27 October 2023, 9am
Marina Bay Sands Expo and Convention Centre, Hibiscus Ballroom
Deputy Prime Minister & Coordinating Minister for Economic Policies of Singapore, Mr Heng Swee Keat,
Excellencies and Diplomatic Envoys,
Business China’s Board of Directors,
Distinguished guests,
Ladies and gentlemen.
Good morning! Welcome to the FutureChina Global Forum 2023!
1. This year, with the theme “Pathway to Clarity – Charting the Future”, we look at the world, China, and how regional countries find a path to steady development amidst a period of unpredictable geopolitical changes and economic upheavals.
2. Today, we are very honoured to invite Deputy Prime Minister Heng Swee Keat as our Guest-of-Honour. At the same time, we have invited 37 keynote speakers and moderators from all over the world and Singapore, all set to enlighten over 600 attendees onsite and online.
3. The forum will cover a wide array of topics, ranging from international trade, globalisation, and philanthropy, to discussions on China’s economy, foreign policy, investment and financial trends, AI applications and governance, as well as the pivotal shift towards new energy sources.
4. This is the 14th time we are holding the FutureChina Global Forum. In 2010, the first Global Forum was personally launched by the Founding Patron of Business China and the Founding Prime Minister of Singapore, Mr Lee Kuan Yew.
5. The forum is an international platform that delivers high quality and efficient exchanges, and comprehensive analysis of China and the world. The forum is bilingual, allowing experts and scholars from all over the world to share freely, speak freely, and analyse topics of common concern such as the world economy, regional cooperation, and technological innovation from different perspectives.
6. Singapore is an open economy that relies heavily on global economic and political stability for its development. Looking at the international situation, the Russian-Ukrainian war has not yet ended, the Israeli-Palestinian conflict has resumed, and the situation over the Taiwan Strait is cloudy; combined with the global economy that has not yet recovered from the epidemic, the escalating tensions between China and the United States, the unrelenting inflation, the weakening of China’s international trade, and restructuring of supply chains, our operating environment is becoming increasingly complex and difficult to predict.
7. China is the world’s second largest economy and the largest trading partner of more than 120 countries. China’s economic performance and recovery have attracted much attention from the international community. The latest economic report shows that China achieved 4.9 per centgrowth in the third quarter and is expected to smoothly achieve growth of more than 5 per cent over the full year.
8. Despite this, China’s economy still faces many difficulties and challenges. After three years of pandemic, economic recovery must be a gradual process. Domestically, China needs to solve structural problems in real estate, provincial debt, cope with the ageing workforce, increase the willingness of private enterprises to invest, and stimulate societal consumption.
9. Externally, how does China deal with geopolitical risks, the shifts of international supply chains, and “decoupling and de-risking”? These are subjects of deep concern to everyone.
10. According to the forecast of the Asian Development Bank, Asia’s overall economic growth will remain at a level of 4.7 to 4.8 per cent in 2023 and 2024. ASEAN is one of the fastest growing regions in the world. Since 2018, ASEAN has attracted more than 10 per cent of global FDI, and the largest source of investment continues to be from the United States. At the same time, China’s investment in ASEAN is also increasing year by year. In 2022, ASEAN became China’s largest trading partner. This shows that the economic integration of China and ASEAN is an inevitable progression.
11. Last week, the third Belt and Road International Cooperation Summit Forum was held in Beijing. At the meeting, leaders from many countries spoke, affirming that since the Belt and Road Initiative proposed 10 years ago, it has brought economic growth and connectivity to the participating parties.
12. President Xi Jinping also summarised past experience and proposed “eight actions” for development in the next ten years. Acting Minister of Transport Chee Hong Tat represented Singapore at the forum and reaffirmed Singapore’s strong support for the Belt and Road Initiative because it is aligned with Singapore’s goals of developing open, multilateral, global supply chain system that is governed by rules and frameworks.
13. I believe that the Belt and Road Initiative will further strengthen ASEAN’s infrastructure and economic development, promoting regional stability and sustainable development with favourable factors.
14. This year, Singapore-China relations have been elevated to an “All Round High Quality Future Oriented Partnership”. Singapore and China have also confirmed that they have substantively concluded the China-Singapore Free Trade Agreement Subsequent Negotiations. At the same time, China is actively negotiating version 3.0 of the Free Trade Area with ASEAN, and to fully implement the Regional Comprehensive Economic Partnership.
15. These overlapping cooperation frameworks will enhance greater resilience of regional supply chains and provide stronger mitigation against the risks that may arise from “de-globalisation” trends.
16. Although the international situation is uncertain and the global economy is slowing down, Business China continues to study China’s economic development experience. In August this year, Senior Minister-of-State Koh Poh Koon led the participants of the Business China Advanced Leaders Programme on an immersion trip to the Yangtze River Delta region of China. They visited Shanghai, Hangzhou, Suzhou and Nanjing, focusing on advanced manufacturing, autonomous and electric automobile, Artificial Intelligence, and sustainable development sectors. They visited a total of 18 companies in four sectors. This learning journey led us to see the emerging leaders of these future industries.
17. The mission of Business China is to cultivate bilingual and bicultural Singapore-China savvy talents and to build a bridge between Singapore, China and the region. These talents must have bilingual and bicultural capabilities, and must also be able to think from different perspectives, communicate effectively, and promote cooperation.
18. To this end, we will continue to hold various activities to expandour network through high-quality business exchanges, and stimulate interest in China among various segments of society, enhancing their understanding of the latest developments in China and the region.
19. Here, on behalf of Business China, I would like to thank Deputy Prime Minister Heng Swee Keat for taking time out of his busy schedule to grace our event, twice, delivering a keynote speech in the morning and holding a dialogue in the evening. I would also like to thank all sponsors, partners and members for your active participation!
20. In this turbulent era, let us work together to peer through the fog, find the Pathway to Clarity, and to Chart the Future!
—- END —-