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China-Singapore Economic and Trade Cooperation Advances with the Times

Post Time:2022-11-10 09:39:37


In the third quarter of this year, Singapore’s economy registered a year-on-year increase of 4.4% with the estimated annual growth rate being at 3% to 4%, according to the Ministry of Trade and Industry of Singapore. As of this September, the country’s manufacturing expanded at a rate higher than any other ASEAN countries for 10 months in a row, and recorded a PMI reading above 50 for 13 consecutive months, rebounding to 58.5 from 56.8 in August.

Mr. Xu Ningning, Executive President of China-ASEAN Business Council and Chairman of RCEP Industry Cooperation Committee, notes that Singapore is an important neighbor of China. Since the establishment of diplomatic relations between the two countries in 1990, China and Singapore have enjoyed a strong relationship, explored extensive cooperation areas, and advanced the friendly partnership to a new high. The increasingly closer cooperation in trade and investment makes it possible for the two countries to reinforce each other’s economic development.

China is Singapore’s largest trading partner in goods, a status that has been maintained for 9 consecutive years since the Belt and Road Initiative was launched in 2013. From January to October this year, the bilateral trade volume increased 21.3% year-on-year.

As of 2022, Singapore’s investment in China totaled USD $72.3 billion, making it the largest source of foreign investment of China for 9 years in a row. Likewise, Singapore has become one of the most preferred destinations for Chinese enterprises to go global and initiate cooperation in trade and investment. The key areas for Chinese businesses to invest in Singapore are trade, petroleum, freight, electricity and so forth. From January to September this year, Chinese enterprises’ non-financial direct investment in countries along the Belt and Road increased by 7.4% year-on-year, with Singapore emerging as the largest recipient.

The three inter-governmental cooperation programs, namely, the China-Singapore Suzhou Industrial Park, the Sino-Singapore Tianjin Eco-city, and the China-Singapore Chongqing Connectivity Initiative, well serve as key platforms for Singapore to participate in China’s development. Bearing witness to the whole process of the three programs from preparation, establishment to perfection, Mr. Xu Ningning points out that they are a true reflection of the two governments’ efforts to promote economic and trade cooperation to a new level, and a tangible fruit coming out of the two countries’ cooperation with the times. In 2015, China and Singapore released the Joint Statement on the Establishment of an All-round Partnership Progressing with the Times.

According to Mr. Xu Ningning, China-Singapore Free Trade Agreement that was signed and implemented by the two sides is the first bilateral free trade agreement between China and ASEAN countries. The agreement was upgraded in 2019 and further upgrades are now under negotiation.

In the words of Mr. Xu Ningning, China and Singapore share strong economic and trade complementarities and stand ready to carry out more active cooperation. Confronting new changes in the international landscape and regional environment, the two governments, together with businesses from both sides, are giving scope to their respective advantages to bring more cooperative outcomes.

Since its inception more than 20 years ago, China-ASEAN Business Council has kept close contact with the Embassy of the Republic of Singapore in China and other Singaporean organizations with a view to advancing China-Singapore economic and trade cooperation further forward.




History of Friendship


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In August 2022, Mr. Xu Ningning, Executive President of China-ASEAN Business Council and Chairman of RCEP Industry Cooperation Committee was invited to attend the Singapore National Day Reception hosted by the Embassy of the Republic of Singapore in China and met with Mr. Lui Tuck Yew, Singapore’s Ambassador to China.


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In 2020, Singapore’s Ambassador to China Mr. Lui Tuck Yew met with Mr. Xu Ningning at the Embassy of the Republic of Singapore in Beijing, China.


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In 2019, Beijing, the then Singapore’s Ambassador to China hosted Mr. Xu Ningning for a banquet and the two sides had talks on such topics as enhancing China-Singapore economic cooperation and the situation of economic cooperation in East Asia.


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In 2018, Beijing, the then Economic Counsellor of the Embassy of the Republic of Singapore in China Tan Hong Ngoh, Edna paid a visit to China-ASEAN Business Council and communicated with Mr. Xu Ningning.


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In 2017, Singapore, Mr. Xu Ningning was invited to attend the China-Singapore Executive Forum 2017 and gave a speech to analyze China’s economy and the investment opportunities in ASEAN countries. The photo was taken of Mr. Xu Ningning and the then Commercial Counsellor of the Embassy of the Republic of Singapore in China after the forum.


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In 2015, the then Singapore’s Ambassador to China exchanged views with Mr. Xu Ningning on China-ASEAN and China-Singapore cooperation. Singapore was the country coordinator of ASEAN-China dialogue relations at that time.


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In 2015, the then Vice Chairman of International Enterprise Singapore and Commercial Counsellor of the Embassy of the Republic of Singapore in China paid a visit to China-ASEAN Business Council and met with Mr. Xu Ningning.


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In 2013, the then Singapore’s Ambassador to China hosted Mr. Xu Ningning for a banquet and the two sides had discussions about promoting new development in the two countries’ economic and trade development.


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In 2012, the then Singapore’s Ambassador to China visited China-ASEAN Business Council and met with Mr. Xu Ningning.


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In 2012, Mr. Xu Ningning was invited to attend the Farewell Reception by Ambassador of the Singapore Embassy in Beijing and bid the Ambassador adieu.


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In 2011, the then Commercial Counsellor of the Embassy of the Republic of Singapore in China and Deputy Director of the China Centre of International Enterprise Singapore paid a visit to China-ASEAN Business Council and met with Mr. Xu Ningning.


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In 2007, at the 40th Anniversary Reception of the ASEAN’s Establishment co-hosted by the ASEAN Committee in Beijing and the China-ASEAN Association, the then Singapore’s Ambassador to China and Mr. Xu Ningning took the photo together.


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The photo was taken in 2006 of Mr. Xu Ningning and the then Commercial Counsellor of the Embassy of the Republic of Singapore in China.



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