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China, Singapore Launch Trade Platform For Finance And Tech Sectors – Business Times


The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity on Thursday launched a cold chain product trade platform that would seek to facilitate trade between the two sides in various sectors including finance and technology.

According to Xinhua, the inter-governmental program covers financial segments, information technology, communications, transportation, logistics projects, and also the aviation industry.

“The platform will connect demands from both sides, integrate third-party service providers such as cross-border logistics and payment and customs declaration, and complete logistics chain tracking,” chairman of Anodlink, Jing Xuefei, explained.

Anodlink Supply Chain Management Co. Ltd. is the Chongqing-based firm that will co-develop the trade platform with Singapore’s DeClout Pte. Ltd. Traders from both sides will be assisted by the platform, the two firms said.

Another notable feature of the trade platform is the possibility that it could reduce operational costs in trading as well as boost agricultural exports from Chinese traders in the west to Southeast Asian buyers.

China and Singapore have been helping benefit each other on equal terms and policies over the past years. Earlier this month, it was reported that Chinese buyers led the way in reviving Singapore’s declining luxury homes market.

Property brokers revealed that Chinese buyers accounted for the bigger portion of people bringing life to the dying Singaporean luxury home market. While some industry experts said Chinese buying homes in the city-state could have been triggered by the trade war, others are just enjoying the revival they see in the market.

Last year’s stamp duties that were implemented by the government did see a decline in Chinese buyers in 2018. However, the unexpected rebound in luxury home purchases from China paved the way for more returns in Singapore’s real estate circles.

In finance and technological sectors, many companies from both countries are also working to improve exchange of knowledge and products that should help boost trade and peaceful business dealings.

In April, Prime Minister Lee Hsien Loong said he believes China-Singapore relations have “transformed beyond recognition.” He added that while ties are strong, there is still “tremendous potential” in terms of achieving improved cooperation.

The Singaporean PM noted that China remains Singapore’s biggest trading partner and likewise, Chinese investments in Singapore make up for a huge chunk of recorded investments under the Belt and Road region.

At the time of his interview, Lee further explained that China-Singapore cooperative projects are now focused on the evolved demands of both sides that seek to benefit the citizens.

China and Singapore first established their diplomatic ties in 1990. Since then, the two sides have worked together to work on effective and people-centric projects.



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