Chinese firms raise $6b through China-Singapore program

CHONGQING - Chinese firms have raised more than $6 billion in 64 cross-border financing deals through a China-Singapore inter-government program over the past two years.

The deals involve overseas bond issuing, commercial loans and finance leasing, according to the program's administration bureau.

It is believed that the program has effectively reduced financing cost for businesses in western regions of China.

The Southwest municipality of Chongqing became the operation center of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity in 2016.

The initiative aims to pilot cooperation in fields, including financial services, aviation, logistics and information technology.

It is the third such deal between the two countries, following the Suzhou Industrial Park established in the eastern province of Jiangsu in 1994, and the Tianjin Eco-city inaugurated in 2008 in North China.