Chongqing: Promote high-level financial openness and cooperation to create a new pattern of interconnection|Chongqing City|REITs|ASEAN_Sina News

Original title: Chongqing: Promote high-level financial openness and cooperation to create a new pattern of interconnection

Source: Chongqing release

　　Bashan stretches, surrounded by Chongqing water

　　Old and new friends gather again to draw up a blueprint for opening up

　　On November 24, the 2021 China-Singapore (Chongqing) Strategic Connectivity Demonstration Project Financial Summit (hereinafter referred to as the China-Singapore Financial Summit) was held at Chongqing Yuelai The International Conference Center came to a successful conclusion.

　　In the two-day summit, more than 110 important guests from ASEAN countries and the domestic financial community gathered online and offline to exchange ideas, share wisdom, and discuss plans for China-Singapore financial cooperation; 84 important guests delivered speeches and keynote speeches. Put forward 119 opinions and 131 suggestions with high gold content; 85 key contracted projects, with a contract value of 101.1 billion yuan… handed in a brilliant “transcript”.

　　As a landmark project of China-Singapore financial cooperation, the China-Singapore Financial Summit has become an important business card for Chongqing’s financial opening up and development, an important window for the opening of the Chengdu-Chongqing double-city economic circle, and an important platform for exchanges and cooperation between the financial industry in Western China and ASEAN countries. .

　　Multiple initiatives and research results released

　　More and more “new” projects bear fruit

　　“As of the end of September 2021, the city’s banking industry has supported China-Singapore interconnection projects with a financing balance of 48.37 billion yuan, of which 21.08 billion yuan has been supported for cooperation in the financial sector.” On November 24, at the 2021 China-Singapore Financial Summit Results Conference, Chongqing Xu Jie, deputy director of the China Banking and Insurance Regulatory Bureau, introduced.

　　The 2021 China-Singapore Financial Summit gave full play to the role of a platform for financial opening and cooperation between Western China and ASEAN countries, and facilitated the signing of 85 projects with a contract value of 101.1 billion yuan (including 65 billion yuan of credit), covering China-Singapore financial cooperation, The Fourth Five-Year Plan includes strategic cooperation between government and banks, the implementation of financial institutions and entities, financial business model innovation, and cross-border financial services.

　　“These contracted projects, with broader coverage and more substantial cooperation content, highlighting closer integration of industry, will strongly promote economic and financial cooperation between China’s western region and ASEAN countries.” said Jin Yongjie, deputy director and spokesperson of the Chongqing Financial Supervision Bureau .

　　The summit also played a leading role in the integration of industry and finance, green finance, and factor driving. A number of cooperation initiatives and research results were first released at the summit.

　　Such as the “Proposal for the Cooperation between Government and Banks to Help RCEP Development”, “Proposal on Strengthening China-Singapore Financial Cooperation and Jointly Building a Western Financial Center”, “China-ASEAN Financial Cooperation: Structure-based Access and System Connection” research report, “Carbon Zhonghe Industrial Chain Standard System” etc.

　　According to reports, relying on the past three China-Singapore Financial Summits and other platforms, 36 cooperation agreements were signed, with a landing amount of 262.1 billion yuan, and 70 demonstration projects were signed, with a landing amount equivalent to 74.9 billion yuan.

The demonstration effect of cooperation is prominent

　　Financial institutions burst into strong momentum

　　The China-Singapore Financial Summit has been held for 4 consecutive sessions. In the past four years, new projects, new research, and new cooperation have been launched at the financial summit. China-Singapore financial cooperation has become more leading, the demonstration effect of cooperation has become more and more prominent, and financial institutions have burst out with strong momentum.

　　Industrial and Commercial Bank of China Chongqing Branch participated in the China-Singapore Financial Summit for four consecutive sessions.At this summit, the bank hosted a sub-forum of the 2021 China-Singapore Financial Summit, focusing on the empowerment of financial technology.

　　In the signing of major projects, four signed projects amounted to nearly 200 million U.S. dollars, involving the construction of a new western land-sea channel, cross-border investment and financing and other fields.

　　Up to now, it has promoted more than 20 cross-border investment and financing projects under Sino-Singaporean projects, involving nearly 30 billion yuan in projects.

　　In the signing of the key projects of this summit, the Agricultural Bank of China and the Chongqing Municipal Government signed the “14th Five-Year Plan” and the comprehensive strategic cooperation in the construction of the Chengdu-Chongqing dual-city economic circle, which will provide Chongqing with no less than Intentional financing of RMB 1 trillion equivalent to support.

　　Cooperation content coversIn 9 areas, help Chongqing build an important national advanced manufacturing center, a financial center in the west, an international comprehensive transportation hub in the west, and an international gateway hub.

