21 May 2021
FOR BUSINESSES

Business China organised the first FC Global Business Series for 2021

Following the success of the 7th edition of the FC Global Business Series organised last year, this yearBusiness China was pleased to partner the China Enterprise Association (CEA) to co-organise the 8th FC Global Business Series held on 20 May 2021. The webinar themed “The New Stage of Development of Dual Circulation, RCEP Regional Supply, Value Chain Impact, and Investment Strategy” featured esteemed speakers,  namely Mr Xu Sitao, Chief Economist of Deloitte China, Mr Gu Qingyang, Associate Professor of Lee Kuan Yew School of Public Policy of National University of Singapore, Mr Tan Zhiyong, Chief Executive Officer of MCC Singapore, Mr Zhang Zhijian, Managing Director of Group Foreign Direct Investment and Group International Management of United Overseas Bank and Ms Joanna Tang, Chief Executive Officer of LU International. The moderator for the session was Mr Zhou Zhaocheng, Executive Director and Chief Strategy Officer of Haidilao International Holding, as well as President of Jiangsu Association (Singapore).  

 

The panel comprising of experts across different industries brought different perspectives to the discussion.

Mr Cheng Jun, President, CEA and Ms Tin Pei Ling, CEO, Business China, gave the welcome remarks to kickstart the session. Mr Cheng Jun highlighted in his speech that the current world economic situation is still complex and volatile, which will affect overseas Chinese companies. Mr Cheng Jun mentioned that the main purpose of holding this event is to actively promote Singapore-China cooperation under the new development pattern of "dual circulation", to share the impact and countermeasures of the implementation of RCEP on the restructuring of the regional industrial chain supply chain value chain and to bring pragmatic strategic analysis and investment advice to Sino-Singapore enterprises.

Ms Tin Pei Ling pointed out that as China enters a new stage of development, Singapore and China can explore new opportunities for cooperation. After the implementation of the "dual circulation" development model, more Chinese companies are going abroad to build new supply chains and markets around the world. As a regional and international trade, financial and logistics centre, Singapore has become a key partner of China's "outer circulation", as a base for Chinese companies to enter Southeast Asia and the world, and as an economic and cultural bridge to the world. RCEP is also an important channel for Singapore and China to develop economic and trade cooperation. It also complements Singapore’s existing free trade agreement network to expand economic space and promote trade and investment flows. This year also marks the 30th anniversary of ASEAN-China dialogue relations. Ms Tin also shared that she is pleased to see that despite the pandemic, people and communities in Singapore and China are still trying different ways to continue to collaborate and commemorate this significant milestone.

Business China CEO Ms Tin Pei Ling gave the opening remarks.

Mr Xu Sitao shared with the participants his understanding of China's "14th Five-Year Plan" and the impact of the new pattern on Southeast Asia. He pointed out that the "14th Five-Year Plan" emphasised on accelerating the development of digitisation, focusing on security issues such as food, supply chain and energy security. He said that RCEP is particularly important and can promote high-quality cooperation in the region. 

Mr Zhou Zhaocheng pointed out that the focus of the "dual circulation" is that China will gradually transform from an external-oriented development model to an internal-oriented development model. Mr Tan Zhiyong added that China has a large-scale industrial system and is in a stage of rapid development of new industrialisation, urbanisation, and agricultural modernisation. The driving force for economic growth is strong and the investment demand potential is huge. It is feasible to accelerate the formation of the world's largest consumer market and form a large domestic circulation. 

Mr Gu Qingyang used the two keywords "dual opportunities" and "dual platforms" to summarise his understanding of "dual circulation". He believes that high-quality and high-efficiency development forms can provide opportunities for domestic and foreign companies, such as the green economy, new energy, and new urbanisation that Chinese government is focusing on. Ms Joanna Tang pointed out that the "dual circulation" has a great positive impact on the digital economy. Firstly, digitalisation of the industry which promotes the transformation of traditional industries, such as online dining, online shopping, and online lessons. Secondly, it promotes the construction of communication infrastructure, such as the rapid development of 5G networks. Lastly, it promotes digital industrialisation in the information and communication industry and software service industry.

Moving on to the discussion on RCEP, Mr Gu Qingyang said that it will promote the integration of the industrial chain and supply chain and accelerate the development of Asia. It allows Southeast Asia countries to increase their market share in industrial chain and supply chain. Both Singapore and China will benefit from this. Mr Tan Zhiyong also agreed. He believes that RCEP is an enormous market because it is a free trade agreement that covers one-third of the world's total economic output, has the most diverse structure, and the great potential for development. RCEP means that the circulation in the region is smoother, trade and investment are freer and more convenient, and the promotion of industrial chain and supply chain cooperation in the region can significantly reduce the production costs and entry barriers of enterprises in the region, promote investment, improve employment, and promote consumption and economic recovery.

Mr Zhang Zhijian pointed out that the epidemic has disrupted the operating mechanisms of many companies, and as a result, the logistics network has developed more rapidly. He gave the example that cross-border e-commerce has changed the form of traditional trading practices. Residents can sell and purchase products across the globe, this improves the efficiency of cross-border trade, and expands overseas markets for enterprises. Therefore, RCEP can integrate e-commerce with digital technologies such as big data, cloud computing, blockchain and artificial intelligence, this can promote innovation of new business models and acceleration of the integrating online e-commerce with offline traditional industrial chains and supply chains.

The session received an overwhelming response with a total of 352 attendees tuning in via various online platforms to join in the webinar. This is due to the strong support of various organisations such as Deloitte, Jiangsu Association (Singapore) and Sino Elite. 

This year, for the first time, Future China Global Forum (FCGF) will be organised from 12 to 13 July 2021. The theme for the FCGF 2021 is “Elevating ASEAN-China Economic Collaboration in the ‘Never Normal’”. We look forward to seeing you at this signature event.