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  • Writer's pictureGareth Chow

JINGSHENG Leads the Recent China-Singapore (Chongqing) Connectivity Project

The China-Singapore (Chongqing) Demonstration Project on Strategic Connectivity Network is a national strategy designed, deployed and promoted by the Chinese government to improve internationalisation comprehensively since the project was prepared and implemented.

There are a total of 3 major projects in the cooperation between the governments of China and Singapore:

1. Suzhou Industrial Park has always been a model and benchmark for various new districts, development zones and industrial parks.

2. The Tianjin Eco-city has set an example for China's ecological civilisation construction, especially in anti-pollution and environmental restoration.

3. The China-Singapore (Chongqing) Strategic Connectivity Demonstration Project is "Modern Connectivity and Modern Service Economy", with Chongqing as the operation centre.

The China-Singapore (Chongqing) Strategic Connectivity Demonstration Project should be understood and grasped from an international perspective as an effective state-level strategy. This project focuses on the direct cooperation between Singapore and Chongqing, building a "dual hub" (for CH & SG cooperation in CQ), as well as the focus on the collaboration between other ASEAN countries and western China under the construction of "One Belt One Road". There is three focus: Chongqing positions as the operation centre; the other is to focus on the structure of the Chengdu-Chongqing economic circle (The new Duo-economic zone); the third is to focus on the development of western China and the construction of the Yangtze River Economic Zone.

On September 25, 2017, Chongqing officially launched the new international land-sea trade channel with a rail-sea combined transport train. There are four significant achievements since the launch:

1. The new international land-sea trade channel (referred to as the new land-sea channel). Since the operation of the channel, the international rail-sea combined transport (Chongqing-Beibu Gulf), the international railway connected transport (Chongqing-Hanoi, Vietnam), and the Chongqing-ASEAN cross-border road transport of the new land-sea channel have been growing vastly, and the network has covered 106 countries, 311 ports. The development of the trade channel has successfully realised the organic connection between the "One Belt" and "One Road", which has played a positive role in fighting the epidemic and stabilising the regional industrial chain and supply chain for China and Singapore. In 2021, a total of 1,493 international rail-sea intermodal trains were expected to operate on the new land-sea channel, a year-on-year increase of 77%, with a value of US$1.53 billion, an increase of 79%; cross-border highway shuttles will be 2,599, a year-on-year increase of 37%, with a value of US$250 million, an increase of 79%. 66%; 1,064 boxes of containers were transported by international railway intermodal trains. At the same time, the international cooperation on the new land-sea corridor has been steadily advancing. It has been successfully included in the outcome documents of the 2nd Belt and Road Forum for International Cooperation and the 3rd Lancang-Mekong Cooperation Leaders' Meeting.

2. The second is the China-Singapore (Chongqing) International Internet Data Channel. As China's first direct, dedicated international data channel for a single country, the China-Singapore International Data Channel features high speed, large bandwidth, low latency, and reliability. Chongqing and Singapore have signed the "Memorandum of Strategic Cooperation on Jointly Building China-Singapore (Chongqing) International Internet Dedicated Channels" and jointly established two working groups for application promotion and policy innovation to promote the channel access to 8 industrial parks in Chongqing and attract Sichuan, Guizhou, Yunnan, Guangxi and other places.

3. The third is the China-Singapore cross-border finance channel. To help enterprises in the western region solve the problems of complex and expensive financing matters, China and Singapore have established and continuously expanded cross-border financing channels. As of the end of December 2021, there were 208 projects in the financial field of China-Singapore interconnection projects with an amount of US$23.23 billion, including 192 cross-border economic projects with an amount of US$17.16 billion. 14 financial institution projects with a registered capital of 950 million USD; fund management with a scale of USD 1.46 billion; innovative cross-border financial services amounted to USD 3.66 billion. The projects include international commercial loans, cross-border bond issuance, real estate investment trust, and other forms covering manufacturing, medical, logistics, tourism, and other industries. This cross-border finance channel has helped realise the diversified cross-border financial needs of enterprises in the western region.

4. The fourth is implementing the China-Singapore cultural and tourism cooperation plan. Intending to build Chongqing and Singapore into an international tourism centre, the network aims to organise a series of activities in Chongqing. Such as "Singapore Week" or "Chongqing Week" in Singapore, integrate, utilise the culture & tourism industry sector's resources of Chongqing & Singapore, and promote the integrated development of the "aviation + tourism" industry in the two places.

The China-Singapore cross-border financing channel has covered 10 provinces, autonomous regions and municipalities in the western region. It has achieved cross-border financing of $5.67 billion US dollars for enterprises in the other 9 provinces and areas in western China. The next step is to achieve full coverage in the whole western region. The Chongqing China-Singapore Demonstration Project Administration and the Singapore Economic Development Board successfully held the conference for the third-party market cooperation and the China-Singapore Connectivity Project, which effectively promoted the connection between Chinese and Singaporean enterprises, as well as enterprises from other ASEAN countries.

