Overview
Singapore and China signed 27 new agreements at the 21st Joint Council for Bilateral Cooperation (JCBC) in Chongqing, marking a milestone in their 35 years of diplomatic relations. These agreements span finance, green development, digital economy, education, healthcare, aviation, and food trade.
Key Highlights
Finance: DBS Bank appointed as Singapore’s second renminbi clearing bank, reinforcing Singapore’s role as an offshore RMB hub.
Capital Markets: Plans for secondary listings of Chinese A-share companies on the Singapore Exchange (SGX).
Digital Currency: A pilot program for the use of China’s digital renminbi (e-CNY) by Singaporean tourists, even without internet access.
Chongqing Connectivity Initiative (CCI): Expanded into healthcare, education, and green finance, while continuing focus on aviation, transport, and ICT.
Trade Corridor: Development of the CCI–New International Land-Sea Trade Corridor (ILSTC) with carbon-tracking and digital trade features.
Strategic Significance
Economic Impact: Strengthens Singapore’s position as a financial hub and gateway to Southeast Asia.
Regional Connectivity: Expands Belt and Road cooperation, especially in western China.
Future-Oriented Growth: Focus on green, digital, and healthcare sectors aligns with global sustainability and innovation trends.
Leaders’ Remarks
Gan Kim Yong (Singapore DPM): Emphasized the importance of cooperation amid global uncertainties, calling the partnership “all-round, high-quality and future-oriented.”
Ding Xuexiang (Chinese Vice Premier): Highlighted “fruitful outcomes” across economic, digital, and people-to-people domains.
Conclusion
The agreements set a new benchmark in Singapore–China relations, driving deeper cooperation in finance, technology, education, and sustainability. Businesses, investors, and citizens in both countries are expected to benefit from these initiatives.
