy power generation, fuel trade, and the manufacturing and sales of drugs. Chongqing has also contracted projects in Singapore with a total volume of $50 million. Chongqing also has 1,135 people working in Singapore as construction workers, technicians, and waiters.

Sun Zhengcai (center right), secretary of the Party’s Chongqing Municipal Committee; Chen Zhensheng (center left), minister of the prime minister’s office of Singapore; Gao Yan (far right), deputy minister of the Ministry of Commerce; and Huang Qifan (far left), mayor of Chongqing, attend the launch ceremony for the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity on Jan 8 in Chongqing. [Photo by Li Xiangbo/ news.cn]

Jiangbeizui Financial Center has witnessed the prosperous results of the financial industry growing in Chongqing over the last year and it has become a financial landmark in Chongqing. [Photo/liangjiang.gov.cn]

Edited by Tyler Terrance Oneil