Interconnection Releases Strong Kinetic Energy —— The Sino-Singapore Interconnection Project reflects the vitality of the Belt and Road Initiative
At the just-concluded 5th Sino-Singapore (Chongqing) Strategic Interconnection Demonstration Project Financial Summit, a series of important achievements witnessed the cooperation between China and Singapore to a higher stage — — Signing 90 pragmatic cooperation projects that have reached record highs, China, New Zealand and ASEAN countries are interested in further deepening China — ASEAN cooperation proposes a package of major policy support measures … …
On November 7, 2015, during his visit to Singapore, the Supreme Leader of president witnessed with Singaporean Prime Minister Lee Hsien Loong the third intergovernmental cooperation project between the two countries after Suzhou Industrial Park and Tianjin Eco-city — — The Sino-Singapore (Chongqing) strategic interconnection demonstration project was officially launched.
This year marks the 10th anniversary of the "One Belt, One Road" initiative. Over the past seven years, China-Singapore interconnection projects have built diversified cross-border financing channels, cultivated convenient new land and sea channels, continuously expanded new areas of cooperation, and promoted efficient connectivity of people flow, logistics, capital flow and information flow between regions. The achievements of each project are a powerful proof of the vitality of the "Belt and Road".
Constructing diversified financing channels to promote the financing of the "Belt and Road"
At this summit, the Land-Sea New Corridor Financial Services Consortium was established, and 56 Chinese and foreign financial institutions, including China Development Bank, Chongqing Bank and dbs group, will jointly promote cross-border financial cooperation among countries and regions along the corridor, and promote cross-border trade, investment and industrial development.
"The consortium covers more than 3,000 provinces, autonomous regions, municipalities and service outlets along the new land and sea passages such as Chongqing, Sichuan and Guangxi, and links more than 1,000 service outlets in countries and regions along the passages such as Singapore and Malaysia." Ruan Lu, director of Chongqing local financial supervision bureau, said that this marks the initial formation of a cross-regional and cross-border financial service network system covering the whole channel.
This is the city scene of Chongqing (photo of drone) taken on September 5, 2022. Xinhua News Agency reporter Huang Weishe
The land and sea new channel financial services consortium is one of the important achievements of this summit. This summit reached 90 contracted projects with a contract value of 111 billion yuan, and the number of projects reached a record high. China, New Zealand and ASEAN countries are interested in further deepening China — Asean cooperation proposes a package of major policy support measures — —
The Ministry of Commerce will accelerate the construction of new land and sea passages and strengthen cooperation in various fields around the high-quality development of passages; China Banking and Insurance Regulatory Commission will vigorously support the construction of China-Singapore interconnection projects and encourage Chinese capital to further enhance local service capabilities in new financial institutions; The State Administration of Foreign Exchange will support Chengdu-Chongqing to jointly build a western financial center, optimize the centralized operation and management of cross-border funds in local and foreign currencies of multinational companies, and promote more financial innovation policies to be tried first in Chengdu-Chongqing;
The Singapore Financial Supervisory Authority proposed that Singapore and Chongqing should work together to incubate the green financial demonstration zone, jointly explore the creation of a green financial market ecosystem, further coordinate their sustainable financial classification schemes, and explore new financing structures to strengthen cooperation in the future. Many central banks of ASEAN countries proposed to support the enhancement of regional financial connectivity by promoting the use of their own currencies in cross-border settlement and promoting the digital development of the financial industry.
The results released by this summit show that many breakthroughs have been achieved in the financial field of China-Singapore interconnection projects — — Promote the landing of the first outlet REITs project in Asia, and issue a real estate investment trust project with a raised amount of 396 million Singapore dollars; The pilot projects of cross-border creditor’s rights transfer and cross-border asset transfer were first carried out in the central and western regions; Dollar lion city bonds, overseas RMB bonds, dual-currency domestic foreign debts radiating to the west, and "repackaging" cross-border financing achieved the first single breakthrough under the Sino-Singapore interconnection project … …
Over the past seven years, China and Singapore have cooperated to build diversified cross-border financing channels under the framework of the China-Singapore interconnection project, which is continuously injecting new vitality into the Belt and Road Initiative.
