S'pore signs 27 new deals with China at JCBC, highest number signed in 22-year history

27 memoranda of understanding (MOUs) were signed between Singapore and China at the 21st Joint Council for Bilateral Cooperation (JCBC) meetings in Chongqing, China, on Dec. 15, the highest number of agreements ever since its conception in 2003.

However, Deputy Prime Minister Gan Kim Yong emphasised that it is "more the quality rather than the quantity".

In his meetings with China’s Vice Premier of the State Council, Ding Xuexiang, Gan also reaffirmed that Singapore continues to abide by its "One China" policy.

People-to-people linkages

Speaking at a wrap-up interview following his attendance at the JCBC, which he co-chaired with Ding, Gan unveiled an MOU signed on the enhancement of financial connectivity between both countries.

DBS Bank has been appointed the second renminbi clearing bank in Singapore, he told the media, which will "enhance our status as a leading offshore RMB clearance centre".

This will also further enhance Singapore's role as a gateway for investors seeking Asian investment opportunities, and in turn support people-to-people linkages between both countries, he added.

Gan also announced the launch of a pilot by year's end for Singapore to use e-CNY (Electronic Chinese Yuan, China's digital currency) in China, which Gan said would "make payment even more convenient for tourists visiting China."

Education

Gan also spoke about the "slew of partnerships" between Singaporean and Chinese universities, which covered areas like advanced manufacturing, life sciences, and health, as well as AI governance.

These partnerships aligned with Singapore's Research, Innovation, and Enterprise (RIE) 2030 priorities, as well as granting Singapore's students and researchers the benefit of being able to access China's "vibrant innovation ecosystem".

"By having more access to more joint education programmes, joint laboratories and joint education spaces, this will broaden their horizons and enhance their expertise."

Develop and grow together

Gan also responded to a question about Singapore's role in a world where gaps had been left by the United States' retreat from global leadership, particularly its relevance to China.

Gan said both the U.S. and China are important to Singapore, labelling both as "strong partners", the former being Singapore's largest investor and the latter being its largest trading partner.

Despite contestation between the two, Gan emphasised that Singapore wishes to continue working with both.

Gan said that he believed that China and Singapore continued to find areas where both countries can work together in a way that "will be mutually beneficial", giving AI as an example.

Touching on the 27 MoUs that had been signed, Gan said it was a reflection of the ability and the usefulness for both countries to engage one another, and to "work together and to find opportunities to develop and grow together".

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Top image via MDDI