Economic and trade cooperation promotes the continuous progress of China Singapore relations

In April, Beijing is bustling with flowers and lush vegetation. New Zealand Trade Minister Todd MacLey visited China to exchange ideas with Chinese people on topics such as promoting China Singapore economic and trade relations, strengthening regional and bilateral cooperation.

At this time, Auckland is full of autumn, and a delegation of Chinese entrepreneurs led by Ren Hongbin, President of the China Council for the Promotion of International Trade, visited New Zealand after leaving Australia.

The two visits were like a dialogue between spring and autumn, like a meeting of fruits and hope.

At the meeting of the China New Zealand Business Council and the 2nd China International Supply Chain Promotion Expo New Zealand Roadshow held in Auckland on April 19th, Chinese and New Zealand business people exchanged friendships, discussed cooperation, and sought the future. They had a heated discussion on topics such as deepening trade cooperation, expanding investment cooperation, strengthening industrial and supply chain cooperation, and promoting regional economic cooperation. Everyone was looking forward to further cooperation between the Chinese and New Zealand economic and trade communities.

Syria Friendship

Over the past 50 years of diplomatic relations between China and Singapore, mutually beneficial cooperation has been the main theme of bilateral relations, and economic and trade cooperation has been an important driving force for the continuous progress of China Singapore relations.

"The China Council for the Promotion of International Trade (CCPIT) is the largest trade and investment industry promotion organization in China, with a long-standing and significant relationship with the business community in New Zealand. As early as the 1970s, we carried out various forms of trade promotion activities and signed reciprocal agreements on trademark registration with relevant New Zealand institutions, playing a unique role in promoting economic and trade cooperation between the two countries." Ren Hongbin, President of CCPIT, said that 10 years ago, CCPIT signed a memorandum of understanding with the New Zealand China Trade Association to establish a bilateral business council cooperation mechanism and help enterprises in the two countries achieve mutual benefit and win-win cooperation.

Chinese Ambassador to New Zealand, Wang Xiaolong, said that the Chinese and New Zealand economies are highly complementary and interests are deeply intertwined. Especially with the implementation of the China Singapore Free Trade Agreement in 2008, it effectively promoted the rapid growth of bilateral trade and brought tangible benefits to the people of both countries. Over the past 15 years, the total annual growth rate of China Singapore goods trade has been 11%, with new exports to China growing at an average annual rate of 16%.

Andrew White, Greater China Director of the New Zealand Trade Development Authority, said that New Zealand and China have extensive cooperation in trade, education, and tourism, and New Zealand exporters have ample opportunities to enter the vast Chinese market.

In recent years, the two countries have strengthened cooperation under the framework of jointly building the "the Belt and Road", and the RCEP and the Protocol on Upgrading the China Singapore Free Trade Agreement have officially entered into force, constantly injecting vitality into the deepening of practical cooperation between the two sides. Data shows that China has become New Zealand's largest trading partner and largest export market for 11 consecutive years. In 2023, New Zealand's investment in China increased by 104.7% compared to the previous year, while China's investment in New Zealand increased by 16.7% compared to the previous year.

The close cooperation between the business communities of the two countries has brought fruitful results. Kiwi, beef, mutton, deer meat, dairy products, and alcoholic beverages from New Zealand have entered millions of households in China and are deeply loved by everyone. China's high-quality and affordable products have also provided important help to alleviate the pressure of rising prices in New Zealand; Chinese enterprises such as Yili and Beijing Construction Engineering have been rooted in New Zealand for many years, creating a large number of employment opportunities and winning a good reputation. New Zealand companies such as Evergrande, Jiapei, and Laimei have invested in China and received generous returns... It can be foreseen that the future cooperation between the two sides will be even stronger and more promising.

On Cooperation

"Although the global economy is currently facing many challenges, dialogue and cooperation are still mainstream, which fully demonstrates that the trend of economic globalization has not changed. Mutual trust and cooperation are important ways for us to work together to create an open, inclusive, and win-win development pattern," said Yang Chaoqun, Vice President of Inner Mongolia Yili Industrial Group Co., Ltd.

