many opportunities for spore firms as chinas economy grows dpm heng - Many opportunities for S'pore firms as China's economy grows: DPM Heng

BEIJING – As China shifts to a new economic development model, Singapore wants a part in this new paradigm, said Deputy Prime Minister Heng Swee Keat and other ministers after an annual bilateral meeting with China on Wednesday (Dec 29).

China’s continental-sized economy needs both international and domestic engines to power its long-term sustainable growth, said Mr Heng of China’s “dual circulation” strategy, which emphasises internal consumption but does not give up on the external market.

And as its economy continues to develop, more Chinese companies will be seeking a market outside of China as well.

“I think Singapore can be a very good base for Chinese companies to explore their regionalisation and internationalisation,” he told Singapore reporters on the outcomes of the Joint Council for Bilateral Cooperation meeting.

With the rapid growth of digital economies and China’s emphasis on green and sustainable economic development, there will be many opportunities for Singapore companies too, said Mr Heng.

Singapore is also observing China’s common prosperity drive to narrow the widening income and wealth gap.

“Countries all around the world are grappling with the right balance between the emphasis on capital efficiency and emphasis on providing jobs and proper remuneration for the workers,” he said.

“I think a good balance of that growth and distribution, and equitable growth, will be a valuable part and is something which we can all learn together.”

Foreign Minister Vivian Balakrishnan described bilateral ties as “excellent”, saying Singapore’s value to China is built on being relevant, keeping updated and trust.

“Singapore is a tiny city-state. And frankly, China will continue to zoom ahead, with or without Singapore. It is our job to be relevant to them,” he said at the briefing.