Economic data panel
By Xiao Wu, EDITOR
According to Chongqing Daily, the Financial Summit of Sino-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (abbreviated as Connectivity Project) will be held on November 2, 2018, in Chongqing. The organizing committee gave an introduction to the development of the Connectivity Project in the financial area.
Up to now, 61 projects in the area of financial services have settled in Chongqing through Connectivity, at a value of over USD 5 billion.
International Business Operation Center of CITIC Bank provides Chongqing with the international settlement, financing, and innovative financial services. It assists enterprises related to Belt and Road and Connectivity Project to invest and develop in Chongqing. The center has started trial operation since August 2017. At present, it has taken over documentation business of 24 branch banks, including branches of Chongqing, Chengdu, Xiamen, Dalian, and Fuzhou, etc. By August this year, the center has carried out the international settlement and financing services at the worth of nearly USD 10.5 billion.
SASSEUR(Chongqing) Real Estate Investment Trust, namely, SASSEUR(Chongqing) REIT, was successfully listed in the Singapore Exchange Limited on March 28 this year with excellent market performance. By the second quarter of this year, its annualized rate of return has reached 7.6%. The main business income and distributable profits exceeded the budget.
Four features are shown from 61 projects of financial area
The source from Connectivity Project Management Bureau said that the 61 projects of the financial area currently are operating well and shows four features.
First, the financing cost is “low”. Chongqing enterprises have completed a variety of cross-border financing projects, such as overseas bond issuance and commercial loans, with a total amount of nearly USD 5 billion, effectively reducing the financing costs of enterprises. Financial innovation cases have been edited and published, with financing models promoted. The enterprises in western provinces such as Sichuan, Shaanxi, and Qinghai raised more than USD 2 billion from Singapore.
Second, financial products are “new”. SASSEUR(Chongqing) REIT successfully issued real estate investment trust in Singapore Exchange Limited. It becomes the first real estate investment trust listed in Singapore in the central and western regions. It opens up a new channel for cross-border equity financing of enterprises in the western region. Chongqing takes the lead in the country to carry out a number of financial innovation products. This effectively enlarges the financing sources for small and medium-sized export enterprises. 11 units including the Chongqing Management Department of the People’s Bank of China jointly issued Supportive Opinions for promoting the financing of transportation orders. It effectively alleviates the financing problems of logistics enterprises.
Third, the scope of cooperation is “wide”. The cooperation between China and Singapore in the fields of financial technology, logistics, and finance has got deepened. For example, the Chongqing Municipal Government and the Monetary Authority of Singapore reached a consensus on jointly building a Sino-Singapore financial technology cooperation demonstration zone. The Sino-Singapore (Chongqing) cross-border payment business cooperation project was signed. Chongqing enterprises have been successfully established branches in Singapore and applied for remittance licenses, carried out payment business.
Fourth, the number of established organizations is “huge”. Regional and national financing settlement centers and inclusive financial enterprises have accelerated their settlement, which further enriches Chongqing’s financial system. The investment of Connectivity Project Equity Investment Fund in transportation, information technology, education, and other fields increased by RMB 4.76 billion (USD 687 million), and the fund management scale reached RMB 7.76 billion (USD 1.12 billion). A number of inclusive financial institutions such as Yiming Investment, Global Logistic Properties Financial Leasing, and Wei Shi Microfinance have settled in Chongqing, effectively serving the development of small and medium-sized enterprises.
Financial Summit of Sino-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity is high on agenda
It is reported that the theme of the Financial Summit of Sino-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity is “Open· Innovative· Connective· Share”. It advocates strengthening financial connectivity to serve the Belt and Road. The summit will be jointly held by the Ministry of Commerce of the People’s Republic of China, the People’s Bank of China, the Bank of China Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the Trade and Industry Ministry of Singapore, the Monetary Authority of Singapore and the Chongqing Municipal Government.
Source: Chongqing Daily
No comments:
Post a Comment