DPM Gan hails China’s growth potential as he meets top leaders in Beijing
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Deputy Prime Minister Gan Kim Yong meeting Chinese Vice-President Han Zheng at the Diaoyutai State Guesthouse in Beijing on Sept 4.
PHOTO: MDDI
Follow topic:
- DPM Gan Kim Yong affirmed China's strong long-term growth potential and Singapore's investment appeal during meetings with Chinese leaders in Beijing.
- Bilateral cooperation across trade, investment, digital connectivity and people exchanges was highlighted, building on projects like the Chongqing Initiative's 10th anniversary.
- Both countries committed to strengthening economic partnerships, maintaining a rules-based trading system.
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BEIJING – China remains attractive for Singapore investments and holds very strong potential for long-term growth, Deputy Prime Minister Gan Kim Yong told Chinese leaders at separate meetings in Beijing on Sept 4.
He also told Chinese Vice-President Han Zheng, Vice-Premier He Lifeng and Commerce Minister Wang Wentao that he looked forward to furthering the collaboration between the two countries at a top-level annual bilateral platform to be held in Chongqing later in 2025.
The choice of Chongqing as the venue for the 21st Joint Council for Bilateral Cooperation (JCBC) meeting coincides with the 10th anniversary of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.
This is the third government-to-government project between the two countries, following the Suzhou Industrial Park, launched in 1994, and the Sino-Singapore Tianjin Eco-City, launched in 2008.
Singapore and China also mark their 35th anniversary of diplomatic relations in 2025.
DPM Gan, who was on a five-day working visit to China, met Vice-President Han at the Diaoyutai State Guesthouse on Sept 4, where he was hosted to lunch.
He told Mr Han that he found Chinese businesses to be vibrant and innovation thriving during his visit to Shenzhen
“I think China continues to have a very strong potential for economic growth in the long term,” said DPM Gan, who is also Minister for Trade and Industry.
Both leaders reaffirmed the warm and deep friendship between Singapore and China, noting the positive momentum of bilateral cooperation in areas such as trade and investment, digital and financial connectivity, and people-to-people exchanges, Singapore’s Ministry of Foreign Affairs (MFA) said in a statement.
Deputy Prime Minister Gan Kim Yong (left) meeting Chinese Vice-President Han Zheng in Beijing on Sept 4.
PHOTO: MDDI
Bilateral merchandise trade reached $170.2 billion in 2024, cementing China’s position as Singapore’s largest trading partner for more than a decade.
In services, China ranked as Singapore’s third-largest partner in 2023, with trade amounting to $64.9 billion.
The Republic has also been China’s biggest foreign investor since 2013.
Mr Han said he has many good friends in Singapore, noting that he co-chaired the JCBC for five years with then deputy prime ministers Teo Chee Hean and Heng Swee Keat in turn.
Set up in 2003 and co-chaired by Singapore’s deputy prime minister and a Chinese vice-premier, the JCBC is held alternately in Singapore and China.
DPM Gan now co-chairs the JCBC with Chinese Vice-Premier Ding Xuexiang, who took over from Mr Han in 2023.
DPM Gan also met Vice-Premier He and Commerce Minister Wang in other meetings.
Deputy Prime Minister Gan Kim Yong (left) with Chinese Vice-Premier He Lifeng in Beijing on Sept 4.
PHOTO: MDDI
At their meeting, DPM Gan and Mr He reiterated their commitment to strengthening bilateral economic partnership and trade flows, including through the joint projects in Suzhou, Tianjin and Chongqing, as well as the China-Singapore Guangzhou Knowledge City and the Singapore-China (Shenzhen) Smart City Initiative, MFA said in its statement.
They also discussed financial collaborations in the bond market, capital market and green finance, DPM Gan said in a Facebook post on Sept 4.
“Singapore continues to be confident in China’s long-term trajectory and will be a steady partner in the years to come,” he said.
During their meeting, Mr Gan and Mr Wang reaffirmed the strong economic ties between their countries, and agreed that Singapore and China “should continue to build on this upward momentum by exploring new and emerging sectors such as digitalisation and sustainability”, DPM Gan said on Facebook.
They also “expressed their continued commitment to free trade and market liberalisation, and the upholding of the multilateral rules-based trading system” amid global economic uncertainty.
Both men are the lead negotiators for their governments in trade and tariff talks with the US.
In its statement, MFA said both leaders looked forward to the convening of the 8th Investment Promotion Committee later in 2025.
DPM Gan also welcomed China’s 2026 chairmanship of the Asia-Pacific Economic Cooperation, a forum that promotes trade and economic cooperation among 21 member economies.
DPM Gan’s visit to China included stops in the southern cities of Guangzhou and Shenzhen.
He also attended the military parade in Beijing
He was accompanied by Senior Minister of State for Trade and Industry Low Yen Ling, as well as officials from the ministries of foreign affairs and trade and industry.
He returned to Singapore on Sept 4.
Correction note: In an earlier version of the story, we said that the service trade between Singapore and China amounted to $64.9 billion in 2024. This is incorrect, it should be 2023.
