中文
By Yu Hong
As China and Singapore celebrate the 35th anniversary of their diplomatic relations this year, it is also a celebration of their robust economic, trade and investment ties, as well as strategic partnerships for the future.
China has been Singapore's largest trading partner in goods for 12 consecutive years, and Singapore the largest source of new investment in China. This is a testament to their close economic and trade ties.
Singapore, the first Southeast Asian country to sign a bilateral free trade agreement with China, was also among the first countries to support China's reform and opening-up policies. It has been deeply involved in China's national reform and opening up as well as the development of the different regions of China.
Singapore City and Beijing collaborate on three government-to-government projects in three Chinese cities, aligned with China's priorities in its different stages of reform and opening up. Many Chinese companies are seeking to expand internationally by leveraging Singapore's clout as a financial center and its global trade network.
In recent years, the global geopolitical situation has been changing, leading to an increasingly geoeconomically fragmented world and profoundly impacting global economy and trade. Against the backdrop of changes in global geopolitics and uncertainty in the world economy, the stability and vitality of Singapore-China relations are particularly precious, helping promote sustainable economic growth and prosperity in the Asia-Pacific region.
Both countries are members of the Regional Comprehensive Economic Partnership and supporters of free trade and expanded regional connectivity. They can jointly safeguard the rules-based multilateral economic and trade system due to several factors.
First of all, the unique value of China-Singapore cooperation lies in its "benchmarking" model. The Suzhou Industrial Park (SIP) in east China, for example, has become a model of cooperation projects between the two governments.
Since its inception in 1994, the SIP has enabled China to share Singapore's advanced experience in urban planning, manufacturing development and social governance to create an open and pro-business environment. Singapore, on its part, has gained valuable opportunities to access the huge China market and participate in China's opening up and development.
This and other strategic cooperation projects are resilient and dynamic, providing a stable anchor for the development of bilateral economic and trade relations.
Staff members work at a semiconductor company at the Suzhou Industrial Park in Suzhou, east China's Jiangsu Province, November 12, 2024. [Photo/Xinhua]
Moreover, from the traditional trade in goods, both countries' enterprises are expanding cooperation in new fields such as the digital economy, green economy, artificial intelligence, connectivity, projects under the Belt and Road Initiative (BRI) and third-party market cooperation.
In the field of digital economy, given that Singapore is one of the international financial centers in the region and China is the world's largest manufacturer and digital technology application market, these respective strengths provide a huge space for sectoral and enterprise cooperation. The cooperation in turn promotes the formulation and implementation of trade rules in the digital field and joint participation in drafting international standards.
In terms of green economy, the two countries are jointly exploring green finance standards and clean energy technology development.
Singapore was one of the first countries to support and participate in the BRI. Many developing Southeast Asian countries need to improve their transport and other infrastructure, which needs huge funding. China has both the will and capacity to build large-scale infrastructure and provide financial support.
The cooperation between the dragon and lion has proved that deepening mutual trust and opening up to the outside world not only promotes their development but also gives a strong impetus to economic growth and prosperity in the region. In a world full of opportunities and challenges, it helps utilize the former and resolve the latter.
Yu Hong, a special commentator on current affairs for CGTN, is a senior research fellow of the East Asian Institute, National University of Singapore.
