China's measures to boost economy a positive sign for S'pore companies

Clear to visiting Singapore delegates that Beijing is determined to reinvigorate growth

- Michelle Ng

TIANJIN - China's flurry of measures announced this week to boost its economy is a positive sign for Singapore firms interested in China, said National Development Minister Desmond Lee.

Speaking to reporters on Sept 27 as he wrapped up his visit to China, Mr Lee said the signal that China is determined to reinvigorate its growth was clear to the Singapore business delegates on the trip.

"There are many Singapore companies and SMEs (small and medium-sized enterprises) that work in China, work with China and trade with China, so this is good for us as well," said Mr Lee, noting Singapore is an open economy which trades with everyone, from the Americans and Europeans to the Chinese and Indians.

China's financial regulators had on Sept 24 unveiled a broad monetary stimulus package, and the country's top leaders pledged further support two days later, in a sign of urgency to address the country's economic woes.

Mr Lee is in Beijing and Tianjin from Sept 24 to 28 to co-chair the Singapore-Tianjin Economic and Trade Council (STETC) meeting, along with Tianjin Mayor Zhang Gong.

Mr Lee is accompanied by Senior Minister of State for Foreign Affairs and National Development Sim Ann.

Also on the trip is a business delegation of more than 50 representatives from 30 Singapore companies and organisations, which is larger than the delegation of 30 people with Mr Lee during his Tianjin visit in 2023.

On the afternoon of Sept 27, Mr Lee called on Tianjin party secretary Chen Min'er, in what was their third meeting since Mr Chen took up the Tianjin post in end-2022.