SINGAPORE–CHINA ECONOMIC COLLABORATION 2.0

Abstract

Singapore and China started their close economic collaboration in the early 1990s. The collaboration model in the first 25 years focused mainly on the government’s role in foreign investment promotion, urban development, industrial infrastructure development and other related government policies. Platforms of collaboration included the Suzhou Industrial Park, Tianjin Eco-city, Chongqing Connectivity Initiative, the Software Transfer Project, training programs for thousands of Chinese officials and bilateral economic councils. Singapore’s pragmatic leverage on globalization trends and thoughtful application of market forces have been a major factor in the shaping of China’s own highly successful economic growth model. Singapore–China economic collaboration model 2.0 will be different. China is now the second largest economy in the world and is expected to establish its global leadership in the world. Singapore has developed successfully into a leading global business hub complete with trading, manufacturing, financing and professional services as the engines of the business hub. Model 2.0 will be about mutual sharing and partnership. We should see more collaboration outside of China, driven by the private sector and in new technologies. If collaboration model 2.0 is successful, we will see both China and Singapore emerging stronger, in a more sustainable way. Major companies in both countries will be more tightly coupled in projects and joint ventures in China and elsewhere.