　　● Building a modern infrastructure network

　　● Strengthen the modern industrial system

　　● Serve to build the Western (Chongqing) Science City

　　● Support the joint construction of the western financial center

　　● Support the joint construction of inland open highlands

　　● Promote the integrated development of urban and rural areas

　　● Build an ecological barrier in the upper reaches of the Yangtze River

　　● Serving the construction of a new smart city

　　● Promote the co-construction and sharing of public services

　　In his keynote speech at the summit, Agricultural Bank of China Chairman Gu Shu said: “Agricultural Bank of China will actively leverage its advantages, increase financial support to Chongqing, continue to deepen service innovation, and better support Chongqing’s promotion of rural revitalization and the promotion of the real economy. Development will contribute more to the construction of the Chengdu-Chongqing region’s dual-city economic circle and the high-quality development of Chongqing.”

　　In his keynote speech at the summit, Bank of China President Liu Jin said that under the guidance of the Central Bank, Bank of China will actively develop RMB internationalization products, cultivate RMB offshore markets, and provide domestic and foreign customers with RMB settlement, financing, investment, and cross-border transactions. Diversified services such as the transfer of overseas assets.

　　In terms of cross-border service facilitation, Bank of China Chongqing Branch, Luhai New Channel Company, and Taiping Shipping will explore the paperless pilot of Yuxin cross-border trade, accelerate the promotion of trade digital documents, and ensure the promotion and promotion of electronic bills of lading in trade settlement. use.

　　As one of the organizers of the 2021 China-Singapore Financial Summit “RCEP Opportunities and Inland Opening Matchmaking Conference”, China Construction Bank will actively support Chinese and foreign companies to grasp new trends in international trade and investment with new financial concepts and practices, and help China, Singapore and China ASEAN and RCEP member states have jointly created a new pattern of interconnection and shared a new chapter in the high-quality development of the regional economy.

　　The Chongqing Branch of the Bank of Communications signed a contract with the land-sea new channel operating company to fully support its deployment of storage projects in ASEAN countries and the construction of dry ports, as well as provide financing support under the “one-to-one system” for enterprises on the channel, and assist in the development of the RCEP framework. Regional economic development.

　　In addition, the China Development Bank will focus on infrastructure, modern industries, and other main responsibilities and businesses to play the role of a major bank, provide all-round intellectual, financial, and financing support, and strive to increase the loan balance of the “14th Five-Year Plan” compared with the end of the “13th Five-Year Plan” period. 50%.

　　China CITIC Bank, CITIC Securities, and Chongqing Real Estate Group jointly launched the publicly-raised REITs project (7.5 billion yuan) for affordable rental housing, which is expected to become the first batch of infrastructure publicly-raised REITs projects in the country.

　　Financial two-way cooperation is closer

　　Continuous release of open dividends

　　Looking back, Chongqing’s foreign economic and trade cooperation has become increasingly close thanks to the Sino-Singapore interconnection project. A large number of Sino-Singapore joint venture or wholly-owned financial institutions and cooperation platforms have successively landed, continuously creating a new phase of Sino-Singaporean financial two-way cooperation, greatly improving the international service level of Chongqing’s financial industry, and continuously releasing open dividends.

　　During the 2020 epidemic, the Chongqing branch of China Minsheng Bank opened up a green approval channel for Chongqing’s cross-border trade e-commerce platform Dalong.com, and provided the convenience of full online approval. It took only 3 days to complete the approval and issuance of 9.68 million yuan of loans, effectively solving corporate financing difficult.

　　The Chongqing Branch of Zheshang Bank, through linkage with overseas correspondent banks, makes full use of cross-currency, cross-time zone, and cross-market advantages. Currently, it has processed overseas bond issuance of US$159 million, cross-border direct loan business of US$140 million, and cross-border financing business of US$1.026 billion. , Effectively broaden financing channels.

　　In October of this year, Chongqing Rural Commercial Bank successfully launched a cross-border financial blockchain platform-“Service Trade Tax Filing Information Bank Verification” direct connection function, further optimizing the business process of foreign exchange payment under service trade by enterprises and other customer groups, and improving foreign exchange Financial service experience and level of convenience.

　　With the deepening of the China-Singapore interconnection project, Chongqing’s financial institutions have formed a strong cohesive force, which has also led to the accumulation of new-funded financial institutions in Chongqing, and the Sino-Singapore cross-border financing channel has opened a new journey of “two-way travel”.

　　In September of this year, the China-Singapore (Chongqing) Interconnection Demonstration Project Financial Service Alliance was formally established in Chongqing, and 21 units joined the alliance in the first batch:

　　● Existing policy banks such as the Export-Import Bank Chongqing Branch,

　　● There are also large state-owned commercial banks such as Industrial and Commercial Bank of China Chongqing Branch, Agricultural Bank of China Chongqing Branch, and Bank of China Chongqing Branch.

