China and Singapore have signed 118 pragmatic cooperation projects under the Strategic Interconnection Demonstration Program, worth a total amount of US$21.4 billion, Xinhua news agency reported.

All the projects cover the fields of finance, aviation, logistics and transportation, information and communication technology.

The Strategic Interconnection Demonstration Program was officially launched in November 2015. It is the third intergovernmental cooperation program between China and Singapore following the Sino-Singapore Suzhou Industrial Park and Tianjin Eco-City.

In the financial sector, the program has completed 60 cross-border financing projects, such as overseas bond issuance, commercial loans and financial leasing in the western provinces of Chongqing, Sichuan, Shaanxi and Qinghai.

The total financing amount has exceeded US$5.06 billion, and the financing cost was 1% lower than that of the domestic market.

In the area of aviation, flights from Chongqing to Singapore have been increased from five flights per week to 14. In addition, the two countries also plan to build an aviation industry park that integrates aviation maintenance, logistics, training and finance.