Business China and SPH Media Trust’s Chinese-Language newspaper Lianhe Zaobao jointly organised the fourth edition of Business China’s annual flagship event, “Decoding China’s Two Sessions” Forum, on the evening of 23 March 2023, at Parkroyal Collection at Marina Bay.
Themed “China’s Economic Prospects in the Post-COVID Era”, the forum aimed to increase public awareness and understanding of China’s economic development and prospects, following the China’s “Two Sessions” meetings in March. The forum was headlined by three guest speakers, namely:
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- Professor Tan Kong Yam (Nanyang Technological University Economics Professor),
- Mr Tommy Xie (OCBC Bank’s Head of Greater China Research), and
- Mr Eric Goh (Chief Representative (China) of Keppel Corporation)
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Professor Tan: China’s push towards an inclusive business environment
Professor Tan Kong Yam highlighted that the focus of China’s policy had shifted from consumer technology to enhanced software and hardware in infrastructural technology. He added that China’s rapid advancement in technological innovations had been the determining factor for China’s technological self-sufficiency. This was also why the country became a source of inspiration in the technology industry.
Professor Tan also noted that the strong resilience of China’s economy contributed to its speedy recovery from the pandemic, especially in the consumer and tourism industries. Moreover, the determination by China’s Prime Minister, Mr Li Qiang, to establish an inclusive business environment for private enterprises and foreign investments, has further fuelled optimism towards China’s economic outlook.
Mr Tommy Xie: Significant changes in China’s opportunities and challenges in the post-COVID era
Mr Tommy Xie discussed the differences in China’s opportunities and challenges in 2022 and 2023. For instance, the lifting of the country’s zero-COVID policies and adjustment of real estate policies, have pointed to confidence in China’s post-pandemic economy. The People’s Bank of China had announced a cut in Reserve Requirement Ratio by 25 basis points to enhance liquidity in the banking system and support the government’s target to achieve around 5% economic growth. Mr Xie also cited the rising number of property transactions in China’s real estate industry to show that China’s economy had bottomed out and was set for a strong recovery.
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Mr Eric Goh: Singapore businesses have confidence in China
Mr Eric Goh shared his insights from the industry perspectives as he analysed the keywords from China’s Two Sessions, which suggested a focus towards boosting investors’ confidence and a move towards a more open business environment.
Mr Goh then pointed out that businesses in Singapore should keep an eye on the opportunities in the green economy and silver economy, which are set to grow, before concluding with business advice for Singapore entrepreneurs seeking to venture into the Chinese market.
The Q&A session was moderated by Ms Han Yong Hong (Associate Editor of Lianhe Zaobao). Some of the questions touched on the future trends of China’s and global economy amidst the ever-changing global situation. Forum attendees also posed questions on topics such as the China-US “competition”. All three speakers noted the pros and cons of these two major world economies, and shared their thoughts about the similarities and differences of both countries.
The public forum attracted more than 130 participants. Business China Chairman, Mr Lee Yi Shyan, Business China Board Members, Senior Minister of State for Manpower, and Sustainability and Environment, Dr Koh Poh Koon, and Editor-in-Chief of the Chinese Media Group of SPH Media, Ms Lee Huay Leng, as well as Business China CEO, Mr Ho Chee Hin, and Lianhe Zaobao Editor, Mr Goh Sin Teck, also attended the event.