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China and Singapore strike 118 deals worth $21.4 billion

China and Singapore strike 118 deals worth $21.4 billion

China and Singapore have signed the 118 pragmatic cooperation projects under the Strategic Interconnection Demonstration Program

All the projects covered were in the fields of finance, aviation, logistics, transportation, information and communication technology.

The Strategic Interconnection Demonstration Program was officially launched in November 2015. It is the third intergovernmental cooperation program between China and Singapore— coming in the heels of the Sino-Singapore Suzhou Industrial Park and Tianjin Eco-City.

The program has completed 60 cross-border financing projects in the financial sector. These include overseas bond insurance, commercial loans and financial leasing in the western provinces of Chongqing, Sichuan, Shaanxi and Qinghai.

The total financing amount has managed to exceed US$5.06 bn, and the financing cost was 1% lower than that of the domestic market.

Regarding aviation, flights from Chongquing to Singapore have been increased from five flights per week to 14. In addition, the two countries have also planned to build an aviation industry park that integrates aviation maintenance, logistics, training and finance.

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