(Yicai Global) Nov. 23 -- A state-level new area called Liangjiang in southwest Chongqing province has facilitated valuable partnerships between Chinese and Singaporean firms under the third government-to-government cooperation initiative.
Liangjiang has penned 45 project deals worth USD10.3 billion since the launch of the China-Singapore Chongqing Demonstration Initiative on Strategic Connectivity in November 2015, state-backed Xinhua News Agency reported today. The project focuses on the key areas of financial services, aviation, logistics, and communication.
The development hub has helped secure cross-border financing worth USD4 billion. Singaporean financial institutions such as Global Logistic Properties, VSTECS Holdings and Trafigura Group set up offices in Liangjiang.
Two Chinese aviation firms of Spring Airlines and Chongqing Airlines have teamed up with BOC Aviation to partner in aircraft leasing. Singapore's PSA International and Pacific International Lines, among others, have carried out joint ventures with Chongqing-based logistics companies.
China and Singapore are looking to establish a data storage and processing base called the China-Singapore international data channel. Liangjiang, Singapore Telecommunications and the initiative's management committee will also set up an innovation center for small and medium-sized tech firms.
Editor: Emmi Laine