CHONGQING — China will strengthen cooperation with Singapore to promote greater financial connectivity, according to officials.

Chen Yulu, vice-governor of the People's Bank of China (PBOC), made the remarks at the China-Singapore (Chongqing) Connectivity Initiative Financial Summit 2020 held in Southwest China's Chongqing municipality.

"As an important part of China-Singapore strategic connectivity initiative, financial cooperation between the two countries has played a unique and important role in promoting the development and opening-up of West China and expanding economic and financial cooperation between China and Singapore as well as other ASEAN countries," said Chen.

The PBOC will further coordinate with the Monetary Authority of Singapore, the country's central bank, to create better conditions for effective cooperation between both sides' financial institutions and bolster the connectivity of financial markets, he added.

Huang Hong, vice-chairman of the China Banking and Insurance Regulatory Commission, vowed that the commission will continue to open up the banking and insurance industry and promote in-depth cooperation as the two countries embrace emerging opportunities amid challenges.

Amid efforts to foster new institutions of a higher-level open economy, China and the ASEAN should further expand two-way opening-up under the Regional Comprehensive Economic Partnership agreement and deepen financial cooperation under the Belt and Road Initiative, he added.

China welcomes foreign institutions with expertise in risk management, pension management, consumer finance, wealth management and health insurance, Huang said.