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Sun Zhengcai (second from right), secretary of the Party’s Chongqing Municipal Committee, Chen Zhensheng (second from left), minister of the prime minister’s office of Singapore, Gao Yan (first from right), deputy minister of the Ministry of Commerce, Huang Qifan( first from left), mayor of Chongqing, attend the launching ceremony for the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity on Jan 8 in Chongqing. [Photo by Li Xiangbo/ news.cn]

China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity was launched on Jan 8 in Chongqing Municipality, news.cn reported.

Chongqing also established an administration committee for the initiative, with four sub-committees focusing on financial services, flight industry, transportation and logistics and information and telecommunication.

Chongqing has enjoyed close trade and economic exchanges with Singapore. The two has a long cooperation history and a bright future. Singapore is Chongqing’s largest foreign investor and Chongqing falls into top five destinations of Singapore among the cities in China. Major Singapore banks such as Development Bank of Singapore, United Overseas Bank and Oversea-Chinese Bank have settled in Chongqing.

By the end of November 2015, Chongqing has approved 241 foreign investors, with an actual utilization of $5.6 billion, mainly focusing on leasing, business services, hotels, dining, manufacturing, real-estate, transportation, storage and post.

The total trade totaled 1.74 million yuan in 2013, 5.1 percent higher than previous year. From January to November, 2015, the bilateral trade volume totaled $2.08 billion, up 19.3 percent. The two has potential in service, transportation and information industry.

Chongqing has invested six companies with overall investment volume being $4.74 million. The investment is mainly on clean energy power generation, fuel trade and the manufacturing and sales of drugs. Chongqing has also contracted projects in Singapore with a total volume of $50 million. Chongqing also has 1135 people working at Singapore as construction workers, technicians and waiters.

Mayor Huang Qifan and Chen Zhensheng, signed a framework agreement on China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity on Nov 2015. The initiative is expected to serve as an engineer for the opening up of inland Chongqing and better cooperation between Singapore and Chongqing.

Chen Lvping, vice mayor of Chongqing Municipality, hosts the launching ceremony of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity on Jan 8. [Photo by Li Xiangbo/ news.cn]

A number of cooperation agreements are signed at the launching ceremony of China Singapore (Chongqing) Demonstration Initiative on Jan 8. [Photo by Li Xiangbo/ news.cn]