Singapore companies accelerate their presence in China: Embracing the digital economy, green development and healthcare

As the global economic landscape continues to evolve, China, the world's second largest economy, is attracting global companies with its huge market potential and increasingly sophisticated investment environment. Singapore companies, with their keen business insights and forward-looking strategies, are actively seeking new growth and expansion opportunities in China, and are leading a new wave of investment in the digital economy, green development and healthcare.

Digital Economy: Seizing Opportunities and Expanding New Blue Ocean

The digital economy has become an important engine of global economic growth, and China is actively promoting its development, providing huge opportunities for Singapore companies. Singapore companies are looking at China with a long-term interest, especially in the digital economy, where they see great potential for growth, said Mr. Shen Junxiong, Executive Director, China, Enterprise Singapore.

Enterprise Singapore has helped Singapore companies access opportunities and expand their business in the China market through 300 programs over the past two years. This initiative has not only facilitated the internationalization of Singaporean companies, but also injected new energy into the development of China's digital economy.

Green Development: Working Together for a Greener Future

The Chinese government attaches great importance to green development and has set ambitious environmental targets. Leveraging on their strengths in green technology and sustainable development, Singapore companies are actively participating in China's green development and contributing to the country's economic transformation and upgrading.

Singapore companies are actively involved in building green infrastructure in China and providing clean energy solutions such as solar and wind power. At the same time, Singapore companies are also actively promoting the development of green finance and providing financial support for green projects in China.

Healthcare: Focusing on Demand, Enhancing Service Levels

China's aging population has led to a growing demand for healthcare services. With their advanced medical technologies and well-established healthcare systems, Singapore companies are actively engaged in China's healthcare market to provide high quality healthcare services to the Chinese population.

Singapore companies are actively investing in medical equipment, pharmaceutical research and development, and healthcare services, and are partnering with Chinese companies to jointly promote the upgrading of China's healthcare system. For example, Premium Care SG, a medical concierge company, is expanding its presence in China to provide high-end medical services to the Chinese population.

Policy support: Upgraded China-Singapore FTA to boost development

The upgraded China-Singapore Free Trade Agreement (FTA), signed in 2023, has opened up new opportunities for Singaporean service companies. Under the revised agreement, companies in sectors such as construction, retail and wholesale, architectural and urban planning services as well as technical testing and analytical services will no longer be subject to foreign equity capital caps, and Singapore investors and service providers will enjoy freer and more transparent rules.

Banking boost: OCBC Bank deepens its presence in China

OCBC Bank has established a vast network of branches in major cities in China, and opened its latest store in Wuhan in 2023. China's core market in ASEAN offers tremendous opportunities, and OCBC Bank is targeting incremental revenue of US$3 billion by 2025 by strengthening its ties with ASEAN and Greater China.

Win-win cooperation for a better future

The accelerated deployment of Singapore enterprises in the China market has not only created new opportunities for their own development, but also injected new vitality into China's economic development. In the future, Singapore enterprises will continue to plough into the China market, actively participate in the construction of China's digital economy, green development and healthcare, and work hand-in-hand with Chinese enterprises to create a brighter future.