PUBLISHED ONDecember 15, 2025 9:13 AMBYSean LerWhile Singapore and China have respectively been making plans to navigate global economic headwinds and uncertainties, it is important for the two countries to continue to find ways to cooperate, said Deputy Prime Minister Gan Kim Yong on Monday (Dec 15).
DPM Gan was speaking at the start of the 21st Joint Council for Bilateral Cooperation (JCBC) — which he is co-chairing with Chinese Vice Premier Ding Xuexiang — on Dec 15.
He noted that this year's JCBC is taking place as countries worldwide face an uncertain geopolitical environment, rapid technological changes and global economic headwinds.
"It is therefore, all the more important for Singapore and China to continue to find ways to cooperate, anticipating challenges and capitalising on new opportunities for our businesses and our peoples," said DPM Gan.
Despite these challenges, DPM Gan noted that this year's top-level bilateral meeting "holds special significance".
The two countries celebrate the 35th anniversary of their diplomatic relations in 2025, with a series of high-level exchanges between Singapore's and China's leaders.
In June this year, Singapore's Prime Minister Lawrence Wong made a five-day official visit to China where he charted the strategic direction of bilateral ties with Chinese leaders.
Chinese Premier Li Qiang later visited Singapore in October, with the two leaders witnessing the exchange of eight memoranda of understanding, covering digital economy; food safety; green development; green and digital shipping corridor; emergency management; information and communications technology; third-country training; and third-party market collaboration in Suzhou.
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DPM Gan also explained how bilateral relations have continued to grow and deepen.
"Through the JCBC, we have built on this foundation to advance substantive, multi-faceted collaboration.
"We have also expanded our government-to-government collaboration from Suzhou into Tianjin and Chonqing," said DPM Gan.
He also noted how the Chongqing Connectivity Initiative (CCI), now in its 10th year, has developed to become an important platform for deepening financial and digital connectivity between the two countries.
Several agreements related to the CCI were also inked by the two countries during the JCBC.
In particular, Singapore and China signed a document setting forth the long-term aspirations for the CCI's next decade — focusing on deepening connectivity and expanding collaboration in emerging sectors.
The Ministry of Trade and Industry (MTI) said in a statement on Dec 15 that the CCI will "build on its core strengths" in its four priority areas — financial services, aviation, transport and logistics, and information and communications technology — "while advancing cooperation in newer areas such as healthcare and education".
Digital Development and Information Minister Josephine Teo, speaking to the media after the JCBC meeting, said the document is a forward looking one.
"It caters to important developments in the global environment where trade and investment trends have become much more constrained, much more difficult and challenging.
"At the same time, it responds to the important mega trade trends — inventory, digitalisation and sustainability — that both countries have to deal with," said the minister.
A total of 27 agreements were exchanged at the 21st JCBC to enhance cooperation in areas such as education; financial cooperation; food exports; green development; green finance; people-to-people; science and technology; and sports and trade.
On financial cooperation, DBS has been appointed as Singapore's second Renminbi (RMB) clearing bank, following the designation of the Industrial and Commercial Bank of China (ICBC) Singapore branch as the first RMB clearing bank in 2013.
The following year, in 2014, ICBC reported that the RMB clearing volume in Singapore reached over RMB 10 trillion (S$1.83 trillion).
DBS' appointment is expected to support further growth of the offshore RMB market in Singapore, while facilitating the use of RMB for trade, investment and other economic activities in line with regional needs.
The Singapore bank, alongside the Bank of China, will also commence over-the-counter bond market arrangements to provide institutional investors with access to selected fixed income products.
Under a new pilot named "e-CNY", Singapore travellers will soon be able to open and top-up e-CNY wallets at the ICBC Singapore branch and Bank of China Singapore branch for merchant payments in China.
The pilot will be offered to the banks' customers with a phased approach starting from end-2025.
On the education front, Singapore's six autonomous universities — the National University of Singapore, the Nanyang Technological University, the Singapore Management University, the Singapore University of Technology and Design, the Singapore Institute of Technology, and the Singapore University of Social Sciences — will also pair up with selected Chinese universities to offer joint programmes ranging from artificial intelligence to climate change and science and technology.
Meanwhile, as part of ongoing efforts to strengthen Singapore's food security, the Singapore Food Agency has also approved the import of beef, poultry and pork products from China's Chongqing, Heilongjiang and Hunan provinces.
Asked how the these agreements can help benefit Singapore enterprises and Singaporeans in the long run, DPM Gan emphasised that it is not about the number of deals, but their quality.
"We should not measure a collaboration by the number of MOUs signed, it is more about the quality rather than the quantity... It (the agreements) cover a wide range of areas of collaboration," said DPM Gan, adding that the depth and diversity of the collaborations point to "an all-round, high-quality, future-oriented partnership".
Noting that China is one of Singapore's largest trading partner, DPM Gan said that Singapore wants to continue to "do business" with China, even amid its contestation with the United States, which is also an important investor for Singapore.
He added that Singapore will continue to work with China to find areas that will be mutually beneficial.
The 22nd edition of the JCBC will be held in Singapore in 2026.
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