2 days ago
Singapore, Chongqing continue work on trade and financial connectivity
Mr Tan Kiat How, senior minister of state for the Ministry of Digital Development and Information and the Ministry of Health, speaking at a trade and financial conference on June 11. ST PHOTO: JASON QUAH
SINGAPORE - A 10-year-old initiative to strengthen transport links between Chongqing and Singapore will produce new opportunities over the next 10 years for Western China and Asean to work together in areas like green finance and digital connectivity.
For a sustainable, low carbon future, both Asean and China will require a vast amount of green financing and investments, said Mr Leong Sing Chiong, deputy managing director for marketing and development at the Monetary Authority of Singapore.
He was speaking at a trade and financial conference on the China-Singapore (Chongqing) New International Land-Sea Trade Corridor (CCI-ILSTC). The conference was held on June 11 at Conrad Singapore Orchard.
The CCI-ILSTC is a rail-sea multimodal transportation route for goods linking Chongqing in Western China to Singapore .
The conference marked the 10th anniversary of the China-Singapore (Chongqing) connectivity initiative and explored opportunities in trade and digital and sustainable financing for the region offered by the CCI-ILSTC.
The CCI-ILSTC has proven itself an efficient and viable trade route linking Western China, South-east Asia, and beyond, said Mr Tan Kiat How, senior minister of state for the Ministry of Digital Development and Information and the Ministry of Health.
'Container volumes have grown nearly tenfold since the CCI-ILSTC facilitates the flow of a wide range of goods, including automotive components, electronics, and chemical products between Western China and South-east Asia through Singapore,' he said.
'Beyond just moving goods, the CCI-ILSTC represents a deeper transformation by reflecting how our region is responding to forces reshaping global trade,' said Mr Tan.
'Supply chains are being reconfigured for resilience; digital technologies are redefining connectivity; and sustainability has become central, not optional, to how we grow and partner responsibly.'
Singapore's financial institutions have also been active in supporting Chongqing's decarbonisation.
For example, DBS Bank provided a green loan to Singapore Power Group in 2025, to support the district cooling and heating system project at Raffles City Chongqing. The system, to centralise heating and cooling for the whole development , will reduce its carbon footprint by about 30 per cent.
Chongqing has long stood out as a gateway to Western China, said Mr Tan during the opening ceremony of the 2025 Chongqing Week, on June 11 at Ngee Ann City.
'From its vibrant consumer market and thriving innovation ecosystem to its logistics strengths and deep industrial base, Chongqing presents compelling opportunities for Singapore companies,' said Mr Tan.
The Chongqing Week event, which runs until June 13 , presents the megacity's cultural heritage through traditional handicrafts such as the Jiulongpo paper-cutting art and delicacies like the Rongchang braised goose.
The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) is the third government-to-government project between Singapore and China, following the Suzhou Industrial Park and the Tianjin Eco-City.
Launched in November 2015, the CCI serves as a key priority demonstration project for China's Belt and Road Initiative, the Western Region development, and the Yangtze River Economic Belt Strategy.
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