Lee Hsien Loong’s Visit to China: New Heights of SG-Sino Cooperation

  • Sig Tax & AccountingDec 12, 2024

From November 24 to 29, Singapore’s Senior Minister Lee Hsien Loong embarked on a six-day visit to China, marking his first trip to the country since stepping down as Prime Minister in May. His itinerary covered Suzhou, Beijing, and Shanghai.

 

(Source: Internet)

Suzhou: Revisiting a Model of Singapore-China Cooperation and Envisioning Future Growth

Lee Hsien Loong’s first stop was Suzhou Industrial Park, affectionately referred to as a “grown-up child.” This landmark project, launched in 1994, represents the first intergovernmental collaboration between Singapore and China. It has been hailed as a key window into China’s reform and opening-up and a model of international cooperation.

Since its inception, the park has grown significantly—from the initial 8 square kilometers to an expanded cooperation zone of 80 square kilometers and a current area of 278 square kilometers. Over 30 years, it has achieved remarkable results, including RMB 1.09 trillion in tax revenue, RMB 1.1 trillion in fixed-asset investments, and USD 1.54 trillion in total trade.

(Source: CCTV)

 

Lee shares a special bond with the Suzhou Industrial Park. As Singapore’s Deputy Prime Minister in 1994, he was instrumental in its establishment and served as its inaugural Co-Chair of the Joint Coordination Council. As the park celebrates its 30th anniversary, Lee expressed his pride, stating, “We are like proud parents, thrilled to see how it has grown.”

At the High-Quality Development Seminar of Suzhou Industrial Park on November 25, Lee emphasized the park’s pivotal role as a trailblazer in Singapore-China cooperation. He urged further institutional and policy reforms to solidify the park’s position as a world-class hub of innovation and technology.

To advance the park’s development, Singapore’s Senior Minister of State for Trade and Industry, Low Yen Ling, and China’s Vice Minister of Commerce, Ling Ji, signed the High-Quality Development Cooperation Initiative and a Memorandum of Understanding on Digital Economy Cooperation. The initiative focuses on five key areas: adopting advanced standards, supporting innovation, advancing the green economy, fostering cultural exchanges, and piloting new bilateral initiatives.

(Source: Internet)

 

Beijing: Strengthening Singapore-China Relations for the Future

On November 26, Chinese President Xi Jinping met Lee Hsien Loong at the Diaoyutai State Guesthouse in Beijing. Xi praised Lee’s contributions to Singapore’s achievements and his longstanding commitment to Singapore-China relations. He noted that the Suzhou Industrial Park exemplifies bilateral cooperation and symbolizes Singapore’s deep engagement with China’s reform and opening-up.

 


(Source: Xinhuanet)

 

With the 35th anniversary of diplomatic relations approaching, Xi called for deeper alignment of development strategies, expanded collaboration, and shared prosperity. Lee expressed Singapore’s intent to further engage in China’s modernization efforts, highlighting the park’s transformation into a modern city as a testament to the enduring success of Singapore-China partnerships.

 

Shanghai: Exploring New Opportunities for Regional Collaboration

On November 28, Lee met Shanghai Party Secretary Chen Jining to discuss ways to enhance Singapore’s role as a regional hub. Chen referred to Lee as an “old friend of the Chinese people” and acknowledged the fruitful outcomes of the Singapore-Shanghai Cooperation Council, which has seen bilateral trade grow by 20% in five years.

Lee highlighted the evolving partnership between Singapore and China over three decades. He expressed optimism for deepening cooperation with Shanghai, particularly in light of global uncertainties, underscoring the need for like-minded partners to create win-win opportunities.

(Source: Internet)

 

Conclusion

Lee Hsien Loong’s visit to China was tightly packed with meaningful engagements. From revisiting the Suzhou Industrial Park, a hallmark of bilateral collaboration, to meeting top Chinese leaders, the trip underscored the achievements and potential of Singapore-China economic ties. With the 35th anniversary of diplomatic relations on the horizon, this visit reaffirmed the commitment of both nations to strengthen their strategic partnership in an increasingly uncertain global environment.

Lee’s visit signals the dawn of a new era in Singapore-China relations, emphasizing unity, cooperation, and inclusivity as pathways to global prosperity. His remarks not only reinforced the foundation of bilateral ties but also set the stage for greater collaboration, both domestically and internationally. This aligns with the growing vision of Singapore and China as partners in shaping the future of regional and global economic cooperation.