China-Singapore connectivity initiative enters new development phase

Nov 7 marked the seventh anniversary of the establishment of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.

By the end of September, the initiative had included a total of 218 government and business cooperation programs involving $25.26 billion, as well as 235 financial service programs worth $29.04 billion, making the initiative a successful example of Belt and Road cooperation.

Remarkable results have been achieved mainly in four sectors – aerospace, finance, information and logistics.

The cross-border financing channels of the initiative cover 10 provinces, autonomous regions, and municipalities in western China, reducing the financing costs for enterprises by 1.35 percentage points, while Chongqing's airports have adopted advanced management principles and business models of Singapore.

China-Singapore cooperation continues to deepen. By the end of last year, four China-Singapore cooperation plans focusing on agriculture, culture and tourism, business affairs and talent training, respectively, were launched.

In the talent exchange area, National University of Singapore has established a research institute in Liangjiang coordinated innovation zone of Liangjiang New Area. So far, the institute has set up four innovation centers focusing on advanced manufacturing and materials, smart sensing and AI, modern logistics, and finance and financial risk management, and has recruited 36 professors from the university.