CHONGQING - The fifth China-Singapore (Chongqing) Connectivity Initiative Financial Summit opened in China's Chongqing municipality and in Singapore simultaneously on Thursday, witnessing the contracting of 90 projects with an aggregate contract amount of 111 billion yuan ($14.5 billion).

Focused on new missions for financial centers and new momentum for financial opening-up, the summit aims to provide forward-looking views and policy guidelines for quality financial cooperation between China and Singapore, as well as new areas of financial cooperation between China and the Association of Southeast Asian Nations (ASEAN).

Among the 90 projects contracted, 19 involve Chinese and foreign-funded institutions to be put into operation, with a total contract value of 39.23 billion yuan, according to the organizing committee. The projects also involve capital increases for institutions, with a contract value of 9.9 billion yuan, the committee said.

The financial summit is one of the major landmark accomplishments of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, which was launched in 2015.