BEIJING – Singapore and China can work collectively to make sure monetary stability, handle dangers to forestall future crises, and bolster the position of finance in catalysing improvement, stated Deputy Prime Minister Heng Swee Keat.
Ongoing bilateral initiatives, from the Suzhou Industrial Park to the Guangzhou Data Metropolis, have offered a robust basis to deepen cooperation in commerce and funding, he advised China’s Vice-Premier He Lifeng in a Beijing assembly on April 10.
DPM Heng is on a six-day official go to that began on April 7 – his first to China since October 2019 – to discover methods to strengthen bilateral cooperation.
This was his first time assembly Mr He, who oversees China’s financial and monetary insurance policies.
Of their assembly, DPM Heng stated his expertise in dealing with two main monetary crises previously taught him in regards to the affect on the economic system “when the monetary system and the actual economic system turn into decoupled”.
He was managing director of the Financial Authority of Singapore (MAS) through the world monetary disaster round 2008, and principal personal secretary to founding prime minister Lee Kuan Yew through the Asian monetary disaster of 1997.
Mr Heng added that in his earlier roles, he acquired to know effectively Chinese language officers similar to former central financial institution governor Zhou Xiaochuan and Mr Guo Shuqing, former head of the China Securities Regulatory Fee.
DPM Heng additionally co-chaired the Joint Council for Bilateral Cooperation with China’s then Vice-Premier Han Zheng between 2019 and 2022. The annual top-level assembly between the 2 nations coordinates flagship inter-government initiatives just like the Suzhou Industrial Park.
“So, we have now a really robust basis to proceed to deepen our relationship in commerce and funding, and in addition contribute to regional and world developments,” stated DPM Heng. “And likewise methods to work collectively to make sure monetary stability, and the position of finance in catalysing actual improvement and danger administration to forestall crises.”
Mr He, who spoke earlier, stated he regarded ahead to listening to DPM Heng’s views on the following steps for the China-Singapore relationship, in addition to commerce and macroeconomic coverage cooperation.
The Vice-Premier is conversant in Singapore, having chaired the Sino-Singapore Tianjin Eco-Metropolis Funding and Growth Co, the grasp developer of the Tianjin Eco-Metropolis.
Mr He stated: “Our relationship has its distinctive options as a result of we have now particular initiatives, and realising them has contributed to financial and commerce ties, in addition to people-to-people interactions, bringing them to a brand new stage.
“It is a very significant improvement, which additionally speaks to the progress that China has achieved all through the course of reform and opening up.”
Singapore’s Ministry of Overseas Affairs stated DPM Heng and Mr He mentioned methods to strengthen bilateral financial ties, in addition to the significance of enhancing monetary connectivity and rising cross-border monetary flows between the 2 nations.
Additionally they exchanged views on regional and worldwide financial and monetary developments, added the ministry.
The assembly occurred on the Central Monetary and Financial Affairs Fee’s workplace, which Mr He heads. Different officers who attended included China’s central financial institution governor Pan Gongsheng, China Securities Regulatory Fee chairman Wu Qing, in addition to officers from Singapore’s Nationwide Analysis Basis and MAS.
Earlier on April 10, DPM Heng met China’s Minister for Science and Expertise Yin Hejun for the primary time. Mr Yin was appointed in October 2023 and can also be the ministry’s occasion secretary.