China and Singapore have established cooperation mechanisms, including the China-Singapore Connectivity Project Joint Coordination Council (JSC), Joint Working Committee (JWC), and Joint Implementation Committee (JIC). In the past five years, the vice premiers of China and Singapore have hosted five JSC meetings, the Chinese Ministry of Commerce and Singapore's MTI have held two JWC meetings, and the Chongqing Municipal Government and Singapore's Ministry of Trade and Industry have held six JIC meetings.

Chongqing promoted Singapore to participate in the 2018 and 2019 Tech Expo as the guest country of honour. During the epidemic, Chongqing enabled the MTI of Singapore to become the co-host of the Smart Expo and successfully held the 2020 and 2021 Online Tech Expos; Singapore has successfully held it for 3 consecutive years. The China-Singapore Financial Summit established a new mechanism for the central banks of 10 ASEAN countries to participate in the financial cooperation of China-Singapore interconnection projects, injecting new energy into the construction of Chongqing as a financial centre in western China. China & Singapore successfully held the International Cooperation Forum on the New Land-Sea Corridor, promoting China's "13+1" province District and city leaders and participating foreign envoys jointly released the "International Cooperation (Chongqing) Initiative on the New Land-Sea Corridor", as well as the "Singapore's Well-known Enterprises in Chongqing, China" forum.

China & Singapore jointly released the main content of the overall development plan and promoted and signed 37 projects with $4.166 billion US dollars.

Examples of JingSheng's Legal Service for Overseas Projects

1. Acting as the managing consultant specialised in all the legal matters of Chinese companies' overseas projects in Singapore: Research & Advise on whether a company is feasible to take business overseas, fully cooperate with Chinese companies to assist in grasping the fundamentals of the project:

a. Advise clients on choosing the suitable investment.

b.Help to understand Singapore's laws & regulations regarding investment.

c. Update on any changes in local policy or any policy that might be beneficial for the clients investing in Singapore.

d. Help clients understand the transaction structure and project protection mechanism, companies' domestic compliance, filing conditions for overseas projects, foreign exchange, financing arrangements (such as M&A), etc.

2. Set up company in Singapore

Provide necessary documents in mandarin for the articles of association, investment agreements and other legal documents to set up the Singapore subsidiary.

3. Overseas Legal Affairs Project Management

Jingsheng comprehensively manages the projects of overseas cooperative law firms and cooperative accounting firms, oversees the signing of entrustment agreements between clients (China) and Singapore partnership firm & Singapore partnership accounting firm, as well as the implementation, payment, trade, overseas financing, intellectual property, real estate and leasing, data protection, etc., Jingsheng fully assists clients to grasp the work process and achievements.

4. Domestic Filling Procedures

Jingsheng Assists clients in communicating and coordinating with the Ministry of Commerce, Development and Reform Commission, the People's Bank of China and other ministries and commissions, guides and assists clients in obtaining the "Enterprise Overseas Investment Certificate" through filing, approval, and foreign exchange management related procedures.

5. Dispute Resolution

Prepare and respond to project emergencies; provide dispute resolution services for international arbitration, litigation, mediation, and execution during or after project termination.

6. Legal and policy consultant for the company's overseas projects

As a founding member and the lead firm of the China-Singapore (Chongqing) Connectivity Investment and Trade Service Alliance, Jingsheng is a global service provider for China-Singapore (Chongqing) Connectivity Project. We will produce relevant materials on behalf of companies and cooperate with the Chongqing China-Singapore Demonstration Project Administration, the Municipal Commerce Commission, etc. Jingsheng builds up a platform for government agencies to discuss and negotiate incentive policies for cross-border projects and actively build demonstration projects under the "Belt and Road" policy and "China-Singapore (Chongqing) Connectivity" projects.

· Jingsheng assists the company in using the China & Singapore network platform to connect with the Chongqing Municipal Commission of Commerce, the Two River New Area Management Committee, and other departments, then aim to enter the elite cultivation centre in Chongqing or Two River New Area. The company's overseas projects benefit from special funds, technology, financing, training and other support policies.

· Jingsheng assists the company in using the China-Singapore network to establish business connections with Singaporean governmental institutions such as the MTI of Singapore, EDB and obtain investment & industrial policy support from the Singaporean side;

· Jingsheng assists the company in using the China-Singapore network to participate in grand events such as the Western China International Investment and Trade Fair and China Tech Expo and participate in key speeches at the forum to promote the company's profile.

· Jingsheng Assists the company's overseas projects by contacting the media for any publicity related matters.

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