On October 18, Ling Ji, Vice Minister of Commerce and Deputy China International Trade Representative, and Jeffrey Siow, Second Permanent Secretary of the Ministry of Trade and Industry of Singapore, co-chaired the mid-term meeting of the China-Singapore Bilateral Investment Promotion Committee in Beijing.

Ling said that the bilateral relationship has opened a new chapter of high-level development since the leaders of China and Singapore decided to upgrade the bilateral ties to an all-round high-quality and forward-oriented partnership last year. Economic and trade cooperation between China and Singapore is full of vitality. China has been Singapore’s largest trading partner for 11 consecutive years. Singapore is China’s second largest source of foreign investment and the largest destination of Chinese outbound investment. Driven by the China-Singapore Bilateral Investment Promotion Committee, the Suzhou Industrial Park, the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, the Guangzhou Knowledge City and other key cooperation projects have achieved remarkable results, and substantive progress has been made in cooperation in such forward-oriented areas as trade in services, green development and digital economy. China is willing to work with Singapore to implement the important consensus reached by the leaders of the two countries, continue to promote investment cooperation at a higher level and in wider areas, and promote the high-quality development of bilateral economic and trade relations.

Siow said that two-way investment has yielded fruitful results and bilateral economic and trade cooperation enjoys broad prospects. Singapore is willing to work with China under the mechanism of the Bilateral Investment Promotion Committee to continuously promote two-way investment cooperation, strengthen communication and exchanges, broaden cooperation areas and achieve mutually beneficial and win-win development.