A reconstructed OCBC building in Xiamen yesterday was held up as a symbol of the longstanding ties between Singapore and China by Singapore's Minister for Finance Heng Swee Keat.
Noting that the bank has a long history in China - having opened its doors here in 1925, decades before China became a key global investment destination - Mr Heng said: "The China-Singapore relationship is similarly an enduring one that has stood the test of time."
"We have a vibrant economic relationship - China is Singapore's largest trading partner, while Singapore is the largest foreign direct investor in China. Our financial agencies have worked hard together to strengthen cooperation. We have made good progress and will strive to do better,'' he said in a speech at the unveiling of the OCBC building.
Mr Heng sees banks and regulators from both countries deepening ties as financial activity grows.
He said China's Belt and Road Initiative (BRI), a plan to connect the country with Europe, Asia and beyond via infrastructure projects and trade, and the Chongqing Connectivity Initiative, a Sino-Singapore project, provide more avenues to expand financial and economic cooperation.
He added: "Singapore will work with China to support the BRI, by promoting greater use of the RMB (renminbi) for regional infrastructure projects; strengthening capital market linkages between Singapore and China, such as in the bond markets; and working together to train officials from BRI countries in the area of finance."
OCBC Bank's group chief executive Samuel Tsien said in his speech that Singapore was "uniquely qualified to play a conduit role" in relation to the BRI.
He recounted the bank's history in China, adding that Xiamen is its first entry point into China.
Its reconstructed building in Xiamen's Zhongshan Road stands on the site of its former building, which was completed in 1947 and housed its Xiamen branch. The reconstructed building has retained the modern-classical architectural style, and its green glaze canopy is also a holdover from the original design of 70 years ago, said Mr Tsien.
Xiamen Deputy Mayor Han Jingyi also remarked on the links between Singapore and the city. He said economic, trade, cultural and other ties have been growing since Xiamen was picked as the site of one of four special economic zones 36 years ago, as part of China's economic development drive. The first foreign firm in the zone was Singapore-funded Inhwa Tiles Products, "which took a leading role in Xiamen's opening-up drive", he added.
The two sides have maintained stable growth in trade, with trade volume reaching 8.06 billion yuan (S$1.65 billion) last year and 3.32 billion yuan in the first half of this year.
Prime Minister Lee Hsien Loong, Mrs Lee and Fujian province Deputy Governor Lee Dejin were at the ceremony, which was also witnessed by OCBC Wing Hang China's CEO Kng Hwee Tin and other guests.
Mr Lee later visited ST Aerospace Technologies (Xiamen), a high- tech aviation engine maintenance, repair and overhaul (MRO) facility opened in 2011. The facility and another in Guangzhou are part of ST Aerospace's global network of MRO facilities that have consistently won top industry honours, such as first place in Aviation Week Network's biennial top 10 Airframe MRO service providers, a position it has held since 2002.
