SINGAPORE – Countries should prioritise long-term interests over short-term wins and short-term political considerations, said Deputy Prime Minister Heng Swee Keat on Friday.

One example of this is the US-China relationship – it is critical that both sides ensure that differences do not escalate into conflict, and focus on cooperating in areas of long-term common interests, added DPM Heng.

Peace and stability are prerequisites for growth, and the most important bilateral relations in the world is that between the US and China, he said. “The recent thawing of tense relations is a good start, and we urge both parties to continue to deepen engagement.”

Mr Heng was speaking at the FutureChina Global Forum 2023, held at Sands Expo and Convention Centre. It was organised by Business China, a non-profit organisation which aims to strengthen ties between Singapore and China.

The forum discussed developmental trends driving China’s continued rise as a leading global economy. More than 800 government officials, business leaders and domain experts from Singapore, China and the region attended the forum to discuss issues such as the state of the Chinese economy and opportunities for South-east Asia.

Elaborating on his point, Mr Heng, who was the forum’s guest of honour, said that with this long-term view, countries must also collaborate to tackle future challenges and seize exciting opportunities, as the end goal for country leaders is to uplift the lives of their citizens.

“In technology, for example, new breakthroughs in digitalisation, robotics and artificial intelligence offer great potential to transform our economies, businesses and lives,” he said.

Countries will similarly have to act collectively to counter climate change and make a successful energy transition, he added.

DPM Heng said it is important for country leaders to undertake structural reforms to deliver a better life for their people, as countries take steps towards integrating their economies.

Examples of this include the free trade agreements that Asean has with China, Japan, South Korea, India, Australia and New Zealand.

He also urged Singapore businesses to make use of the bridges that are being built through this range of trade agreements being pursued by Singapore and other Asean countries.

Mr Heng said it is necessary to understand and adapt to changes such as globalisation and technological advances, adding: “(By doing so, you can) transform your business models and strategy, so that you can continue to contribute to the significant structural reforms that all economies, including China, must undertake.”

The forum ended with a fireside chat with DPM Heng, which was moderated by Ms Lee Huay Leng, editor-in-chief of the Chinese Media Group at SPH Media Trust.

During the chat, Mr Heng said that an ageing population is a problem faced by Singapore, China and many other countries.

“Longevity is here – our global lifespan has been increasing year by year. One challenge all countries will have is that there is a difference between lifespan and healthspan,” he said, noting that healthcare costs are the highest in the last few years of one’s life, and that such costs will go up with an ageing population.

He also said that developing leadership will be key to Singapore’s competitiveness in the long run.

“Without a sense of togetherness and integrity, I think it’s very hard for Singapore businesses and Singaporeans to excel on the world stage. When people know that Singaporeans are trustworthy and have integrity and that our business people can be trusted, I think we’ll go very far,” he said.

An award ceremony after the fireside chat saw two company leaders and one company recognised for their leadership and contributions to enhancing Singapore-China ties.

The Business China Enterprise Award went to the SSTEC (Sino-Singapore Tianjin Eco-City Investment and Development Co) for the development of the China-Singapore Tianjin Eco-City.

The Tianjin Eco-City continues to enable both countries to innovate and work together in fields such as sustainable development, urban planning and environmental protection.

The Business China Excellence Award went to Mr Roland Ng, managing director and group chief executive officer of crawler crane rental company Tat Hong Holdings.

Mr Jeffrey Tiong, founder and chief executive of innovation intelligence platform Patsnap, was given the Business China Young Achiever Award.

A start-up with roots in Singapore, Patsnap branched out to China in its early stages of development. It has surpassed the valuation of US$1 billion (S$1.37 billion) to achieve unicorn status.