Singapore and China Strengthen Economic Ties on 35th Anniversary

On September 4, 2024, Singapore’s Deputy Prime Minister Gan Kim Yong engaged with Chinese leaders in Beijing to reaffirm the strong economic partnership and commitment to a rules-based international order between Singapore and China. This meeting coincides with the 35th anniversary of diplomatic relations between the two nations.

During a lunch hosted by Vice President Han Zheng at the Diaoyutai State Guesthouse, both leaders emphasized the longstanding friendship and collaboration in areas such as trade, investment, digital connectivity, and cultural exchanges. “We hope to continue to renew our collaboration and to explore opportunities for further partnership,” Mr. Gan stated in a social media post, highlighting the positive state of bilateral relations.

Upcoming Joint Council Meeting and Key Initiatives

Looking ahead, both leaders expressed anticipation for the upcoming 21st Joint Council for Bilateral Cooperation (JCBC) meeting scheduled to take place in Chongqing later this year. Mr. Gan will co-chair the meeting alongside Vice Premier Ding Xuexiang. Established in 2003, the JCBC serves as the highest-level platform for dialogue between Singapore and China, bringing together ministers and senior officials to set strategic directions for cooperation.

In addition to discussions about the JCBC, Mr. Gan met with Vice Premier He Lifeng, where they reiterated their dedication to enhancing bilateral economic partnerships and trade flows. They discussed three significant government-to-government projects: the Suzhou Industrial Park, Tianjin Eco-City, and the Chongqing Connectivity Initiative. Other notable initiatives included the China-Singapore Guangzhou Knowledge City and the Singapore-China (Shenzhen) Smart City Initiative.

Commitment to Economic Cooperation and Stability

Discussions also touched on ongoing financial collaborations, including the over-the-counter bond market arrangement and initiatives in green finance and capital market cooperation. Mr. Gan expressed confidence in China’s long-term economic trajectory, stating, “Singapore continues to be a steady partner in the years to come.”

During his visit, Mr. Gan met with Wang Wentao, China’s Minister of Commerce. They exchanged insights on the global economic landscape and reaffirmed their mutual commitment to maintaining a rules-based multilateral trading system. Additionally, Mr. Gan welcomed China’s upcoming chairmanship of the Asia-Pacific Economic Cooperation (APEC) in 2026, marking the third time China will host the event.

According to data from the China International Development Cooperation Agency (CIDCA), bilateral trade between Singapore and China reached an impressive US$111.11 billion in 2024. China has held the position of Singapore’s largest trading partner for 12 consecutive years, while Singapore has remained China’s largest source of new foreign investment during the same period.

Mr. Gan completed his visit with a participation in a military parade in Beijing commemorating the 80th anniversary of the end of World War II. He reiterated Singapore’s commitment to collaborating with partners to maintain regional peace and stability.

The working trip, which spanned from August 31 to September 4, included stops in Guangzhou, Shenzhen, and Beijing. In Guangzhou, Mr. Gan met Guangdong Governor Wang Weizhong and visited the China-Singapore Guangzhou Knowledge City, celebrating its 15th anniversary. In Shenzhen, he met with party secretary Meng Fanli and discussed opportunities for collaboration to connect the Greater Bay Area with Southeast Asia.