Mr Wang Junfeng (王俊峰), Global Chairman of King & Wood Mallesons Management Committee
Mr Tan Zhiyong (谭志勇), President of the China Enterprises Association (Singapore)
Distinguished Guests
Ladies and Gentlemen
Introduction
各位, 早上好。我很荣幸能够受邀参加2023年中国——新加坡国际商事争议解决论坛，和大家分享我个人对于新中双边关系的一些看法，以及通商中国在这当中所扮演的角色。
Business China’s Mission
相信现场有些朋友还不了解通商中国，我先做个简单的介绍。通商中国是一个非营利组织，通过搭建双语双文化平台，加强新中双边关系。通商中国成立于2007年11月，由建国总理李光耀先生和当时的中国总理温家宝先生共同见证了启动仪式。成立通商中国是为了要搭建一个以华语为媒介的交流平台，造就一批掌握双语，了解双文化的中流砥柱，从而建立新中两国文化和经济的桥梁。在新加坡多元种族和多元文化的社会里，带动国人广泛接受和欣赏华文华语， 提高对华族文化的深层了解。同时，也要鼓励新加坡年轻一代全方位了解中国，包括经济、商务、社会、文化以及教育等层面。我们只有相互了解，才能建立更加深厚的友谊，要了解彼此的语言、文化、传统、历史、政治、社会规范以及饮食文化等等。对于从事法律和争议解决等方面的专业人士和商务领袖来说，更要努力去熟悉和理解当地的法律和规定、工作规范、商务礼仪以及如何处理专业关系等。
接下来我将以英语继续发言。
Growth of China
When Mr Lee launched Business China in 2007, he said: “In 50 years, China will become one of the world’s largest economies. China’s rapid economic development will have a great impact on the world economy and bring benefits to Asia, especially South East Asia.”
As we all know, this came true. China has become one of the world’s largest economies today. In 2007, when Mr Lee made that remark, China was the 4th largest economy in the world, after US, Japan and Germany. In 2010, it became the 2nd largest economy in the world.
Over the next few decades, it is expected to become the largest economy. China’s growth has brought great benefits to South East Asia. Since 2009, China is ASEAN’s largest trading partner. Trade between China and ASEAN has more than quadrupled in 12 short years – from USD 235.5 billion in 2010 to USD 975.3 billion in 2022.
With the elevation of ASEAN-China ties to a Comprehensive Strategic Partnership (CSP) in 2021, and China joining the ASEAN-centric Regional Comprehensive Economic Partnership (RCEP) in 2022, this can only grow.
Singapore-China Economic Cooperation
Likewise, Singapore and China’s bilateral economic relationship has grown rapidly since 2007. I would like to highlight two unique characteristics of Singapore-China economic cooperation:
- First, Singapore and China’s economic cooperation is driven by the market and businesses, and the trade and investment figures attest to this:
Since 2013, China has been Singapore’s largest trading partner, while Singapore has become the largest foreign investor in China. Just last year, Singapore and China trade amounted to S$175 billion[1], while Singapore’s cumulative investment in China amounted to US$195 billion at the end of 2021[2].
Singapore is also amongst the largest outward direct investment destination of China, and had attracted S$51.5 billion of cumulative investment from China investors by end-2021[3]. China’s interest in Singapore as a business hub has been rising in recent years, as evident from the large numbers of Chinese businesses and legal professionals here today.
- Second, both governments have continued to lead, promote and facilitate the economic cooperation between Singapore and China, according of the needs of the particular period in history.
Singapore and China have established 3 government-to-government projects at different points in our economic cooperation history. We started with the Suzhou Industrial Park in 1994, at a time where there was a strong drive by China to develop its industries and to attract foreign investment. Subsequently, Tianjin Eco-city was established in 2008 to demonstrate how ecology and township living could co-exist successfully. Then in 2015, Singapore being an early supporter of the Belt and Road Initiative (BRI), established the Chongqing Connectivity Initiative with China to demonstrate and promote greater connectivity between Western China and Southeast Asia. We saw that the BRI was a good move by China to contribute to the development of the region, especially in infrastructure development and financing, and further develop the trade and economic links with the countries in the region.
- Singapore and China have also established 8 provincial business councils at the Singapore to Chinese provincial government level, to promote and facilitate greater economic and business cooperation. All 8 business councils are situated in provinces with strong economic and business interests between the parties.
