The financial sector has become a pillar of China-Singapore relations. And they are expected to become even closer, if some new initiatives are finalized during President Xi Jinping’s visit.
Singapore plays an indispensable role in the Asia Pacific region’s financial markets. Singapore’s stock exchange, the main local market operator, provides different types of securities and derivatives trading and transaction services.
China exports great amounts of commodities such as iron, steel, oil, gas and agricultural products through Singapore.
The two countries are working together for the third government program, which fits in China’s national strategies such as the Belt and Road Initiative.
Singapore banks have been able to lend in RMB to companies in Suzhou and Tianjin since October while companies in those Chinese cities are now allowed to issue RMB bonds in Singapore.
The Monetary Authority of Singapore says that Singapore supports the inclusion of the RMB in the International Monetary Fund’s Special Drawing Rights’ basket of currencies due to the rapid growth in the use of the RMB for payments, trade settlements, and investments.
Singapore has become the second largest off-shore center for the RMB, just after Hong Kong. The total quantity of the cross-border RMB business between China and other countries reached nearly 9 trillion yuan in the first nine months of this year.
As China proceeds with its structural transformation and financial reforms, commercial cooperation between the two countries is expected to grow in importance and mutual benefits.
CCTV’s Wang Tongxuan reports from Beijing.
China and Singapore aim to improve financial tiesThe financial sector has become a pillar of China-Singapore relations. And they are expected to become even closer, if some new initiatives are finalized during President Xi Jinping's visit.
Singapore helps Tianjin’s eco-city project
Singapore houses over 5 million people, but the island state prides itself as a “garden city”. As China pushes forward its massive urbanization plan, Singapore’s experiences and expertise might help China to build better cities in the future.
The Tianjin Eco-city is a second flagship G-to-G project between China and Singapore. The first is the very successful Suzhou Industrial Park.
In the 1990s, the Suzhou Industrial Park was China’s best example in attracting foreign investment and developing its industries.
The Tianjin eco-city project, launched in 2007, came at a time when China kicked off its massive urbanization plan to allow more people to enjoy city life, free from air pollution, traffic jam and crowded public spaces.
Besides a great living environment, good job opportunities are key reasons for people to stay. More enterprises are investing here, because the port area is one of the four pilot free trade zones in China and a key part for the integration plan to build a better metropolitan area around the capital.
Tianjin’s Eco-city project is practical and replicable in other cities across China on different scales. The governments of China and Singapore hope this city can be an example for future cities across China.
CCTV’s Xing Zheming reports from Tianjin.
Singapore helps Tianjin\'s eco-city projectSingapore houses over 5 million people, but the island state prides itself as a "garden city". As China pushes forward its massive urbanization plan, Singapore's experiences and expertise might help China to build better cities in the future.
Teng Jianqun on Xi-Ma meeting in Singapore
For more on the Xi-Ma meeting in Singapore, CCTV America spoke with Teng Jianqun. He is the director for the Center of Arms Control, China Institute of International Studies.