China Experiences Trade Growth with Singapore
In a speech made by Lim Hng Kiang, the Minister of Trade and Industry for Singapore, at a Chinese New Year’s reception, he commented on the promising growth experienced during 2010 as the world has begun to recover from the gloomy economic period it has experienced. China has the fastest growing economy in the world at the moment, which is having a positive effect on the bilateral agreement between China and Singapore. With bilateral trade up twenty-five percent, the future for these two countries is looking better with every passing month.
China is an extremely important trade partner for Singapore, as it is one of its greatest sources of tourism and its third biggest trading partner at present; not to mention its significance in regard to investments. Lim Hng Kiang was quoted saying: “We expect both the China-Singapore Free Trade Agreement and the ASEAN-China Free Trade Agreement to continue to spur even stronger economic cooperation in this region.” He went on to state: “Many Singapore firms are well aware of China’s immense potential as the world’s largest consumer market. Over the years, many have made inroads into the Chinese market. Our early investments were mainly in the coastal cities, such as those in Jiangsu, Shandong and Guangdong. Since then, other Western and Central China regions have emerged as new growth areas and Singapore is strengthening our economic engagement in these regions too.”
During 2009, China’s GDP grew by 8.7 percent and continued to grow in 2010 by 10.3 percent, showing a steady growth each year. Organizations such as the Singapore Business Federation and the Singapore Chamber of Commerce and Industry are vital to businesses looking for investment and trade opportunities in China. The Singapore Chamber of Commerce, or SingCham, is also the largest foreign chambers operating in China. They also aid established businesses in China to remain in contact with Singapore and its developing trade. In 2010, the bilateral agreement between China and Singapore produced trade of 95.3 billion Singapore dollars, which is a twenty-five percent rise from 2009. Various councils also exists to strengthen the relationship between the two countries and to facilitate business growth and development.