ACC Attended the China (Chongqing)-Singapore Demonstration Initiative on Strategic Connectivity Financial Summit 2019

On 4 November 2019, the China (Chongqing)-Singapore Demonstration Initiative on Strategic Connectivity Financial Summit 2019 (hereinafter referred to as CCI-FS 2019) was held in Chongqing. With the theme of“Financial Connectivity Supporting the ‘Belt and Road’-Open and Innovative Finance Driving the New International Land-Sea Trade Corridor”, the CCI-FS 2019 was co-hosted bythe Ministry of Commerce of China, People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange of China, Chongqing Municipal People’s Government, the Ministry of Trade and Industry of Singapore and the Monetary Authority of Singapore.More than 1200 participantsattended the opening ceremony, including representatives of financial supervisory authorities of China and ASEAN countries, international organizations, executives of well-known financial institutions and enterprises in the Asia-Pacific region, famous experts and scholars at home and abroad. Mr. Guo Chuanwei, Director of Trade and Investment Division (TID) of ASEAN-China Centre (ACC) participated in the opening ceremony and relevant activities upon invitation.

Mr. Tang Liangzhi, Deputy Secretary of the CPC Chongqing Municipal Committee and Mayor of the Chongqing Municipal People’s Government welcomed all the guests. He said that the China (Chongqing)-Singapore Demonstration Initiative on Strategic Connectivity CCI) is a major cooperation project carried forward by the governments of China and Singapore from strategic and long-term perspectives, which has achieved remarkable results. Financing is a key area for CCI cooperation. Chongqing could play the role as the operation center of CCI to advance cooperation between western China and ASEAN countries in the fields of financial policyinnovation, financial resources integration, financial supervision collaboration and financial service exchange for more substantial and concrete outcomes of mutual benefit and common development through BRI cooperation.

Mr. Ong Ye Kung, Minister of Education and Board Member of the Monetary Authority of Singapore delivered remarks on behalf of theSingaporean side. He said that the trend of multilateralism and free trade is irreversible. ASEAN countries, as important partners of China in strengthening economic cooperation and free trade, are vigorously carrying out cooperation such as CCI. ASEAN countries and China have many opportunities of cooperation in infrastructure financing and green financing. Chongqing will play a key role in promoting connectivity between ASEAN countries and western China. He hoped that CCI-FS 2019 could motivate all parties to deepen cooperation in financial connectivity and improve the quality of financial services to provide support for sustainable and healthy development of real economy in the region.

Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore, Mr. Pan Gongsheng, Vice President of the People’s Bank of China, Mr. Huang Hong, Vice Chairman of China Banking and Insurance Regulatory Commission, Mr. Yan Qingmin, Vice Chairman of China Securities Regulatory Commission, Mr. Yuan Xiaoming, Deputy Director General of Department of Finance, Ministry of Commerce of China, and Ms. Hu Xiaolian, Chairman of the Export-Import Bank of China delivered speeches on financial cooperation between China and ASEAN countries.

After the opening ceremony, executives of financial supervision authorities of China and ASEAN countries as well as a Nobel Prize winner in economics gave keynote speeches. Director Guo Chuanwei also attended the Forum on Cross-border Investment and Financing as Impetus for Belt and Road Initiative.