Chongqing chosen as site of 3rd China-Singapore project

2015-11-09 00:17:57 GMT2015-11-09 08:17:57(Beijing Time)  Xinhua English
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China and Singapore said Saturday they have chosen Chongqing, a sprawling metropolis in Southwestern China, as the site of their third government-to-government (G-to-G) project.

The Chongqing project was among deals the two countries signed in the presence of Chinese President Xi Jinping and Singaporean Prime Minister Lee Hsien Loong.

China and Singapore have two G-to-G projects - the Suzhou Industrial Park established in 1994 in East China's Jiangsu Province and the Tianjin Eco-city, which was inaugurated in 2008 in North China's port city of Tianjin.

Planned as an important nodal point for the "Belt and Road" initiative aimed at reviving the ancient trade routes that span Asia, Africa and Europe, the Chongqing project has been dubbed as "modern connectivity and modern services."

Singapore hopes the Chongqing project will "suit China's development needs and fit in China's major plans, including the Western Region Development, the Yangtze River Economic Belt, and the Belt and Road Initiative," Lee told Singaporean newspaper Lianhe Zaobao, in an interview published on Friday.

Lee also suggested the project break new ground in bilateral cooperation.

As one of the four municipalities directly under the Chinese central government, Chongqing enjoys a robust economy and has been one of China's fastest-growing cities since 2014, with its economy expanding at 11 percent in the first three quarters of 2015.

Since 2013, Singapore has been China's largest foreign investor. Between 1990 and 2014, Singapore's investment in China totaled $72.3 billion, according to official data from Singapore.

Xi arrived in Singapore on Friday for a State visit to Singapore at the invitation of his Singaporean counterpart Tony Tan Keng Yam.

This is Xi's first visit to the country as Chinese president.

 

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