FutureChina Global Forum 2021 Opening Remarks by Business China Chairman – Mr Lee Yi Shyan

Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies,

Dr Koh Poh Koon, Senior Minister of State, Mr Tan Kiat How, Minister of State,

1. Foreign dignitaries, distinguished guests, ladies and gentlemen, Good morning!1First of all, let me warmly welcome all on-site and online delegates at the FutureChina Global Forum 2021. I would also like to specially thank DPM Heng Swee Keat, who is here with us at Sands Expo & Convention Centre, as well as Minister for Trade and Industry Mr Gan Kim Yong, Minister for Education Mr Chan Chun Sing, and Minister for Health Mr Ong Ye Kung, who will join us later, for taking time off their busy schedules to share with us their valuable insights over the course of the forum.

2. FutureChina Global Forum is Business China’s annual flagship event, and it is no exception this year. As the government gradually eases pandemic control measures, we are able to hold today’s forum in a hybrid format, welcoming 1,500 participants from 26 countries around the world to examine and discuss the “challenges and opportunities in the post-pandemic era”.

3. I would hereby like to express my sincere thanks to Mayor of the Chongqing Municipal People’s Government Tang Liangzhi, Mayor of Tianjin Liao Guoxun, Secretary of the Shenzhen Municipal Party Committee Wang Weizhong, Suzhou Mayor Li Yaping and Jiangsu Vice Governor Hui. On top of that, from Southeast Asia, we have, Philippines Trade and Industry Secretary Ramon Lopez, Cambodia Commerce Minister Pan Sorasak, Thailand Vice Minister for Commerce, Dr.Sansern Samalapa, as well as Thailand Vice Minister for Digital Economy and Society Newin Chochaiyathip. They will be addressing the forum on video.

4. While the pandemic has ravaged the world for the past one and a half years, the situation remains grim in many countries and regions. Although some countries are gradually opening up their borders, the World Health Organisation warns against easing restrictions too soon, as these countries risk facing a new wave of cases. Everyone is eager to know when humankind will be free from the devastating impact of COVID-19 and return to normal life.

5. The COVID-19 pandemic will eventually subside. By then, many countries and societies would be confronted with a series of thorny and urgent problems. Governments would have to deal with debts, restructure economies, and rebuild public health systems; enterprises would have to adapt to markets that have changed fundamentally or dissipated entirely; workers may have lost their jobs and to re-acquire new skills; family would have to adapt to working and studying from home. The pandemic will definitely transform our society and the way we live, but we still need time to determine which are fleeting changes, and which are permanent transformations.

6. To predict how the post-pandemic era is going to look like, we may also have to consider the three major trends that the international community has observed before the outbreak. They are:  – The rise of nativism, populism, protectionism and anti-globalisation sentiments have severely weakened the propensity for international cooperation. – The rapid development of the digital economy has accelerated the shift in the world’s economic gravity towards one that is led by China and the United States, with mainly developed economies as participants. – A China-US relationship characterised by “interdependence, competition and suspicion” will bring division and instability to the two countries and the international community.

7. The sequelae of the COVID-19, coupled with these three major trends, make the normality in the post-pandemic era unpredictable, giving rise to the terms “new normal” and “never normal”.

8. Nevertheless, Singapore, which is situated in the Southeast Asian region, is committed to promoting regional cooperation and peaceful We believe an international environment that is orderly, equal and mutually beneficial is most conducive to sustain prosperity. We aim to work collaboratively to achieve win-win outcomes.

9. In this regard, ASEAN and the five dialogue partners namely China, Japan, South Korea, Australia and New Zealand, signed the Regional Comprehensive Economic Partnership (RCEP) Agreement in November last year, forming the world’s largest free trade agreement.

10. Apart from the RCEP, 11 countries around the world signed the ” Comprehensive and Progressive Agreement for Trans-Pacific Partnership” (CPTPP) in March 2018. Among them are a number of RCEP members, namely Japan, New Zealand, Australia, Brunei, Malaysia, Vietnam and Singapore.

11. In addition, although the global economy moved in the reverse gear in 2020, ASEAN overtook the European Union, the United States and South Korea to become China’s top trading partner. In the first quarter of 2021, ASEAN’s investment in China increased by 60%, becoming China’s largest trading partner.

12. These developments and figures show that the economic and trade relations between ASEAN and China have continued to deepen. Not only were they not hindered by the pandemic, they have also demonstrated the resilience of regional integration. This year coincides with the 30th Anniversary of Dialogue Relations between China and ASEAN. We can look forward to deeper and broader conversations and exchanges between China and ASEAN, where they explore opportunities for cooperation in economic and non-economic fields.

13. In fact, the continuous advancement in industrialisation and urbanisation of China and ASEAN over the past 40 years have created a new middle class. While there may be various overlaps in the industrial structures between China and ASEAN, there are also great differences and complementarities. These factors are favorable conditions for regional investment and trade.

14. Therefore, FutureChina Global Forum 2021 hopes to conduct lively discussions and exchanges on topics such as how ASEAN and China can deepen economic and trade cooperation, how global trends are developing, and the outlook of our post-pandemic world.

15. It is worth mentioning that as part of FutureChina Global Forum 2021, we are holding a Masterclass for the first time tomorrow. We invited the movers and shakers of blockchain technology to share their views on how this future technology will reshape and disrupt traditional industries to create new economic power.

16. Finally, on behalf of Business China, I would like to express my utmost appreciation to our sponsors and speakers of the forum. I would like to thank all VIPs and delegates on site and online. Your participation will enrich our experience and knowledge. I wish everyone a happy discussion and learning session! Thank you!