Chongqing celebrates a decade of China-Singapore cooperation

The Chongqing Municipal Government hosted a news conference on Nov 10 to celebrate the 10th anniversary of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.

This milestone also coincides with the 35th anniversary of diplomatic relations between China and Singapore.

Over the past decade, the initiative has facilitated 347 government and commercial projects, amounting to $26 billion. It has pioneered 33 innovative institutional developments, solidifying Singapore's position as Chongqing's largest foreign investor and ASEAN as its primary trading partner.

Focusing on modern service industries, the initiative has paved the way for new inland trade routes. Key achievements include the Chongqing-Singapore Internet Data Channel and the Chongqing Multimodal Transport Demonstration Project. The New International Land-Sea Trade Corridor, a flagship project under the Belt and Road Initiative, has established a vital trade link between western China and ASEAN, extending its reach globally.

Financial innovations have been a hallmark of this initiative, including the launch of Asia's first outlet real estate investment trust and the pioneering digital yuan cross-border settlement pilot. Singaporean companies have collaborated with Chongqing enterprises on projects such as developing right-hand drive light trucks and exporting agricultural products like chrysanthemums and oranges.

The initiative has also facilitated $6.3 billion in cross-border financing for other western provinces and expanded the "One Declaration, Two Reports" customs pilot. In addition, cultural and educational exchanges have flourished, with joint research labs and training programs broadening global perspectives.