(Yicai Global) May 14 -- Chongqing will further promote financial cooperation between China and Singapore, China Securities Network quoted Yuan Lu, the director of the city’s financial affairs office, as saying yesterday at a press conference on the Belt and Road Forum for International Cooperation.
Yuan emphasized the importance of China and Singapore developing financial collaborations. Chongqing should stimulate capital market connections with Singapore and other counties to enable companies from the southwestern Chinese city to raise more international capital through listings and bond issuance to back Belt and Road construction, Yuan said.
Chongqing should guide enterprises to set up commercial trusts and find ways in Singapore to market financing for Belt and Road infrastructure projects.
He encouraged Singapore and other countries and regions to issue more yuan-denominated bonds (Panda Bonds).
The Chongqing Free Trade Zone has implemented 48 reforms, and introduced more than 120 support policies and measures, Wu Cunrong, the city’s deputy mayor, said at the press conference. Some 177 major projects settled in the zone, which has attracted investments worth CNY87.7 billion (USD12.7 billion), said Wu.