Financing is a major problem restricting the development of enterprises, said an official in charge of the China-Singapore (Chongqing) Connectivity Initiative, which has tried out a series of financing approaches for firms through bonds, international commercial loans, and equity financing.

Statistics show that cross-border financing costs in Singapore are lower than in China by 1.4 percentage points.

In addition to financing, the initiative has also achieved innovative results in many other areas, including the logistical and digital industries.

The 14th Five-Year Plan (2021-25) for the initiative requires officials to promote more institutional innovation and generate more reproducible and applicable experiences in financial services, transportation, logistics, communication and information.

As far as international cooperation is concerned, the initiative should encourage financial institutions to launch more RMB-targeted financing products and create more pilot sites for foreign investment. Meanwhile, the two countries will also deepen collaboration by building an overseas distribution center and industrial parks and establishing a number of supply chain and industrial chain projects.