China, S’pore strengthen ties with new agreements

SINGAPORE — China and Singapore signed a slew of agreements yesterday (Oct 13) to further strengthen economic and cultural ties after talks between Chinese Vice-Premier Zhang Gaoli and Deputy Prime Minister Teo Chee Hean, who also announced that Chinese President Xi Jinping will make his first visit to Singapore next month.

Key among the agreements signed was a Memorandum of Understanding (MOU) between the Suzhou Industrial Park Administrative Committee and International Enterprise (IE) Singapore to establish an Overseas Investment Services Platform to help Chinese companies internationalise.

This will be done through Singapore and Singaporean companies offering professional services such as legal, finance and advisory services, an IE Singapore spokesman told TODAY.

The platform will also allow both parties to identify and explore opportunities to facilitate Chinese and Singapore companies to jointly invest in a third country’s market as well as to provide training in internationalisation management to government officials or business representatives from both countries, the spokesman added.

“Singaporeans can look forward to professional training opportunities in the China market as well as opportunities to develop in-market knowledge and skills to be equipped for the China market. They can also gain experience from operating in China, which will prepare them for an international role in China.”

Yesterday, Mr Teo and Mr Zhang co-chaired the 12th Joint Council for Bilateral Cooperation (JCBC), the 17th China-Singapore Suzhou Industrial Park (SIP) Joint Steering Council and the Eighth Sino-Singapore Tianjin Eco-City (SSTEC) Joint Steering Council meetings.

The JCBC is the two countries’ highest-level mechanism for bilateral ties. The SIP is the first Government-to-Government (G-to-G) project set up in 1994, and this was followed by the Tianjin Eco-City in 2008.

In his opening address for the JCBC meeting — which comes on the 25th anniversary of diplomatic ties between China and Singapore — Mr Teo revealed that Mr Xi would be visiting Singapore next month. “We look forward to welcoming President Xi Jinping for his state visit to Singapore in November to commemorate this milestone,” said Mr Teo, who is also Coordinating Minister for National Security. Mr Xi’s visit follows Singapore President Tony Tan Keng Yam’s visit to China in July. Mr Zhang, who is on a three-day visit to Singapore, yesterday also called on President Tan and Prime Minister Lee Hsien Loong.

During their meeting, Mr Teo and Mr Zhang also discussed about the upgrade of the China-Singapore Free Trade Agreement (CSFTA) and the proposed third (G-to-G) project in China’s western region, and agreed that both should proceed in parallel, said the Foreign, Trade and Industry and National Development ministries in a joint press statement yesterday.

“Both sides agreed to work towards a CSFTA upgrade that is substantive, mutually beneficial, and with a level of ambition befitting our special relationship,” the statement said, adding that the third bilateral project “should likewise be of high standard and set new benchmarks” and would focus on four sectors of collaboration: Financial, aviation, logistics, and ICT.

The two leaders and senior officials also discussed bilateral cooperation in the areas of economic transformation, finance, people-to-people exchanges, and inclusive and sustainable 
development.

On financial services, Singapore and China agreed to further promote the international use of Renminbi (RMB), through new initiatives that broaden the cross-border RMB channels between Singapore and China.

Yesterday also saw the signing of three other agreements. The first agreement involves four collaborative projects between Singapore’s Ministry of National Development and China’s Ministry of Housing and Urban-Rural Development for the Tianjin Eco-City in the areas of water resources management, green technology, as well as garden and smart city planning and design. The four projects are part of a three-year work plan by the two countries to prepare for the Eco-city’s 10th anniversary in 2018. The other two agreements saw the establishment of the China Cultural Centre, and a Strategic Cooperation Agreement with Nanyang Technological University (NTU) to set up a Centre of Excellence for Software Transfer in the Sino-Singapore Guangzhou Knowledge City.

“The collaboration between NTU and Sino-Singapore Guangzhou Knowledge City is a strengthening of a two-way knowledge transfer between Singapore and China... I believe the collaboration will also enhance Sino-Singapore ties,” NTU’s chief of staff and vice-president (Research), Professor Lam Khin Yong told TODAY.