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China and Singapore
2021-02-04 15:12

In 2013, relations between the People's Republic of China and the Republic of Singapore enjoyed a sound momentum of growth. Friendly exchanges in various fields were expanded, and mutually beneficial cooperation deepened and produced fruitful results.

High-level exchanges between the two countries were frequent. In October, Vice Premier Zhang Gaoli visited Singapore and co-chaired the 10th Meeting of the China-Singapore Joint Council for Bilateral Cooperation and meetings of other bilateral cooperation mechanisms with Teo Chee Hean, Deputy Prime Minister and Coordinating Minister for National Security and Minister for Home Affairs. In November, Sun Chunlan, member of the Political Bureau of the CPC Central Committee and Secretary of the CPC Tianjin Municipal Committee, visited Singapore. In the same month, Zhao Leji, member of the Political Bureau of the CPC Central Committee, member of the Secretariat of the CPC Central Committee and Minister of the Organization Department of the CPC Central Committee, attended the Fourth China-Singapore Forum on Leadership in Singapore. In May, Foreign Minister Wang Yi visited Singapore. In August, Prime Minister Lee Hsien Loong paid an official visit to China. In April and September, Emeritus Senior Minister Goh Chok Tong visited China for the Boao Forum for Asia Annual Conference 2013 and celebration of the fifth anniversary of Tianjin Eco-City. In September, Teo Chee Hean, Deputy Prime Minister and Coordinating Minister for National Security and Minister for Home Affairs, attended the 10th China-ASEAN Expo held in China.

Trade and investment cooperation was productive. Bilateral trade continued to grow. China was Singapore's third largest trading partner, while Singapore was China's third largest trading partner among ASEAN countries. Two-way investment increased substantially. Singapore was China's third largest source of investment and seventh largest destination of overseas investment. The Suzhou Industrial Park, Tianjin Eco-City and other key cooperation projects moved ahead steadily. In October, the two sides signed a number of trade and investment cooperation agreements, including the MOU on the Establishment of a Working Group for Promoting Trade in Services and the MOU Between China Development Bank and International Enterprise Singapore.

Financial cooperation made positive progress. In February, the People's Bank of China authorized the Singaporean branch of the Industrial and Commercial Bank of China to serve as an RMB clearance bank in Singapore. In March, the two countries renewed the bilateral local currency swap agreement and expanded the swap line to RMB300 billion/ SGD60 billion, larger than any other bilateral swap arrangement between China and an ASEAN country. In April, the Singaporean branch of the Industrial and Commercial Bank of China officially launched the RMB clearance business. Singapore became home to the second largest overseas RMB business only next to Hong Kong. In May, the Monetary Authority of Singapore officially launched its representative office in Beijing. In October, the People's Bank of China granted Singapore-based investors a RMB50 billion quota under the RQFII program.

Cooperation advanced in many other areas, including social management, science and technology, food security, inspection and quarantine and defense. In January, the Suzhou Industrial Park was officially designated as the first "Pilot Unit of China-Singapore Cooperation on Social Management". In October, the two sides signed several cooperation documents on scientific and technological innovation, food security, inspection and quarantine, smart city building and other fields. In March, RSS Endurance, a tank landing vessel of the Singaporean navy, paid its first visit to China. In June, Lieutenant General Qi Jianguo, Deputy Chief of Staff of the PLA, attended the 12th Shangri-la Dialogue in Singapore. In July, Rear Admiral Ng Chee Peng, Chief of Navy of Singapore, visited China.

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