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China to boost financial cooperation with Singapore
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SME Times News Bureau | 24 Nov, 2020
China will strengthen cooperation with Singapore to promote greater financial connectivity, according to officials.
Chen
Yulu, vice governor of the People's Bank of China (PBOC), made the
remarks at the China-Singapore (Chongqing) Connectivity Initiative
Financial Summit 2020 held in southwest China's Chongqing Municipality,
Xinhua news agnecy reported on Tuesday.
"As an important part of
China-Singapore strategic connectivity initiative, financial cooperation
between the two countries has played a unique and important role in
promoting the development and opening up of west China and expanding
economic and financial cooperation between China and Singapore as well
as other ASEAN countries," said Chen.
The PBOC will further
coordinate with the Monetary Authority of Singapore, the country's
central bank, to create better conditions for effective cooperation
between both sides' financial institutions and bolster the connectivity
of financial markets, he added.
Huang Hong, vice chairman of the
China Banking and Insurance Regulatory Commission, vowed that the
commission will continue to open up the banking and insurance industry
and promote in-depth cooperation as the two countries embrace emerging
opportunities amid challenges.
Amid efforts to foster new
institutions of a higher-level open economy, China and the ASEAN should
further expand two-way opening up under the Regional Comprehensive
Economic Partnership agreement and deepen financial cooperation under
the Belt and Road Initiative, he added.
China welcomes foreign
institutions with expertise in risk management, pension management,
consumer finance, wealth management and health insurance, Huang said.
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