[The following speech was being delivered in Chinese and has been translated into English.]
Your Excellency Mr Zhai Jun, Special Envoy of the Chinese Government on the Middle East Issue,
Mr Cao Zhongming, Ambassador of the People’s Republic of China to Singapore,
Distinguished guests,
Ladies and gentlemen,
1 Good afternoon. Welcome to the Singapore-China Bilateral Relations Forum 2026. This is the second time that Business China and the China Embassy in Singapore have jointly organised this forum. I would like to thank Ambassador Cao for his longstanding support for Business China, and extend a very warm welcome to Special Envoy Zhai on his visit to Singapore.
Fifty Years Together: Remembering the Pioneers
2 This year holds special significance. On 3 October, Singapore and China will mark the 36th anniversary of diplomatic relations. This year also marks the 50th anniversary of Mr Lee Kuan Yew’s first visit to China. In 1976, Mr Lee made his first visit to China, where he met Chairman Mao Zedong. Two years later, in 1978, Mr Deng Xiaoping visited Singapore. Mr Lee once told Mr Deng: “Whatever Singapore has done, China can do better.” These words reflected his assessment of China’s development potential, as well as Singapore’s long-standing support for China’s peaceful development.
3 Over the past 50 years, Singapore–China relations have grown from strength to strength, driven by successive generations of leaders on both sides. Following the establishment of diplomatic relations in 1990, the two countries established the Joint Council for Bilateral Cooperation (JCBC) at the Deputy Prime Minister level, as well as eight Provincial- Business and Economic Councils. We have also developed flagship projects such as the Suzhou Industrial Park, the Tianjin Eco-City, the Chongqing Connectivity Initiative, the Guangzhou Knowledge City and the Nanjing Eco Hi-Tech Island. The value of these platforms and projects goes beyond economic outcomes. They have brought officials, businesses and people from both sides closer together, building understanding, friendship and mutual trust through cooperation.
A New Global Landscape
4 Today, we stand at a new historical juncture. As we look back, we must also ask: in a rapidly changing world, how can we add new and relevant dimensions to our “All-Round, High-Quality Future-Oriented Partnership”? This is also reflected in the theme of today’s forum: “Navigating a New World Order: Advancing Singapore-China Cooperation.”
5 The world today is volatile and uncertain. Developments in the Middle East and the US–Iran conflict have heightened geopolitical risks, with implications for energy and shipping security. Rising trade barriers and protectionism are placing pressure on the global free trade system. Competition in key technologies, including artificial intelligence, semiconductors and advanced manufacturing, is intensifying and extending to industrial chains, supply chains and national security. War, trade frictions, technological competition and industrial restructuring are increasingly intertwined, adding significantly to uncertainty in the global economy.
6 Against this backdrop, the underlying logic of globalisation is being reshaped. In the past, globalisation was driven primarily by efficiency: capital sought the highest returns, production sought the lowest costs, and countries specialised according to their comparative advantages. Today, businesses must ask not only “Where are costs lowest?” but also “Where can we operate more reliably, securely, and more resiliently?” We are entering an era of “Globalisation 2.0” – one that is more multi-centred, more regionalised, and more focused on security and resilience.
Singapore-China Cooperation: Growing and Evolving with the Times
7 For Singapore, this shift presents both challenges and opportunities. The more complex the world becomes, the more important it is for Singapore to play its role in connecting East and West, linking capital with markets, and bridging different institutions and business networks.
8 At the same time, China’s economy is undergoing profound change. Over the past 40 years, China has evolved from being predominantly a recipient of foreign capital into a major economy with two-way capital flows, and, increasingly, an important source of outward investment. The year 2015 marked an important turning point, when China’s outward direct investment exceeded the foreign direct investment it received for the first time. In 2025, Singapore’s new investment in China reached US$9.32 billion, while new direct investment by Chinese companies in Singapore reached US$16.51 billion. This shows that more Chinese companies now view Singapore as an important hub for expanding into Southeast Asia and global markets.
