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Oral reply to PQ on trade opportunities with China amidst changing economic circumstances

28 February 2024

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Question

 

Mr Yip Hon Weng: To ask the Minister for Trade and Industry in light of the ongoing challenges in China’s property sector and current economic uncertainties (a) whether the Ministry foresees increased trade opportunities for ASEAN countries, including Singapore, with China; and (b) how is the Ministry supporting Singaporean businesses to navigate these changing economic circumstances in the region.


Oral Answer (to be attributed to Minister of State for Trade and Industry Low Yen Ling)


1. China remains a vital key market for Singapore businesses. In 2023, China was Singapore’s largest trading partner and top investment destination.  China’s long-term economic outlook remains positive due to its large and growing consumer market, skilled workforce, and rapid technological developments.


2. To tap into the opportunities in China, Singapore has upgraded the Singapore-China FTA to offer companies better market access for investments and services. We have also broadened our engagements with China, including signing MOUs on Digital Economy, Green Economy, and E-Commerce Cooperation.


3. In addition, Singapore is strengthening its regional economic integration with China through the Regional Comprehensive Economic Partnership and the ASEAN-China Free Trade Area, the upgrade of which is currently under negotiation.


4. To navigate the evolving business environment and seize fresh opportunities, Singapore firms can tap on EnterpriseSG’s extensive network of overseas centres and the two Singapore Enterprise Centres in Shanghai and Chengdu operated by the Singapore Chinese Chamber of Commerce & Industry under the GlobalConnect initiative. Further, EnterpriseSG manages schemes such as the Market Readiness Assistance grant, which helps companies expand into new markets by defraying the costs of overseas market promotion, business development, and setup. Business owners can visit the GoBusiness portal for more information on the Government schemes.

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