Singapore: Singapore and China signed 14 agreements at the highest-level annual bilateral meeting held on Wednesday (December 29).
The 17th Joint Committee on Bilateral Cooperation (JCBC) meeting is the highest-level annual forum between China and Singapore. It is co-chaired by Singapore’s Deputy Prime Minister Heng Swee Keat and China’s Vice Premier Han Zheng. It was actually held during the second year of the COVID-19 pandemic.
A large number of memorandums of understanding and agreements signed include strengthening financial cooperation, trade and customs information exchange, competition law, urban governance and planning, nature protection and maritime security.
At a virtual press conference held with local media, Mr. Heng said that compared with the 10 transactions signed last year, the number of transactions has increased significantly, which is the “highest number” reached in the annual top bilateral forums in recent years.
He added that this reflects the “solid foundation of (Singapore and China) cooperation” over the years and the world’s pursuit of a “forward-looking agenda” after the pandemic.
“After COVID-19, we will need a more resilient economy. We need an economy that is more digital and more dependent on technology and innovation.
“So you will find that the memorandum of understanding that has been signed has this very forward-looking element. It builds on what we have done in our own industry transformation work and what China has done in the new fourteenth five-year plan. Based on our work,” Mr. Heng said.
Sustainability In Emerging Areas Of Cooperation
The two countries continue to develop the bilateral cooperation agenda to “advance with the times”, for example, at the JCBC meeting last year, public health was adopted as a new pillar of the partnership.
Mr. Heng said that this year’s attention will be focused on three emerging areas of cooperation, aiming to “stand out from the challenges facing the two countries.”
Considering that addressing the threat of climate change is a “global priority”, one of which is sustainability.
Taking the Sino-Singapore Tianjin Eco-City project as an example, he added that the discussion on green development also reflects the “emphasis on high-quality development”.
“We have been building a resource-efficient (and) sustainable city. We are now piloting new solutions in the Tianjin Eco-City that will be useful for other cities in China and around the world.”
Mr. Heng also pointed out that Singapore and China should jointly seize opportunities in new growth areas, such as carbon trading and green finance.
Another emerging area of cooperation between the two countries is the digital economy.
Mr. Heng said that the use of digital technology can pave the way for economic recovery and at the same time promote long-term growth by strengthening the flow of goods, data and finance.
For example, a memorandum of understanding signed at this year’s conference will focus on establishing a “single window” interconnection alliance using a decentralized blockchain model.
He added that this agreement signed by the customs authorities of both parties will increase the efficiency of the exchange of customs and trade-related information and ultimately reduce the costs for traders.
Resumption Of Air Connectivity
Mr. Heng said that given how many Singaporeans would like to see air travel with China resume, the JCBC meeting also discussed the connectivity between people.
“I conveyed to Deputy Vice Premier Han the hope that many Singaporeans want to see the restoration of air connections with China. I hope that when China prepares to resume cross-border travel, Singapore will be one of the first countries to restore greater connectivity in China.” He said.
“I am very pleased to hear Vice Premier Han expressed his support for the safe undertaking of cross-border travel between Singapore and China in accordance with the respective health agreements of the two countries, and support the officials of both of us to intensify discussions in this regard.”
Transport Minister S Iswaran said at the same virtual press conference that despite the pandemic, Singapore and China have been working closely to maintain the necessary connectivity.
On the one hand, the two countries launched a “fast lane” arrangement last year to facilitate business and official travel between Singapore and China’s six provinces and cities.
Since November last year, Singapore has unilaterally lifted border restrictions on travelers from China.
Looking to the future, Mr. Iswaran said that the Singapore authorities and Singapore Airlines will support the upcoming Beijing Winter Olympics by operating charter flights at Changi Airport, thus becoming a connecting hub in the region.
China Singapore Exchange will develop cross-border ETF links
He said that since air travel services are now “less than about 3% of pre-COVID levels”, it is “especially important” to restore air connectivity between the two countries.
At present, there are about 10 weekly flights from Singapore to 8 cities in China, which is much lower than the 400 weekly flights connecting Singapore and about 36 cities in China before the pandemic.
“For example, you coordinate it with the scale of our economic relations, business contacts, and personnel contacts. Obviously, there is more room to do, but it must be informed through a public health risk assessment,” the minister said.
“Therefore, at the JCBC meeting, I emphasized our desire to restore air connectivity as soon as possible and work hard to achieve mutual recognition of digital health certificates,” Mr. Iswaran added, noting that the Chinese government has “actively responded” and pledged to advance Two-sided discussion.
“Good Progress” On Bilateral Projects
The two countries also reviewed “good progress” in “traditional cooperation areas” including the three bilateral projects between Singapore and China.
They are China-Singapore Suzhou Industrial Park, China-Singapore Tianjin Eco-City and China-Singapore (Chongqing) Strategic Interconnection Demonstration Project (CCI).
Mr. Heng said these “continue to prove relevance, including during the pandemic.”
The agreement signed this year includes the approval of CCI’s new cooperation plan-the new International Land-Sea Trade Corridor (CCI-ILSTC).
CCI-ILSTC is a trade corridor connecting Western China and Southeast Asia. It connects Chongqing to Qinzhou in Guangxi by rail, and connects to Singapore and other regions by sea. The new cooperation plan will provide a development framework for CCI-ILSTC from 2021 to 2025, and look forward to 2035.
Mr. Heng said that the new plan will “further deepen” the economic and trade ties between Singapore and China.
The Deputy Prime Minister of Singapore added that establishing an exchange-traded fund (ETF) product link between the Singapore Exchange and the Shenzhen Stock Exchange will also help strengthen the financial ties between the two countries.
At the same time, the two parties also plan to deepen cooperation to make the Sino-Singapore Tianjin Eco-City greener and more sustainable.
Mr. Heng and Vice Premier Han also held bilateral meetings before the JCBC and related board meetings on Wednesday.
“They reaffirmed the good relationship between Singapore and China and welcomed the good progress in bilateral cooperation despite the COVID-19 pandemic, including traditional cooperation areas ranging from trade and investment to financial cooperation,” the prime minister said in a statement. office.
