Lee's China visit to cement even closer bilateral ties

Editor's note: Yu Hong is a senior research fellow of the East Asian Institute, National University of Singapore. The article reflects the author's opinions and not necessarily the views of CGTN.

On Tuesday, Chinese President Xi Jinping met with Singapore's Senior Minister Lee Hsien Loong who is paying an official visit to China from November 24 to 29. During the meeting, Xi said that both sides have established an all-round, high-quality, future-oriented partnership, setting a strategic course for the development of bilateral ties.

Singapore, one of the first countries to support and participate in China's reform and opening-up process, has confidence in China's long-term development and prosperity. The economic and trade ties between the two countries have consistently played a forward-looking role in China's foreign economic and trade cooperation.

As Lee said at the China-Singapore Suzhou Industrial Park High-Quality Development Forum on November 25, "It would be both short-sighted and unwise to write off China." He pointed out that Singapore firmly believes in China's promising future and emphasized that all nations should adopt a long-term perspective, uphold multilateralism and work collaboratively to tackle risks and challenges, ultimately creating greater benefits for their populations.

Due to Singapore's deep involvement in China's reform and opening-up, Lee's views on China's economy are grounded in objectivity and rationality. The Chinese economy remains resilient, with significant potential for growth. Its vast domestic consumer market continues expanding, while its diverse and vibrant regional economic landscape adds to its strength.

Moreover, China has competitive advantages in the regional industrial chain, especially in digital technology and the green economy. With robust enterprise competitiveness, a wealth of scientific and technological talent, and immense innovation potential, China is well-positioned to sustain the long-term development of its innovative economy.

China is Singapore's largest trading partner for 11 consecutive years, while Singapore is China's second-largest source of foreign investment. At present, the two countries are closely cooperating in high-tech fields such as artificial intelligence, big data, electric vehicles and biotechnology. Meanwhile, people-to-people exchanges, especially in the realm of science and technology, are also witnessing a significant increase.

One of Lee's main activities during his stay in China was a visit to Suzhou, Jiangsu Province, to participate in the celebration of the 30th anniversary of the China-Singapore Suzhou Industrial Park (SIP), which has become a model project for bilateral cooperation.

The intergovernmental cooperation project has now enjoyed a high degree of openness, superior development quality and efficiency, strong innovation vitality and a favorable business environment in China. The regional gross domestic product contributed by the SIP increased from 1 billion Chinese yuan (around $137.9 million) in 1994 to 368.6 billion yuan in 2023.

The park serves as a dual benchmark for China's internal reform and opening-up while providing a model for other provinces and industrial parks nationwide. Over three decades, it has inspired local governments to implement innovative practices, showcasing the broader impact of its success.

For Singapore, the SIP not only symbolizes a commitment to deepening cooperation with China, enhancing mutual development and boosting foreign investor confidence in China's global connectivity but also brings opportunities for Singapore's development.

The Yangtze River Delta region is a key driver of China's economic growth and a pioneer in transformation and upgrading of its industrial structure. Singapore's participation in the construction of the SIP has provided an opportunity to engage in major projects at the heart of this dynamic region, enabling deeper involvement in China's reform and opening-up process.

The success of the park has strengthened the confidence of both China and Singapore in advancing other government-to-government initiatives, such as the China-Singapore Tianjin Eco-City, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity and the Guangzhou Knowledge City. These collaborative projects have not only spurred economic development in the two countries but also fostered closer cooperation, strengthening bilateral ties and mutual understanding.

According to reports, Singapore and China have jointly inked a ten-year plan to enhance cooperation in the SIP and contribute to the high-quality development of China's economy. In the next phase, the two countries will focus on emerging sectors such as green development, the digital economy and biomedical science.

Looking ahead, SIP is poised to play a pivotal role in promoting China's reform and opening-up efforts from a higher starting point. Meanwhile, the all-round partnership between Singapore and China is set to enter a new era of even closer cooperation.

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