Singapore’s Investments MoreInvolved In China’s Urbanization
By Alice Yang
Singapore, a nation of merely around 5 miUion population, in-vested US$5.657 billion to Chi- na in 2010, according to statisticsfrom Ministry of Commcrece of P.R.C.It is currently the third largest foreigninvestor in China, behind Kong HongSAR and Chinese Taiwan. Accordingto China Customs, the total trade valueof import and export between Chinaand Smgapore reached US$57.06 billionin the year of2010, an increase of19.2%year on year. Among them, China´sexport to Singapore accounted forUS$32.35 billion, 7.6% growth upon thelast year, and the import value amountedto US$24.71 billion, 38.8% increasecompared with 2009. Based on thecloser economic exchange and coopera-tion between the two countries, China´sForeign Trade conducted a special in-terview with H.E. Mr. Chin Siat Yoon,Ambassador ofSingapore to China.
Q: If you have three words to,describe the mutual traderelationship between China andSingapore, which words would youchoose and why?
A : Off hand, I would say Broad-based, Growing and Win-Win.Singapore and China enjoy strong, ex-pansive trade relations. In 2009, Chinawas Singapore´s 3rd largest tradingpartner, after the EU and Malaysia,while Singapore was China´s 8th larg-est trading partner. Two-way trade picked up in the first half of 2010. Total tradestood at SGD 46.6 billion in the first half, an increasc of about 37% from the sameperiod in 2009. Both imports and exports rose, benefiting borh sides.
Q:According to China Customs, China now has become the largest,trade partner and the biggest export destination of ASEAN. From theopen of China-ASEAN FTA at the beginning of 2010, what changes havebeen taken place in mutual trade?
A:In 2009, China became ASEAN´s largest trading partner accounting for 11.6percent ofASEAN´s total trade while ASEAN rose to be China´s 4th largest trad-ing partner accounting for 9.7 percent of China´s rotal trade. Also, despite the globalcrisis, ASEAN remains an attractive foreign investment destination for Chinese inves-tors. FDI fiow from China to ASEAN increased by 8.6 percent, according to Chinese statistics, compared to a decline of37 percent at the height ofthe global downturn.