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April 13, 2018

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Singapore sees prospects from China’s opening-up

SINGAPORE Prime Minister Lee Hsien Loong praised China’s latest effort at opening-up and sees great opportunities for bilateral cooperation at the DBS Asian Insights Conference 2018 held yesterday in Shanghai.

Lee said that the direction and willingness of the Chinese government is crucial but what’s “more important” is carrying out the policies and showing the results to the world.

He said China is very open now and has kept close relations with countries around the world and “the situation is totally different now.”

Referring to the Belt and Road Initiative, Lee said that relevant investment projects should be built on sound commercial basis and also accepted by the local community to ensure long-term success.

“It should benefit both the investors and the local people,” Lee added.

Lawrence Wong, Singapore’s minister for national development, said during a panel discussion that the island republic has signed a Memorandum of Understanding with China’s National Development and Reform Commission to boost third-party cooperation.

Wong pointed out that government funding is insufficient for Belt and Road projects and that more private investment is needed.

Wu Yibing, joint head of portfolio strategy and risk and joint head of China at Singapore government investment fund, Temasek Holdings Private Limited, said that China accounts for a quarter of the investment portfolio. Temasek is working with China’s Silk Road Fund and China Investment Corporation to tap opportunities arising from the Belt and Road countries.

Wong also said that as one of largest offshore yuan centers, Singapore expects more integration with China which is entering a new phase of development.

As the chair for ASEAN this year, Singapore is working on boosting economic resilience and innovation, Lee said, adding that Singapore plans to work with China in building smart cities.

Lee said the China-Singapore (Chongqing) demonstration project will greatly facilitate bilateral trade and connect different parts in west China by building advanced logistics systems.

It’s the third bilateral project after the China-Singapore Suzhou Industrial Park and Sino-Singapore Eco-City in Tianjin.




 

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