Success, friendship & win-win cooperation for S'pore & China: SM Lee at Suzhou Industrial Park

A commemorative sculpture for the 30th anniversary of the Suzhou Industrial Park (SIP) "symbolises success, friendship, and win-win cooperation" for both Singapore and China, said Senior Minister Lee Hsien Loong.

Delivering his speech at SIP on Monday, Nov. 25, SM Lee looked back to when Singapore and China established the SIP in 1994.

First S'pore-China government-to-government project

The SIP was the first Government-to-Government (G-to-G) project between Singapore and China, tracing back to the time when China was starting its journey of reform and opening up.

In 1978, the late paramount leader of China, Deng Xiaoping, visited Singapore, inspiring him to adapt elements of the island state's development experience to China's reform and development.

This was followed by a series of exchanges between Deng and the late former Prime Minister Lee Kuan Yew, eventually leading to the establishment of SIP in 1994.

S$74.4 billion GDP in 2023

SM Lee was personally involved in the early years of the project, co-chairing the first seven SIP Joint Steering Council (JSC) meetings with then-Vice Premier Li Lanqing, and subsequently then-Vice Premier Wu Yi.

"Now in its 30th year, the SIP continues to thrive," SM Lee said.

Today, the SIP occupies 278 square kilometres, extending beyond Singapore-China collaborative area of 80 square kilometres.

The SIP has also increased its GDP tenfold from almost RMB40 billion (S$7.4 billion) in 2003 to almost RMB400 billion (S$74.4 billion) in 2023.

Greatly benefits Singapore and China

The industrial park has greatly benefited both Singapore and China, stressed SM Lee.

The SIP has become a household name in China, and also a model for a high-quality investment ecosystem that attracts foreign investments.

Meanwhile, the SIP gave Singapore a stake in a major project in Yangtze River Delta, one of the cornerstones of China's transformation and development.

"It earned us international credibility," SM Lee said. "It also helped build up our reputation all over China, opening many doors for us."

The SIP has also attracted many research centres, including two collaborative projects with Singapore entities— A*STAR Partners' Centre and the National University of Singapore (Suzhou) Research Institute. Both entities renewed their agreement in the SIP this year.

Catalysed broader Singapore-China partnership

Beyond that, the SIP has also catalysed the broader Singapore-China partnership.

The SIP JSC has led to the creation of the Joint Council for Bilateral Cooperation (JCBC), an apex bilateral platform coordinating the multi-dimensional cooperation between Singapore and China.

Today, the JCBC is co-chaired by Deputy Prime Minister Gan Kim Yong and Vice Premier Ding Xuexiang.

The 20th JCBC was held in Singapore just two weeks ago, on Nov. 11, 2024.

The 20th Joint Council for Bilateral Cooperation (JCBC) was held on Nov. 11, 2024 here in Singapore.

"Growing and prospering China can and should play a major constructive role internationally"

In his speech, SM Lee expressed confidence in China's economic growth, noting the country's untapped potential in its workforce.

Not only that, but China's tech industry is "highly competitive and advanced", and Chinese companies are also already market leaders in some industries.

"In fact, in some industries, Chinese companies have been so successful that it is causing concern to China’s trading partners," SM Lee said.

The Senior Minister stressed the importance of a prosperous China on the international stage.

S'pore remains committed to depending bilateral cooperation with China

"Singapore remains committed to deepening our bilateral cooperation with China," the Senior Minister said. "And our cooperation in the SIP will continue to be a significant part of this."

"I am confident that the SIP will continue to be a pathfinder for bilateral cooperation."

SM Lee visited Suzhou, China, on Nov. 25 to commemorate SIP's 30th anniversary.

He will also be visiting Beijing and Shanghai to meet business and government officials, including Chinese President Xi Jinping.