2. Speeches
Closing Remarks by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong at Singapore-China Business Roundtable
26 October 2025
His Excellency Li Qiang, Premier of the State Council of the People’s Republic of China
Distinguished Guests
Ladies and Gentlemen
1. Let me thank all our business leaders from Singapore and China for a very insightful roundtable discussion. The sharing today reflects the breadth and depth of economic ties between Singapore and China.
2. Today, China is Singapore's largest goods trading partner, while Singapore is China’s largest foreign investor.
a. The China-Singapore Free Trade Agreement (CSFTA) remains the cornerstone of our bilateral economic ties.
b. Most recently, the CSFTA Further Upgrade Protocol that entered into force this year provides for more transparent and liberal services and investment rules, as well as better market access to China’s services sectors.
3. Our economic ties also underpin our strong bilateral relationship which has grown and deepened over the years.
a. Our three government-to-government projects mirror how our partnership has evolved with time –
i. The Suzhou Industrial Park pioneered new approaches to urban and
ii. The Tianjin Eco-City became a model for sustainable growth; and
iii. The Chongqing Connectivity Initiative (CCI), now marking its 10th anniversary, has become a vital bridge linking Southeast Asia and Western China.
b. Beyond these government-to-government projects, we also collaborate in areas such as advanced manufacturing, digital trade and smart city solutions through the Guangzhou Knowledge City and Shenzhen Smart City Initiative.
c. In 2023, we upgraded our relationship to an all-round, high-quality and future-oriented partnership, reflecting our confidence in the long-term potential of our cooperation.
4. Today, the global economy is in flux. Trade patterns are shifting; supply chains are being reconfigured; and technologies are transforming industries at unprecedented pace.
5. Amidst these global changes, partnership between Singapore and China continues to strengthen.
a. Prime Minister Lawrence Wong’s visit to China in June, as well as my own visit in September this year, reaffirmed the strength of our ties and our shared commitment to deepen collaboration.
b. Many Chinese companies have established a strong presence in Singapore, while Singapore firms continue to invest actively in China.
c. Our eight Provincial Business Councils – with Shandong, Sichuan, Liaoning, Zhejiang, Tianjin, Jiangsu, Guangdong, and Shanghai – provide important platforms to explore new opportunities for trade and investment.
d. Ultimately, the strength of our partnership lies not only in policies and platforms, but in people, including our entrepreneurs and business leaders on both sides who have built enduring trust between them.
6. Singapore views our relationship with China through a long-term perspective, and we are committed to nurturing it for the long haul.
a. Despite the near-term challenges, our businesses remain confident in the long-term potential of the Chinese economy.
b. Both our governments are committed to foster a predictable and stable business environment, so that companies can plan, invest and grow with confidence.
c. China’s vast market offers rich opportunities for Singapore firms to scale their overseas presence, while Singapore serves as a trusted gateway for Chinese enterprises seeking to reach global markets.
d. Each success story – whether a Singapore firm thriving in China, or a Chinese company flourishing in Singapore – reinforces our belief in the value of partnership.
e. Together, our businesses can unlock value for our economies, drive innovation and growth, and create good jobs and opportunities for our peoples.
f. Beyond economics, we can also explore new areas of collaboration to benefit our societies.
i. The eldercare sector, for example, holds much promise.
ii. Both our societies are ageing, and we can learn from each other as we build new models of care.
iii. In May last year, Keppel opened its first senior living facility in Asia, Sindora Living Nanjing Qixia. The 400-bed facility in Nanjing leverages technology to provide personalised care for its residents.
7. Beyond our respective borders, Southeast Asia stands out as one of the world’s most dynamic regions – young, digitally connected and full of potential.
a. By combining the strengths of Singapore and China, our companies can form partnerships that drive progress in infrastructure, green energy and digital innovation across ASEAN.
b. Singapore strongly supports China’s continued engagement with the region.
i. Our ASEAN-China economic ties are deep and enduring. Both sides have been each other's top trading partners since 2020.
ii. The ASEAN-China Free Trade Area (ACFTA) remains a key pillar of regional integration.
iii. The signing of the ACFTA 3.0 Upgrade at this week’s ASEAN Summit comes at an opportune time to strengthen connectivity and facilitate trade between ASEAN and China.
8. The challenges ahead in the global environment call for stronger collaboration and renewed commitment between like-minded partners.
a. Singapore is fully committed to further strengthening our All-Round High-Quality Future-Oriented Partnership with China.
b. China will be Chair for APEC 2026 and Singapore will be the Chair of ASEAN 2027. These platforms present opportunities to advance our shared vision of regional cooperation and stability.
9. Together, let us continue building bridges of commerce, innovation and friendship, so that future generations can inherit not just a legacy of partnership, but also a shared sense of purpose and possibilities across the region.
10. Thank you.