China's rebalancing of domestic and export growth drivers, diversification of its markets and supply chains, and changing demographics are three areas that present opportunities for future cooperation with Singapore, said Trade and Industry Minister Chan Chun Sing yesterday.

He was delivering the opening keynote speech at the Singapore-China Trade and Investment Forum, organised by the Singapore Business Federation as part of this year's China International Import Expo.

Pointing to Chinese President Xi Jinping's "dual circulation strategy", Mr Chan said this was a natural evolution of Chinese economic development, with its previous export-led model (external circulation) rebalanced with, and complemented by, a domestic-consumption one (internal circulation).

"This presents many opportunities for the world, given the size of the Chinese market. To seize the new opportunities, we must deeply understand the complexities and diversity of the Chinese market," he said.

"Different cities, provinces, age groups and education profiles have their unique needs, and we should never mistake the Chinese market as monolithic or homogenous."

He also noted that Chinese companies were increasingly looking to secure supply lines across the world. "They also want to build a more resilient production and supply chain system across the world, to serve different markets and guard against disruptions by natural disasters and man-made policies. This is no different from any other global companies.

"Therein lies opportunities for Singapore companies to partner Chinese companies in this quest."

Earlier, Singapore's Ambassador to China Lui Tuck Yew also touched on Singapore's potential role in China's diversification of supply chains and markets.

"As a regional and international trading financial and logistics hub, Singapore can be a key partner," he said in his welcome address. "We can provide a base for Chinese companies to venture into the Southeast Asian region, which has been identified as a priority region in China's 'external circulation'."

Mr Chan and Mr Lui said Singapore-China ties were growing from "strength to strength" over 30 years of official bilateral and diplomatic relations and across different interactions.

"As China moves into the next stage of its development, Singapore must closely and deeply understand China. This must be a never-ending task," said Mr Chan.