"New Zealand enterprises have been deeply cultivating and cultivating in the Chinese market, shaping a good brand image." "Chinese enterprises have created a large number of jobs and won a good reputation for New Zealand." "We need to make the 'cake' of common interests bigger and strive to achieve win-win results."... This expresses the voice of the new entrepreneurs attending the meeting. ".

Despite external factors such as the COVID-19 pandemic, geopolitical factors, global economic downturn, and changes in market conditions, bilateral trade and investment between China and Singapore have maintained overall stability. On January 1st of this year, all dairy products exported from New Zealand to China achieved complete zero tariffs, and the China Singapore Free Trade Agreement has been fully implemented, providing new opportunities for Chinese and New Zealand enterprises to strengthen trade and investment cooperation. The China International Supply Chain Promotion Expo (hereinafter referred to as the "Chain Expo") hosted by the China Council for the Promotion of International Trade has also built a new platform for China Singapore cooperation.

At the event, the promotion content of the second Chain Expo aroused strong interest from participating companies. Enterprises have expressed high expectations for the second Chain Expo and will actively participate.

"The second Chain Expo will be held in Beijing from November 26th to 30th this year. Currently, more than 200 domestic and foreign enterprises have confirmed their participation. We sincerely welcome more New Zealand enterprises to participate and work together to promote the deepening and strengthening of industrial and supply chain cooperation between the two countries." Ren Hongbin said.

The expectation of cooperation also quickly turned into results on site: China International Exhibition Center Group Co., Ltd. signed a letter of intent with Fonterra to participate in the second Chain Expo; The China International Economic and Trade Arbitration Commission and the New Zealand International Arbitration Center have signed a cooperation agreement; The Inner Mongolia Autonomous Region Council for the Promotion of International Trade has signed a cooperation agreement with the New Zealand Chinese Business Club.

Seeking the future

This year marks the beginning of the second 50 years of China Singapore relations and the 10th anniversary of the establishment of a comprehensive strategic partnership between the two countries. At a new starting point, new opportunities for China Singapore cooperation are constantly emerging.

Since the beginning of this year, the Chinese economy has maintained a steady growth momentum, and the door to high-level opening up to the outside world has been opening wider and wider. According to the latest statistics from the Chinese side, the Chinese national economy started well in the first quarter of this year, with a year-on-year growth of 5.3% in GDP, a year-on-year growth of 6.1% in the added value of industries above designated size nationwide, and a year-on-year growth of 5.0% in the total import and export of goods. The trend of economic recovery continues to strengthen. All of these have created favorable conditions for the further development of China Singapore economic and trade cooperation.

Wang Xiaolong stated that China is willing to take this as an opportunity to continue to strengthen policy communication and coordination with Singapore in various fields under the strategic guidance of the leaders of both countries, further promote trade and investment liberalization and facilitation, continuously tap into potential, deepen mutual benefit and win-win, and expand the "egg cake" of common interests, further enrich the connotation of China Singapore comprehensive strategic partnership, and bring more tangible benefits to the people of both countries.

Andrew White stated that there is a high demand for high-quality products and services in the Chinese market, especially with the continuous expansion of the middle-income group and the acceleration of urbanization, which provides new opportunities for enterprises in China and Singapore to innovate and cooperate in more fields.

The attending entrepreneurs stated that enterprises from China and Singapore will continuously strengthen cooperation in infrastructure, electric vehicles, renewable energy and other fields, continue to tap into the potential of digital economy, green economy, entrepreneurial economy and other fields, continuously create new growth points for cooperation, and inject new impetus into China Singapore economic and trade cooperation.

"The business community is a driving force for promoting pragmatic cooperation between China and Singapore, as well as a builder and beneficiary of the development of China Singapore relations. We hope that the business communities of the two countries can deepen exchanges, explore cooperation opportunities, reap practical results, and work together to 'take China Singapore economic and trade cooperation to the next level'.".