"Relying on the Sino-Singapore interconnection project, China and Singapore have signed a total of 30.21 billion US dollars of financial services projects, and have launched 74 innovative policies around cross-border investment and financing, cross-border settlement, and institutional mutual establishment." Ruan Lu said.
Sino-Singapore financial cooperation enables China enterprises to successfully raise funds at a lower cost — —
According to the data released at this summit, as of the end of March this year, various cross-border financing projects under the framework of China-Singapore interconnection projects have amounted to US$ 19.6 billion, covering more than 10 provinces, autonomous regions and municipalities such as Chongqing, Guangxi, Sichuan, Guizhou and Yunnan. The comprehensive financing cost is about 1 percentage point lower than that in China.
Sino-Singapore financial cooperation enables financial institutions in ASEAN countries such as Singapore to share opportunities in the China market — —
Under the guidance of Sino-Singapore interconnection project, Singapore has set up 20 financial institutions in Chongqing, involving funds, financial leasing, rural banks and other fields. "The China market is very large, and there is also a lot of room for Singaporean financial institutions to play." During this summit, Xie Caihan, chief representative of Singapore Exchange Beijing Representative Office, said in an interview with Xinhua News Agency.
At this summit, Yang Liming, Singapore’s Minister of Communications and Information and Second Minister of the Interior, said in an online speech that strengthening financial cooperation and interconnection will promote ASEAN — China’s economic integration and the construction of more interregional financial ecosystems will help reduce enterprise costs, promote financing facilitation, and facilitate risk management and asset management, which is conducive to enhancing trade, increasing cross-border investment in new projects and maximizing regional potential.
On April 20th, 2023, at the opening ceremony of the 5th Sino-Singapore (Chongqing) Strategic Interconnection Demonstration Project Financial Summit in Chongqing, Yang Liming, Minister of Communications and Information of Singapore and Second Minister of the Interior, delivered an online speech. Xinhua News Agency reporter Huang Weishe
Cultivate new land and sea channels to help the "Belt and Road" trade flow smoothly
"The new land and sea channel has expanded from a line at the beginning to 393 ports in 119 countries and regions around the world, becoming a fast channel for China’s western region to connect with the world." Liu Wei, director of the logistics and operation organization center of the western land and sea new channel, said.
On April 3, 2023, a cross-border rail-public intermodal train (Chongqing — Ruili — Myanmar) The first train is waiting for departure at Xiaonanya Railway Logistics Center in Jiangjin, Chongqing. Xinhua News Agency reporter Tang Yushe
As a key support field of China-Singapore financial cooperation, the new land and sea channel is one of the important achievements born under the framework of China-Singapore interconnection project. In 2017, relying on the Sino-Singapore interconnection project, relevant provinces, autonomous regions and municipalities in the west cooperated with ASEAN countries to create a brand-new international trade logistics channel — — The southbound passage of the Sino-Singapore interconnection project is the predecessor of the new land and sea passage.
The first train of the normal operation of the southbound rail-sea intermodal passage of the Sino-Singapore interconnection project is ready to go (photo taken on September 25, 2017). Xinhua News Agency reporter Tang Yushe
It takes Chongqing as the operation center, the western provinces as the key nodes, and uses railway, sea transportation, highway and other modes of transportation to reach all parts of the world through coastal ports such as Guangxi and Yunnan in the south, which greatly shortens the time required to go to sea through the eastern region.
In the past six years, the development of new land and sea passages has continued to accelerate. Taking the first quarter of this year as an example, the data of the logistics and operation organization center of the western land and sea new channel show that in the first quarter, Chongqing transported 36,000 TEUs through the land and sea new channel, up 39% year-on-year, and the value of goods reached 5.555 billion yuan, up 25% year-on-year.
On April 3, 2023, a cross-border rail-public intermodal train (Chongqing — Ruili — Myanmar) The first train starts at Xiaonanya Railway Logistics Center in Jiangjin, Chongqing (photo of drone). Xinhua News Agency reporter Tang Yushe
"At the beginning of the operation, some trains and shuttle bus goods in the new land and sea passage ‘ There is no return ’ There are only more than 50 kinds of goods, and now the two-way balance of transportation has been basically realized, and the number of goods has expanded to more than 900 kinds. " Liu Wei said.
