Meeting Overview

In a pivotal meeting on November 28, Singapore's Senior Minister Lee Hsien Loong and Shanghai party chief Chen Jining emphasized the vast potential for enhanced cooperation between Singapore and Shanghai. The meeting took place at the Grand Halls complex in downtown Shanghai during Lee’s six-day official visit to China.

Statements on Cooperation

“We see many possibilities for doing more things together,” declared Lee, highlighting the necessity for like-minded partners to navigate the current troubled international landscape and create win-win partnerships. His sentiment mirrored his earlier discussions with Chinese President Xi Jinping in Beijing.

Chen, addressing Lee as a 'long-time friend' of the Chinese people, acknowledged that Shanghai plays a critical role in the Sino-Singapore relationship. He recalled the 2019 memorandum of understanding aiming to deepen collaboration in financial services, technology, urban governance, and cultural exchanges.

Trade Relations Growth

Recent years have seen a notable upswing in trade relations, as Chen reported a remarkable 20% increase in bilateral trade over the past five years. As of June 2023, Singapore stands as Shanghai's largest foreign investor, with total investments reaching an impressive US$25.99 billion in early 2024. This strong economic tie also places Shanghai as Singapore’s second-largest investment destination in China.

Economic Collaboration

The dialogue during the meeting also centered around the ongoing developments in Shanghai and the broader Yangtze River Delta, examining opportunities and challenges while seeking ways to bolster economic and financial cooperation.

Reflections and Contributions

Reflecting on his long history with the city, Lee expressed joy at witnessing Shanghai’s growth and development over the last three decades, coupled with a thriving community of Singaporeans who contribute to the local economy and foster better understanding between the two nations. 'They are a bridge connecting Singapore and Shanghai and are ambassadors representing Singapore,' he noted.

Business Engagements

During his visit, Lee interacted with Singaporean business leaders to discuss key investment sectors, which span real estate, financial services, and lifestyle ventures. Companies like CapitaLand, Keppel, and DBS have significantly expanded their footprint in Shanghai, demonstrating Singapore's strong economic presence.

Connecting with the Community

Later, Lee hosted a gathering to connect with Singaporeans living in Shanghai, commending their contributions in enhancing Singapore's reputation. 'People admire us and wish to know more about us,' he emphasized, highlighting the unique perspectives Singaporeans in China bring to cultural interactions.

Geopolitical Context

Lee also pointed out that the geopolitical climate is turbulent but insisted that the goodwill between Singapore and China is invaluable. He acknowledged the current economic slowdown in China, citing local government challenges and property market issues, but underscored that China's status as the world's second-largest economy ensures its ongoing significance on the global stage.

Evolving Business Environment

Local business executives like Sean Lim and William Chang illustrated the evolving business climate post-COVID, describing a more cautious spending environment and a surge in local skills development, pointing towards the adaptability of Singaporean firms amid competitive pressures from local Chinese companies.

Looking Forward

As Lee concluded his discussions, he remained optimistic about fostering stronger ties, ensuring that Singapore continues to benefit from China’s growth while cultivating a harmonious coexistence. With a bright future ahead, both Singapore and Shanghai are poised to unlock greater avenues for cooperation, setting the stage for a thriving partnership!

Conclusion

Stay tuned as these two dynamic cities embark on new ventures together!