9 These changes in capital flows also reflect the evolution of China’s economy and industrial structure. China’s 15th Five-Year Plan emphasises high-quality development, building on the country’s strengths in manufacturing and the real economy while accelerating growth in emerging sectors such as artificial intelligence, advanced manufacturing, the digital economy and green transition, as well as expanding domestic demand and strengthening the resilience of its industrial and supply chains. Meanwhile, Singapore’s Economic Strategy Review this year emphasised the need to remain open and connected, while shifting from growth driven by scale towards productivity, innovation and high value creation. While Singapore and China have different development paths, there is alignment in our priorities, particularly in productivity growth, industrial upgrading, technological innovation and economic resilience.
10 Against this backdrop, I believe Singapore and China can further deepen our cooperation in five areas. First, developing future-ready talent together. Singapore-China cooperation can expand beyond traditional training for public officials to talent development for our youth, researchers, business leaders, along with talent in areas such as artificial intelligence and the green economy. Universities, research institutions and businesses in both countries can develop more joint programmes, internships, talent exchanges and R&D initiatives. Such cooperation can also be extended to Southeast Asia.
11 Second, driving technological innovation together. Singapore and China can strengthen cooperation in artificial intelligence, the digital economy, advanced manufacturing, life sciences, precision medicine and low-carbon technologies. China has strengths in large-scale R&D, engineering and market application, while Singapore brings an internationalised research ecosystem, strong intellectual property protection, a well-developed financial system, and capabilities in the commercialisation of innovation. Together, we can move beyond project-based cooperation towards joint R&D, joint standard-setting, and joint expansion into regional markets.
12 Third, advancing the green transition together. Climate change is a long-term challenge confronting both countries and the wider region. Singapore and China are already cooperating in areas such as clean energy and green shipping. Looking ahead, we can expand cooperation further into low-carbon hydrogen, green finance, carbon markets, green buildings and Southeast Asia power grid projects. This will not only support green development in both countries, but also contribute to Southeast Asia’s energy transition and climate resilience.
13 Fourth, addressing population ageing together. Both Singapore and China face the challenges of demographic change. Healthy ageing, smart healthcare, age-friendly design, and employment for seniors can all become new areas of cooperation. The ultimate purpose of economic development is to improve people’s lives. Singapore-China cooperation should likewise help our people live longer and healthier lives, with greater security and support as they age.
14 Fifth, advancing regional cooperation together. Beyond deepening bilateral cooperation, Singapore and China can contribute more to regional prosperity and multilateralism. Next year, Singapore will assume the ASEAN Chairmanship, which also coincides with ASEAN’s 60th anniversary. We look forward to China’s continued support for ASEAN centrality, so that ASEAN remains an important platform for dialogue, building trust and maintaining peace. At the same time, we should make full use of the Regional Comprehensive Economic Partnership (RCEP) and the ASEAN–China Free Trade Area 3.0 Upgrade to deepen cooperation in digital trade, rules alignment and supply chains. The deeper our regional economic integration, the stronger the shared interests among countries, and the better we can withstand protectionism. This will also provide a firmer foundation for peace and stability in the region.
Conclusion
15 Ladies and gentlemen, looking back on the past 50 years, the success of Singapore-China relations has been built on foresight, mutual trust and shared interests. Looking ahead, we need to develop new areas of cooperation in response to the changing global landscape. Future cooperation should go beyond traditional trade and investment to jointly developing talent, advancing technological innovation, pursuing the green transition, addressing population ageing, and translating the benefits of bilateral cooperation into public goods for the region.
16 If the past 50 years of Singapore–China cooperation were about building mutual trust and creating shared interests, then the years ahead should be about tackling the challenges of our time, creating new sources of growth, and contributing together to Asia’s prosperity and stability.
17 This year marks the 77th anniversary of the founding of the People’s Republic of China and China’s National Day falls next week. On behalf of Business China, I would like to take this opportunity to extend my wishes to our Chinese friends on this special occasion. May China continue to prosper in peace and stability, and may the friendship between Singapore and China continue to grow from strength to strength. Thank you.