The 19th JCBC: Strengthening cooperation in a turbulent world

Editor's note: Decision Makers is a global platform for decision makers to share their insights on events shaping today's world. The 19th Joint Council for Bilateral Cooperation (JCBC) will be held on December 7 in China's Tianjin. Ahead of the event, Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong, shares his insights on the cooperation between China and Singapore. The article reflects the author's opinions, and not necessarily the views of CGTN.

On December 7, I will co-chair the 19th Joint Council for Bilateral Cooperation (JCBC) with Chinese Vice Premier Ding Xuexiang in China's Tianjin. The JCBC is the apex bilateral platform that reviews and sets the strategic direction for cooperation between Singapore and China.

Over the decades, our two countries have built a broad and deep partnership. We have collaborated through the different phases of our respective developmental journeys, via our three Government-to-Government projects (the China-Singapore Suzhou Industrial Park, the Sino-Singapore Tianjin Eco-City, and the China-Singapore (Chongqing) Demonstration Initiative (CCI) on Strategic Connectivity); our state-level cooperation project, the China-Singapore Guangzhou Knowledge City as well as our eight provincial business councils. In March this year, we took another major step forward by upgrading our relationship to an "All-Round High-Quality Future-Oriented Partnership" under the guidance of Singaporean Prime Minister Lee Hsien Loong and Chinese President Xi Jinping.

I have personally contributed to several of these cooperation projects. As Minister for National Development, I worked on the Tianjin Eco-City from 2015 to 2020. I also co-chaired the Singapore-Shanghai Comprehensive Cooperation Council from 2019 to 2022. I have seen first-hand the tremendous drive and energy of the Chinese people to develop their economy and society, and the good working relationship between Singapore and Chinese officials. Now, as co-chair of the JCBC, I aim to chart the next phase of our relationship together with Vice Premier Ding.

The 19th JCBC meeting will be held amidst an increasingly turbulent and uncertain world. We face headwinds in the global economic outlook as well as the looming threat of climate change. There is much that Singapore and China can do to tackle these common challenges together, and to sustain high-quality growth and prosperity for our peoples. This will require us to renew and expand our economic links, reimagine our industries, and reinforce our close ties.

Renew and expand our economic links

For the past 10 years, Singapore has been China's largest foreign investor while China has been Singapore's largest merchandize trading partner. These close economic ties, built up over the decades, reflect our confidence in each other. We should continue to find ways to renew and expand our economic links. We are pursuing more open and transparent rules for cross-border investment and trade in services through the China-Singapore Free Trade Agreement (CSFTA). Through the Chongqing Connectivity Initiative – New International Land-Sea Trade Corridor – we are also promoting stronger regional economic integration between western China and Southeast Asia.

These linkages form a strong base for us to build on. We can strengthen our food security and supply chain resilience, as well as facilitate greater capital market flows and cross-border payments between China and Southeast Asia.

Reimagine our industries

We should also work together to reimagine our industries so that they remain competitive and future-ready, especially in new and emerging areas such as the green and digital economy, and other high-tech areas.

Singapore and China have been working together on sustainability for many years. In fact, we started collaborating in this area long before sustainability gained traction on the global agenda. This year is the 15th anniversary of the Tianjin Eco-City. It has set new standards for sustainable development and eco-friendly urbanization. We should draw valuable lessons from this project to promote resource-efficient and low-carbon urban solutions to other cities in China and across the region. There are also good opportunities in other aspects of sustainability, such as in green energy, finance, transport, and logistics.

There is scope for us to similarly deepen our collaboration in the digital economy. China is a global digital leader, with its digital economy making up a sizable portion of its GDP. Singapore is an ideal launchpad to Southeast Asia's digital economy, which is one of the fastest growing in the world. We can therefore be effective partners on digital standards and policies to facilitate cross-border commercial data flows and digital trade, and develop smart city solutions, including through the Singapore-China (Shenzhen) Smart City Initiative.

We should leverage our mutual strengths in other emerging industries too. The Suzhou Industrial Park has been pursuing high-tech industries such as advanced manufacturing, biomedicine, and nanotechnology. The 30th anniversary of the Suzhou Industrial Park next year is an opportunity to take our collaboration to the next level.

Reinforce our close ties

Finally, even as we forge new economic links and work together to reimagine our industries, we should reinforce our people-to-people exchanges across all levels. Be it regular exchanges between our officials and students, or facilitating cross-border tourism, these have all contributed to the deep sense of mutual understanding and trust between our peoples. There is more that we can do to foster such close ties, including strengthening our exchanges in tourism, education, research, training, and health.

Singapore and China share a close and multi-faceted relationship. I look forward to working with my fellow co-chair to advance our bilateral cooperation in the areas I have highlighted and more. Despite our differences in size, history and context, our countries share many common aspirations and challenges. Working together, I am confident we can continue to contribute to each other's growth, catalyze new opportunities in emerging areas, and forge a better future for both our peoples.

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