Lee expressed his confidence in China’s future development on several occasions in recent months, and he carried the same message during his trip to China. Prior to his meeting with President Xi, Lee visited Suzhou in East China’s Jiangsu Province on November 24, where he attended events that celebrated the 30th anniversary of the China-Singapore Suzhou Industrial Park (SIP) and met with Chinese Vice Premier He Lifeng. During a business event in Suzhou, Lee again warned against being “short-sighted” in writing China off. Stressing China’s ability to follow consistent policies over the long term, Lee said that no one should underestimate China.
Launched in 1994 during the early stages of China’s reform and opening-up policy, the SIP was the first government-to-government project between China and Singapore, an agricultural area transformed into a modern hub for high-tech industries. Between 2016 and 2023, it was recognized by the Ministry of Commerce as the best performer among national industrial development zones for eight consecutive years, in terms of GDP size, foreign investment inflow and trade, high-tech and green transition, and its contribution to balancing inter-regional growth.
Singapore has greatly increased its investment in China over the years since the SIP was established. Singapore has been the largest source of new investments in China for 11 consecutive years since 2013, surpassing Japan to become the largest cumulative source of foreign investment in China in April 2022. By the end of 2023, Singapore’s cumulative actual investment in China reached US$141.23 billion.
The project was also raised during the meeting between Lee and President Xi. While Xi praised the project as a “good example of mutually beneficial cooperation and a witness of Singapore’s involvement in China’s reform and opening-up,” Lee highlighted that its success shows the world China’s stance of continuous reform and opening-up.
Xi said that China welcomes Singapore to continue being a forerunner in cooperation with China, advance major cooperation projects, seize the opportunities brought by digital and green development, and write a new chapter in bilateral cooperation in the new era. “China will always focus on running its own affairs well, and has confidence in maintaining sound economic momentum in the long run and achieving high-quality development,” Xi added.
Lee’s confidence in China’s future development is echoed by the city state’s new Prime Minister Lawrence Wong. In a media session on December 8, 2023, Wong, then deputy prime minister, said that given the scale of China’s economy, one should “never bet on the decline of China,” adding that Singapore will continue to find ways to add value to China. Wong stressed that the two countries have many mutually beneficial opportunities, with a continued “very healthy flow” of Singapore investments into China. It is widely expected that Wong will follow the path set by his predecessor on Singapore’s China policy.
On November 15, 2024, less than two weeks before Xi and Lee met, Xi and Wong with on the sidelines of the APEC Economic Leaders’ Meeting held in Lima, Peru. The two leaders affirmed the close and multi-faceted relationship between the two countries and agreed to deepen cooperation in future-oriented areas such as the green and digital economies. Wong reaffirmed that Singapore adopts “a clear and consistent one-China policy and is opposed to any form of Taiwan independence.” The two countries also signed 25 agreements in the 20th meeting of the China-Singapore Joint Council for Bilateral Cooperation, held at the Shangri-La Hotel in Singapore on November 11, the annual bilateral apex meeting, to boost cooperation in trade, finance and maritime areas.
Speaking to Singapore media following his trip to China on November 29, Lee said that when he was prime minister, he was directly responsible for all cooperation projects between Singapore and China, which allowed him to engage with China “from a more long-term perspective” and to discuss bilateral relations with “a broader view.” As senior minister, he will “explore areas for enhanced cooperation, address issues that may arise, and assess how international developments might impact our collaboration,” he noted.
According to Xu Liping, director of the Center for Southeast Asian Studies of the Chinese Academy of Social Sciences, China and Singapore have great potential to cooperate in the digital economy and green development in the future, as highlighted by President Xi.
“China holds advantages in green and low-carbon industries, while Singapore has extensive experience in building a global digital trade system, and cooperation between the two countries in the two areas is both complementary and mutually beneficial,” Xu said.
More importantly, amid challenges and uncertainties, the statements by the leaders of China and Singapore send a clear and unequivocal signal to the international community that both sides will work together to uphold and practice true multilateralism. “It reflects the forward-looking, strategic and exemplary nature of the bilateral relationship,” Xu added.
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