3rd China-Singapore Connectivity Initiative Financial Summit begins
The third Chongqing Connectivity Initiative Financial Summit (CCI-FS) commences today as Chinese and Singaporean public and private sector leaders meet to discuss strengthening financial ties.
The CCI-FS is a forum within the Chongqing Connectivity Initiative (CCI), which aims to expand economic exchange between Chinese and ASEAN member states’ aviation, logistics, financial and technology sectors. Since its 2015 founding, the CCI has produced 230 projects worth an estimated $32.2 billion.
For China, the CCI is advantageous to its Belt and Road Initiative. Under the CCI, China’s maritime and overland “silk roads” are united by the establishment of the New International Land-Sea Trade Corridor—an international trade path designed to link western Chinese provinces with Southeast Asia. This trade corridor has streamlined Chinese-ASEAN trade by decreasing shipping times and costs, resulting in an increased trade volume of 20% earlier this year.
ASEAN’s economic future is primed for further growth. The regional bloc’s economies are expected to rebound strongly next year after the pandemic slump. Beijing will seek to benefit from this growth through the CCI framework. In the near-term, expect bilateral economic relations between China and ASEAN to strengthen, cementing the CCI’s importance in the long-term.
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