　　● There are also joint-stock commercial banks such as China CITIC Bank Chongqing Branch and Minsheng Bank Chongqing Branch,

　　● As well as foreign banks such as DBS Bank Chongqing Branch and Standard Chartered Bank Chongqing Branch.

　　At the same time, financial institutions such as Singapore GLP Holdings, Shiyan Yiming Fund, and Weiss Microfinance have also been registered and established in Chongqing.

　　Researcher Peng Jinsong, director of the Institute of Urban and Regional Economics of the Chongqing Academy of Social Sciences and director of the Chongqing Urban Improvement Strategy Research Center, pointed out: “The establishment of the financial service alliance is conducive to the integration of the city’s financial service resources, forming a strong synergy, and making the Chongqing financial system continuous Perfect, provide comprehensive and diversified cross-border financial services for enterprises in Chongqing and the western region, and promote foreign economic and trade exchanges and development between the central and western regions, ASEAN and countries along the “Belt and Road”.”

　　At present, Chinese and Singaporean companies have jointly established multiple equity investment funds such as logistics and big data, with a fund management scale of 8.41 billion yuan. The foreign-related revenues and expenditures of Chongqing and Singapore exceeded US$68.54 billion. Singapore became the third largest overseas region for cross-border RMB settlement in Chongqing, involving 385 companies, an increase of 259 from six years ago, covering manufacturing, wholesale and retail, and transportation. Industries.

“Friends circle” is getting bigger and bigger

　　Join hands to promote western China

　　Cooperate with ASEAN countries to deepen and realize

　　“Chongqing and the ASEAN region have maintained rapid growth in cross-border settlement investment and financing.” At the summit results announcement, Su Yang, deputy director and spokesperson of the Chongqing Business Management Department of the People’s Bank of China, introduced that from January to October this year, Chongqing City and The total foreign-related income and expenditure of ASEAN countries such as Singapore was US$10.86 billion, a year-on-year increase of 31.5%. The total cross-border renminbi receipts and payments between Chongqing and ASEAN countries reached 9.02 billion yuan, of which Singapore has become the third largest overseas region for cross-border renminbi settlement in Chongqing.

　　In recent years, with a good demonstration with Singapore, the financial cooperation between ASEAN countries and Chongqing has been continuously deepened and solidified, forming a “point-to-point” flowering between Chongqing and Singapore, and the demonstration has promoted the “face-to-face” interconnection between Western China and ASEAN. Chongqing’s financial industry is better able to grasp cooperation opportunities and help Chinese and foreign enterprises to “go out” and “bring in.”

　　Taking the Bank of China branch in Chongqing as an example, the bank has successively provided full-process support for Chongqing Xiaokang Group to conduct auto finance market research in Thailand, and Chongqing Foreign Economic and Trade Group to conduct project inspections in Laos, Cambodia, and Malaysia. As of the end of the third quarter of this year, the bank achieved a total balance of payments of US$18.58 billion.

　　Since September 2020, the Chongqing Branch of Industrial and Commercial Bank of China has provided service trade facilitation services for a certain international land transportation forwarding service company within its jurisdiction, providing efficient and convenient logistics companies under the “Chongqing-Xin-Europe” China-Europe Express train. Cross-border settlement.

　　

　　In 2020, ICBC Chongqing Branch innovatively provided rail bill of lading financing of more than 10 million yuan to support the development of the park’s parallel vehicle import industry. Photo courtesy of ICBC Chongqing Branch

　　The Export-Import Bank of China Chongqing Branch actively supports the globalization of Chongqing’s manufacturing industry, exporting general-purpose machines and motorcycles to countries along the “Belt and Road” such as Turkey, Pakistan, and Malaysia.

　　Hengfeng Bank Chongqing Branch jointly launched the Hengfeng-UOB “Trade Through Train” project through the head office and United Overseas Bank of Singapore, with the help of more than 500 UOB branches around the world and integrated financial service operations accumulated in the ASEAN region. , To jointly provide domestic and foreign customers with one-stop domestic and foreign trade settlement and financing services.

　　Industrial Bank Chongqing Branch gives full play to its advantages as a comprehensive financial service group, and has formed a multi-site service system covering domestic branches, Hong Kong branches, free trade zone banks, and China-Kazakhstan Khorgos cross-border RMB innovation center. With more than 1,400 correspondent banks in 104 countries and regions around the world, it has established a clearing cooperation system in 12 currencies including the U.S. dollar, euro, and Hong Kong dollar.

　　Through the China-Singapore interconnection project, Chongqing has also joined hands with other provinces and regions to seek cooperation and develop together.

