BEIJING, April 2 — Bilateral ties between Singapore and China have gone up a level, which could create more opportunities for Singapore businesses as well as for their Chinese...
BEIJING, April 2 — Bilateral ties between Singapore and China have gone up a level, which could create more opportunities for Singapore businesses as well as for their Chinese counterparts to do business in Singapore too, said Prime Minister Lee Hsien Loong today.
Given the black clouds China face, Mr Lee said this is an environment for Singapore to work on its relationship with China and go into “new areas”. There, the two leaders witnessed the signing of seven memorandums of understanding to further cooperation on a range of issues, such as food security, technological research and environmental conservation.
When asked why there was a need for Singapore to elevate relationships with China, and what it would mean for citizens of both countries, Mr Lee said that because the world and the economy moves, so too do interests. Now that Singapore has that, he said the country is considering how it too can use the e-CNY, also known as the digital Chinese yuan, which Mr Lee said the Chinese have been experimenting with.
China, noted Mr Lee, “is not quite there yet” as it has yet to reach 40 per cent of its pre-Covid levels in these two areas. And while both the US and China may not end up at war, the consequences of such sour relations “will be very regrettable”. But beyond the impact on trade and investment, Mr Lee said there is also an impact on innovation, technology and creativity.However, he also pointed out that trade between China and the US last year hit a record high of US$700 billion , despite their differences.
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