The senior minister emphasised that such goodwill and dynamics are “precious”, particularly in the current turbulent geopolitical climate. He acknowledged China’s slower growth, pointing out challenges like the property downturn and local government issues.
But Mr Lee noted that the world’s No 2 economy is still growing and will be of increasing importance.
“For us in Singapore, it’s going to be a big part of our region, of our landscape, and we have to get along with China. And best of all, if we can also benefit from China’s growth and development, and therefore live happily, coexisting with one another … on that basis, we are in good shape,” he said.
Mr Sean Lim, 45, a business executive in the services and entertainment industry who has been working in Shanghai for the past 13 years, told CNA he has observed significant changes in the business environment since the COVID-19 pandemic.
“With the Chinese economy slowing down, businesses are spending more cautiously, and consumer spending is smaller in quantum than before. The business landscape has therefore become more complex as well,” he said.
At the same time, Mr Lim noted that since the pandemic, fewer foreign expatriates have remained in China, spurring efforts to train and groom local talent.
“Singapore’s good relations and frequent exchanges with China have facilitated the transfer of skills and know-how, enabling local talent to upskill quickly,” he added.
Mr William Chang, chairman of the Singapore Chamber of Commerce and Industry in China (SingCham), pointed out that while China’s growth has slowed, Chinese firms have become more competitive, posing challenges for Singaporean companies operating in the country.
Despite this, Mr Chang emphasised that Singaporean firms have managed to adapt and address these challenges.
“With stable relations between Singapore and China, Singaporean companies have been able to navigate the landscape to mitigate risk and uncover new opportunities,” he said.
Mr Lee wraps up his visit to China on Friday.
Source: CNA
