China-Singapore (Chongqing) Connectivity Initiative Financial Summit: boost the high-quality development of economy in Chongqing

The 2019 China-Singapore (Chongqing) Connectivity Initiative Financial Summit recently kicked off in Chongqing, focusing on hot topics like financial technology, inclusive finance and green finance. Guests from Singapore, Malaysia, Thailand and other countries have been invited to communicate and discuss on such topics.

Scene of the 2019 China-Singapore (Chongqing) Connectivity Initiative Financial Summit [Photo: the Summit Organizing Committee]

In the first three quarters of this year, the revenue of software and information technology service industry of Chongqing was 14.288 billion RMB, increased by 36.2% and one of internet and relevant service companies was 7.138 billion RMB, increased by 46.8%. These indicate that the potential economic momentum of Chongqing's financial industry is being motivated by the improvement of the quality and efficiency of emerging service industry. “Financial development is inseparable from the real economy. Chongqing's financial construction benefits from its export-oriented development of real economy,” said He Haifeng, director of Institute of Financial Policy, Chinese Academy of Social Sciences. He also said that the financial industry is the most active modern service industry, and the settlement of foreign financial institutions in Chongqing enriches the format of financial industry.

Scene of the 2019 China-Singapore (Chongqing) Connectivity Initiative Financial Summit [Photo: the Summit Organizing Committee]

In recent years, the science and technology finance has developed rapidly with the innovative application of big data, cloud computing and artificial intelligence. “With the innovation of financial technology, new products and businesses have been developed to connect online and offline networks, so that they can provide financial services to people in remote areas and solve their financing difficulties,” said He Haifeng. He also indicated that the development of inclusive finance aims to achieve social inclusiveness and help people in regions without adequate financial services.