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As the China-Singapore Connectivity Initiative Financial Summit kicks off in Southwest China's Chongqing on Nov 2, the city is seeking more financial cooperation with Singapore, local media reported on Oct 21.

As of now, 61 joint projects between the two parties have been confirmed, with a total contract value of over $5 billion.

The good momentum is due to Chongqing's four defining characteristics: low financing costs, new investment sources, wide cooperation fields and various banking institutions, according to the administrative committee of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.

The international business branch of China CITIC Bank in Chongqing's Liangjiang New Area [Photo/liangjiang.gov.cn]

In August 2017, China CITIC Bank opened a new operation center for international businesses in Liangjiang New Area with the purpose of serving foreign enterprises and financial agencies who are expanding their businesses in Chongqing

By the end of August, the Chongqing branch of CITIC Bank had dealt with about $10.5 billion worth of international settlements and financing.

SASSEUR Group (Chongqing) Real Estate Investment Trusts was listed on the Singapore Exchange (SGX) on March 28. The Liangjiang-based REITS proved particularly popular with investors and realized an annual return rate of 7.6 percent.

The first China-Singapore Connectivity Initiative Financial Summit, from November 1 to 3, will highlight the themes of opening-up, innovation, connectivity and sharing. Its major sponsors include China's Ministry of Commerce, the People's Bank of China, the Ministry of Trade and Industry Singapore and the People's Government of Chongqing Municipality.

Logo of the summit. [Photo/people.cn]

The logo consists of a "C" (Chongqing) and an "S" (Singapore), each of which represents the Belt and Road and the 21st Maritime Silk Road respectively. Its gradual blending between colors mirrors the summit's integration of finance, culture, ecology and technology.