BUSINESS China-Singapore connectivity initiative sees 192 cross-border financing projects inked

BUSINESS

China-Singapore connectivity initiative sees 192 cross-border financing projects inked

Xinhua

21:50, October 13, 2021

CHONGQING, Oct. 13 (Xinhua) -- A total of 192 cross-border financing projects worth 17.16 billion U.S. dollars have been inked within the framework of a China-Singapore connectivity initiative as of Tuesday, according to official data.

Aerial photo taken on Sept. 25, 2017 shows the first train of the regular sea-rail transit route linking Chongqing Municipality in southwest China and Singapore running through a highway bridge in Chongqing, southwest China. (Photo: Xinhua)

The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity aims to conduct pilot cooperation in various fields. The agreements under the initiative mainly fall into four categories: financial services, air transportation, logistics, and information and communications technologies.

By the end of 2020, nine provincial-level regions in west China including Sichuan Province and Shaanxi Province had raised over 5.5 billion U.S. dollars from the cross-border financing projects.

The projects include international commercial loans, cross-border bond issuance and real estate investment trusts, among others, covering manufacturing, medical care, logistics, tourism and other industries, broadly meeting the diversified cross-border financing needs of enterprises in western China.

Singaporean state investment company Temasek said that its portfolio company will discuss cooperation with relevant enterprises in Chongqing in the financial field, especially in the field of financial technology and related cross-border business.

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