　　During the 2020 epidemic, through the China-Singapore interconnection project, Sichuan Siliya Group obtained 30 million RMB bank acceptance bills and 9.73 million U.S. dollars letter of credit from Singapore’s financial institutions at a lower comprehensive financing cost than the domestic one for purchases. Raw materials for the production of non-woven fabrics for medical masks.

　　In March of this year, the first phase of the Sino-Singapore Capital Market Financial Management Senior Seminar jointly organized by the Chongqing Share Transfer Center and the Singapore Exchange attracted more than 100 practitioners from the Sino-Singapore financial project participating institutions from Chengdu and Chongqing and plans to go public. The participation of management personnel of companies, listed companies, and government units in IPO financing has promoted enterprises in Chengdu and Chongqing to better integrate into the “world circle of friends”.

　　At present, the Chongqing Financial Supervision Bureau and the Monetary Authority of Singapore have successfully signed a memorandum of understanding to deepen China-Singapore financial cooperation, and have reached cooperation agreements with the financial supervision authorities of 11 western provinces and regions and Hainan Province, which will drive Guangxi, Sichuan, Guizhou, Yunnan, Shaanxi, and Qinghai. , Ningxia, Xinjiang and other western provinces and autonomous regions realized financing of more than US$5.7 billion in Singapore.

The prospects are getting better

　　Writing a new model for international financial cooperation in the new era

　　Opening up brings more opportunities, and cooperation promotes better development.

　　In recent years, the National Development and Reform Commission, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the Securities Regulatory Commission and other national ministries and commissions, as well as the Monetary Authority of Singapore, have focused on China-Singapore interconnection projects in cross-border investment and financing, cross-border RMB innovation business pilots, financial technology, insurance cooperation and institutions More than 70 innovation policies have been promulgated by Mutual Establishment, and a number of innovation policies have taken the lead in making breakthroughs in the central and western regions.

　　In the future, China-Singapore financial cooperation will have greater prospects.

　　On October 12 this year, China and Singapore jointly issued the “China-Singapore (Chongqing) Strategic Interconnection Demonstration Project Overall Development Plan (2021-2025)”. Among them, for financial interconnection, the “China-Singapore (Chongqing) Strategic Connectivity Demonstration Project Financial Services Special Plan (2021-2025)” was also issued.

　　The “Special Plan” proposes that in the next five years, under the framework of China-Singapore interconnection, financial industry investment access standards will be further relaxed, and support for those with expertise in risk control, pension management, consumer finance, wealth management, health insurance, etc. Newly funded institutions enter Chongqing.

　　It will also explore the use of cross-border commercial loans, cross-border financial leasing, cross-border business trusts, cross-border real estate investment trusts (REITs) and other financing tools to broaden the financing channels of key industries, and provide the aviation industry, transportation logistics, information and communication and other China-Singapore interconnection. The key cooperative industries of the project expand their financing scale.

　　At the 2021 China-Singapore Financial Summit, the organizers put forward a number of major policy support measures for further deepening China-ASEAN financial cooperation and advancing Chongqing’s financial reform and opening up.

　　● For example, the Monetary Authority of Singapore has put forward four suggestions on how to promote green investment and financing in a safe, stable and effective direction in Singapore and Chongqing;

　　● The Ministry of Commerce proposes to deepen cooperation in the field of green finance, deepen cross-border supply chain financial cooperation, and deepen regional financial infrastructure construction in order to strengthen China-Singapore and even China-ASEAN comprehensive strategic partnership cooperation;

　　● The People’s Bank of China will firmly support Chongqing to play a greater role in China-Singapore interconnection projects, the national green financial system, and China-Singapore financial technology cooperation;

　　● China Banking and Insurance Regulatory Commission will continue to strengthen financial cooperation between China and ASEAN, work together to open up a new situation of mutual benefit and win-win situation, and will continue to vigorously support the innovative development of Chongqing’s financial industry;

　　● The China Securities Regulatory Commission will fully support the China-Singapore interconnection projects and the construction of new land-sea channels, continue to deepen the pragmatic cooperation between China-Singapore and China-ASEAN capital markets, support the implementation of capital market opening policies in Chongqing, and help create a new pattern of interconnection;

　　● The State Administration of Foreign Exchange will focus on improving the level of cross-border trade facilitation, promoting the high-level opening of capital accounts in a steady and orderly manner, and assisting financial cooperation between China and ASEAN countries.

　　The blueprint is ahead, the mission is

　　Chongqing’s financial industry rides

　　The East Wind of China-Singapore Interconnection Project

　　Raise a new sail for open cooperation

　　Is struggling towards

　　The magnificent “New Blue Ocean”