The China-Laos international freight train Qingling Motor Train pulled out from Chongqing tuanjie village Station (photo taken on June 8, 2022). Xinhua News Agency reporter Huang Weishe
The new land and sea channel will solve the logistics problems in the western region and promote the open development of the western region — —
In the past, Chongqing Liwen Paper Co., Ltd. imported raw materials from Southeast Asia, which had long been troubled by the long cycle of river-sea combined transport. Since 2021, with the support of the new land and sea channel, the company’s logistics problems have been solved. The person in charge of the company said: "The new land and sea channel provides an efficient supply chain guarantee, the transportation time is shortened by about 15 days, the production cycle of the enterprise is shortened, and the output and benefit are greatly improved."
Gansu Chinese herbal medicines, Xinjiang nuts, Ningxia Lycium barbarum puree and red wine, Guizhou tea, Chongqing Mahua … … Once "hidden in the boudoir", the western characteristic products are constantly moving towards the world along the new land and sea channel, and some have become new growth points of local foreign trade.
The new land and sea channel allows countries and regions along the Belt and Road to share the China market dividend — —
Laos high-quality rice can reach the supermarket counters in western cities such as Chongqing in about 4 days by taking the China-Laos Railway international freight train on the new land and sea passage, while it often takes nearly one month before.
Not only Laos rice, but also Thai durian, Vietnamese Basha fish, Cambodian bananas and other special products have entered the China market more quickly. At the same time, China is cooperating with Laos to build a modern agricultural industrial park project, and cooperating with Cambodia to explore the integrated banana supply chain of "transportation, trade and production".
In Shuang Fu Agricultural Trade City, jiangjin district, Chongqing, the staff of Hongjiu Fruit Products are carrying durian transported from Thailand (photo taken on April 19, 2022). Xinhua News Agency reporter Huang Weishe
The continuous expansion of cooperation areas has continuously released the radiation effect of the "Belt and Road"
In March this year, with the support of the Sino-Singapore interconnection project, 12 Chongqing manufacturing enterprises went to Singapore to attend the 2023 International Industrial Cooperation Conference (Singapore), and reached a purchase order of about 10 million US dollars on the spot, and confirmed 12 cooperation intentions.
Consumers are shopping at the "Luhai New Channel International Consumer Center" in Jie Fangbei, Chongqing (photo taken on May 28th, 2022). Xinhua News Agency reporter Tang Yushe
This is the latest attempt of China-Singapore interconnection project in the manufacturing field. Nowadays, the field of project cooperation is constantly expanding, and the radiation effect on countries and regions along the "Belt and Road" is continuously released — —
In the field of information and communication, the two sides cooperated to open China-Singapore international data channels, provide cross-border data transmission security and other services, and set up joint innovation and development funds for China-Singapore information and communication media;
In the field of aviation industry, the two sides innovated the supervision mode of bonded aviation materials and promoted the Singapore Aviation Bonded Aviation Materials Distribution Center to settle in Chongqing; Singapore Changi Airport cooperates with Chongqing Airport Group to improve the management level of Chongqing Jiangbei International Airport;
In the field of agricultural industry, the two sides implemented the Sino-Singapore (Chongqing) agricultural cooperation plan and successfully promoted the normal supply of agricultural special products such as oranges, lemons and chrysanthemums to Southeast Asian markets such as Singapore;
In the field of talent exchange, the two sides implemented the Sino-Singapore talent training cooperation plan and explored a series of joint training plans such as "outstanding entrepreneurs" and "outstanding engineers";
In the field of people’s livelihood, the two sides cooperated to promote the construction and commissioning of Raffles Hospital in Chongqing and Zhongxin Cancer Hospital in Chongqing.
"In the future, the cooperation field of China-Singapore interconnection project will continue to expand and the radiation effect will continue to be released, which is determined by the unique cooperation mode of the project." Sun Xiyong, deputy director of Chongqing Sino-Singapore Demonstration Project Management Bureau, said that the advantage of Sino-Singapore interconnection project is that it has no geographical boundaries and no territorial restrictions, and it is closely related to the development pain points of western China and countries and regions along the Belt and Road, and promotes the "face-to-face" exchanges and cooperation between western China and ASEAN through the "point-to-point" hand in hand between Chongqing and Singapore.
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