Our regulators agreed to enhance information sharing and cross-border supervision of futures exchanges and intermediaries, as well as the substantive areas for cooperation in supervising exchange-trade derivatives. A MOU on staff exchange was also signed. c . Just two weeks ago, Chinese Premier Li Keqiang visited Singapore for the 33rd ASEAN Summit and related meetings. A key outcome of the visit was the signing of the Protocol to Upgrade the China-Singapore Free Trade Agreement (“CSFTA”). As part of the visit, MAS signed a FinTech Cooperation Agreement with the People’s Bank of China (“PBC”), and a MOU for the Cooperation and Exchange of Information on Regulation of Derivative Activities with CSRC. 3 To celebrate the success of China-Singapore financial cooperation over the last five  years and to tie-in with the commemoration of China’s 40 years of reform and opening up, we will be releasing an infographic during my visit here in Shanghai. This is a reflection of the close bonds with our partners in China, which MAS greatly values. In the next five years, we look forward to broader and deeper financial cooperation with China, reaching more milestones in a range of areas including Belt and Road collaboration, capital markets connectivity,  RMB internationalisation, and FinTech cooperation. 1/5  BIS central bankers' speeches  Singapore – Shanghai Economic Relations  Against this backdrop, we expect Shanghai-Singapore cooperation to grow from strength to strength, building on the strong economic and financial relations between both cities. 4  a .
In 2017, Shanghai-Singapore trade amounted to $ 17.5 billion1, an increase of 33.8% from 2016. On the investment front, Singapore has been China’s largest foreign investor for five consecutive years. Shanghai was Singapore’s second largest investment destination in China while Singapore was also Shanghai’s second largest foreign investor in 2017. With growing affluence of Shanghai’s resident population, Shanghai continues to be an attractive investment destination for Singapore companies. b. Similarly, Shanghai companies view Singapore as an important Asian commercial and financial hub as they expand internationally. As of end 2017, there were close to 110 Shanghai companies in Singapore, with more than $ 6 billion in investments2. c. Notably, Singapore Minister for Trade and Industry Chan Chun Sing visited Shanghai  from 4 to 6 November 2018 for the inaugural China International Import Expo (“CIIE”), which allowed Singapore companies to take part in business matching sessions and explore collaborations with Chinese partners to enter and expand into China. d . During Premier Li’s recent visit to Singapore, both sides welcomed the discussion  between Singapore and Shanghai to establish a comprehensive mechanism for cooperation. The new platform will focus on Belt and Road Initiative (“BRI”), modern and financial services, urbanisation and sustainable development, technology and innovation, and people-to-people exchange. This new strategic, progressive and comprehensive platform will expand and deepen China-Singapore engagements.