Just this year alone, there have been a significant number of visits both ways. Our Prime Minister Mr Lee Hsien Loong, Deputy Prime Minister Mr Lawrence Wong, then-Senior Minister Mr Tharman Shanmugaratnam, and at least five Cabinet Ministers have visited China. Several Chinese Ministers and Provincial Leaders have also made official trips here. When governments are working well with each other, and Ministers and officials meet regularly during joint projects and platforms, there will be many opportunities to build rapport and achieve mutual understanding. This would usually result in a more favourable environment for business cooperation to flourish. I think this has been very true of the Singapore-China economic relationship.
Upgrade of Singapore-China Relations
In April this year, Singapore and China upgraded our bilateral relations from an “All-Round Cooperative Partnership Progressing with the Times” to an “All-Round, High-Quality, Future-Oriented Partnership”. This reflects our deepening ties.
- Under the Joint Council for Bilateral Cooperation (JCBC), which is our highest level of bilateral cooperation mechanism helmed by the respective Deputy Prime Minister and Executive Vice Premier, and several of our Provincial Business Councils (PBCs), beyond the traditional trade and investment cooperation areas, we now have broader (or all-round) areas of cooperation:
from financial services, public health, science and technology innovation,
to more recently, digital economy, green economy, and of course, legal and judicial cooperation.
I echo the sentiments of the earlier speakers that cooperation between and among countries is paramount, in a world that is increasingly interconnected, although it is also getting more challenging to do so, in a world that it is increasingly bifurcated. But I am confident that the solid foundation that we have laid will stand us in good stead.
Business China’s Initiatives
Business China is privileged to be able to contribute to the strengthening of our bilateral relations. Over the years, we organised many programmes for both youths and business professionals – forums, dialogues, study visits, and immersion programmes. The main objective is to promote understanding between our people, our economies and our countries, because our relationship does not start or end with diplomacy and trade. People-to-people exchanges form a crucial link in the chain. In fact, our people are the foundation of the bilateral relationship between our countries.
In particular, youth exchange is of the utmost importance to foster understanding amongst the next generation. Thus, the Singapore and Chinese governments launched the Singapore-China Youth Interns Exchange Scheme (YES) in late July this year. Business China is the implementation agency for this scheme. Under YES, up to 500 Singaporean youths and 500 Chinese youths – students in tertiary institutions – will be able to participate in internship programmes in the other’s country for up to six months. This is the first bilateral internship exchange scheme that Singapore has with another country.
As for Singapore young entrepreneurs, senior executives, and senior officials, Business China also organises the Advanced Leaders Programme (ALP). This year, after COVID-19, we had resumed the annual ALP, where we undertook a 10-days immersion trip in the Yangtze River Delta region back in August and September, to learn about the latest industry and regional developments there. The YES scheme and the ALP programme are both about developing the next generation of Singapore-China savvy talents, giving them the opportunity to:
gain experience and a deeper appreciation of each other’s economy and culture, and
foster new friendships and ties.
In this way, our bonds can continue beyond this generation – generation after generation. From what I have heard from Minister Edwin Tong, the legal industry also has your own version of exchange programme, with the launch of the Singapore-Shanghai Lawyers Exchange Programme this year. I think this is good. I myself have benefited from programmes like this, interacting with the Chinese in my various portfolios over the years, and living and working in China for a period of time.
Conclusion
I think this conference provides a very good platform for the legal and dispute resolution community, to come together, and build that common understanding. It will be much more effective to work together, if you know where the other side is coming from, without a long explanation at each step. And if you are working to resolve a dispute, it is best that you don’t get into a dispute yourself! But I will leave the experts to delve into this in greater detail, during the panel discussions.
Before I end, I would like to just make a pitch for Business China’s upcoming flagship FutureChina Global Forum on 27 October 2023. It is a platform for business leaders and experts around the world, to share their experiences and analysis of the new trends and forces driving China’s development. Our Deputy Prime Minister and Coordinating Minister for Economic Policies, Mr Heng Swee Keat, will be our Guest of Honour. I noted that many in the audience could have already signed up, as the physical forum has been fully subscribed. For those who have not, I warmly welcome you to join us virtually, and if you scan the QR code on the screen here, you will get a complimentary virtual pass.
Thank you once again to the Ministry of Law for inviting me. I wish everyone a most fruitful conference.
[1] DOS | SingStat – Singapore International Trade
[2] DOS | SingStat – Singapore’s Direct Investment Abroad By Destination Economy (Stock As At Year End)
[3] DOS | SingStat – Foreign Direct Investment In Singapore By Source Economy (Stock As At Year-End)