The importance of staying connected with China

Dean of Singapore Management University School of Accountancy, 
Professor Pang Yang Hoong; 

Ladies and gentlemen,

A very good afternoon! 

1.  It is indeed my pleasure and honour to join all of you in this China-Quotient Youth Forum 2014, and I am happy to see so many young faces amongst the audience today. As the theme of today’s Forum, “China: Connectivity for Future Growth”, suggests, I hope to share with you some of my humble thoughts on the importance of staying connected with the world, in particular, staying engaged with China.   
   

China: a rising economy

2. As we know, China is a fast-growing economy with great potential. Earlier in September, the International Monetary Fund (IMF) released its latest figures, ranking China’s economy as the world’s biggest in terms of purchasing power parity (PPP). China’s major cities like Shanghai, Beijing and Guangzhou are also rising fast. The total GDP for Shanghai and Beijing has already exceeded that of Singapore years ago.  And it is predicted that Guangzhou’s total GDP will surpass that of Singapore in 2016 , which is just two years away. All these spell great opportunities for an external trade-reliant economy like Singapore.

3. Next year marks Singapore’s 50 years of nation building. It will also mark Singapore’s 25th anniversary of diplomatic relations with China. Since 1990, the Singapore-China connection has been strengthened with inter-governmental collaborations, as well as increased business and trade interactions. Just last year, for the first time, China surpassed Malaysia and the EU, to become Singapore’s largest trading partner, with bilateral trade reaching US$73.1 billion.  At the same time, Singapore became China’s top source of foreign investment countries, with a total investment of US$7.33 billion (S$9.1 billion). Singapore is also China’s 11th largest trading partner. To date, more than 5,200 Chinese companies have also set up their operations and businesses in Singapore. These 5,200 Chinese companies are generating momentum in our economy and at the same time, creating job opportunities in Singapore. The high levels of trade and investment interdependency between the two countries are testament to the strength of our relations.

4. We are also constantly looking into new areas of economic and financial cooperation. This is something that will help make Singapore in strengthening its position and status in the financial sector. Last year, Singapore became the first country outside China to be designated as an Offshore Renminbi Clearing Centre. This is indeed a very important breakthrough for Singapore. As a major financial centre, we will play a role in supporting the Chinese efforts to internationalise the renminbi. The People’s Bank of China and the Monetary Authority of Singapore have also reached an agreement to introduce a pilot policy package that will facilitate cross-border renminbi transactions. This will give a boost to China’s renminbi internationalisation efforts, while adding a new dimension to our cooperation in Suzhou and Tianjin. More importantly, this Offshore Renminbi Clearing Centre has also further strengthened Singapore’s status as a regional financial hub, which is one of the vital economic lifelines for Singapore.

5. Last month, I accompanied Prime Minister Lee Hsien Loong to China for a visit, as well as to attend the 11th annual China-ASEAN Expo in Nanning. Nanning is the capital of Guangxi Zhuang Autonomous Region. Besides meeting with China’s Executive Vice-Premier Zhang Gaoli and other senior Chinese leaders to discuss on a possible third government-to-government collaboration in western China, I also witnessed first-hand the development of this city, famous for being one of China’s greenest cities. Last month’s visit was my fourth visit to Nanning in the last five years. And in the last five years, I can indeed see live development in this city, which is one of the many hundreds cities in China making impressive progress in modernisation. If you do have the time and opportunity to travel to China, do take the time to notice the different stages of development in different cities. 

6. We have been able to embark on such extensive and multifaceted cooperation because of the mutual respect and trust we share with each other. China is and will be a vital player in this region and the world for many years to come. In fact, the biggest change for Asia in the next two decades will be the growth of China’s power and influence. So strong is the influence that some Western analysts have started to speculate that this century may be the Century for Asia, in particular, China. Therefore, it is important and essential for Singapore to continue to build on this strong foundation by promoting deeper connections and understanding between the people of the two countries, at all levels. 

Similarities in culture and language

7. Besides the strong economic and bilateral relationship Singapore shares with China, our proximity in distance and similarities in language and culture also give us a considerable advantage in China. The ability to converse in Mandarin in China is a big help to establish rapport with people you engage with. Many in China are now able to converse in English. I was told that there are 300 million Chinese who are now learning the English language. And worldwide, there are at least 40 million people are learning Chinese. As such, with these figures, we have to think very carefully about the place for Singapore as the middleman. The advantage that we have enjoyed in the last 30 years in being bilingual may no longer hold true going forward. As such, to build up our competitive advantage, we have to learn more about the Chinese culture, customs, values, heritage and lifestyles.

8. For Singaporean Chinese, the ability to converse freely and fluently in native Mandarin will help to build up our relationship with the Chinese counterparts. This is also helpful in making us understand our ancestral roots. While we have our own unique Singapore culture, which is an important long-term endeavour as we try to build our own national identity, it is equally important for us, as Chinese, to learn more about our ancestral roots which can traced back to China thousands of years ago. Understanding these cultural roots will help us to better appreciate and understand who we are and where we came from. It opens up a world of Chinese art, culture and traditions, something that we of Chinese descent should be proud of. There are also growing interests in Chinese art and culture both locally and abroad. This is something to be celebrated as the Chinese arts, heritage and culture have a long and interesting story that need to be passed on from generation to generation. So that the future generation of Singaporean Chinese will understand the roots of their ancestors and appreciate the culture. 
   
   

Efforts in promoting deeper understanding on China

9. I am very heartened that both Business China and Singapore Management University (SMU) have come together to organise this China-Quotient Youth Forum, which will help to promote deeper understanding among our young people on how we can stay connected to China for our future growth and future career. Both Business China and the SMU have many different initiatives to help Singaporeans, especially young Singaporeans, in developing their understanding of China.

10. In April this year, SMU launched the Global Forum Series in China through collaboration with Fudan University in Shanghai. The SMU Global Forum Series is a collaborative initiative between SMU and leading Chinese universities for leaders from the business, government and academic communities to come together to discuss and to debate the key challenges and opportunities arising from China’s development.

11. To better prepare yourself for the challenges ahead, I urge you to continue to maintain and sharpen your bilingual and bicultural edge. Having linguistics and cross-cultural knowhow will certainly play an instrumental role in your pursuit of success.

12. I also would like to congratulate Business China and SMU for their efforts in organising this meaningful and enriching Forum, and I hope all of you will gain much from today’s sharing.

13. Ladies and Gentlemen, in the spirit of bilingualism, allow me to continue my speech in Mandarin. 

14. 各位来宾，女士们、先生们，同学们，大家下午好。

15. 今天非常高兴及非常荣幸受邀出席由通商中国和新加坡管理大学联合主办的“中国商数青年论坛”，与在座各位来自各所初院、高中及大专学府的同学，就论坛的主题“中国：联系现在∙构建未来”进行交流与对话。我们应该一同探讨如何与世界接轨，尤其是加深和中国的联系。

16. 众所周知，中国是个快速发展，具有经济潜能的一个国家。 世界银行不久前公布的数据显示，若按照购买力平价计算，中国已经超越美国，一举成为全球最大的经济体。  在未来二十年内，中国经济也预估会有三、四倍的惊人增长，  达到“小康社会”的水平。重庆、四川、西安等二线城市也将晋升成为如北京、上海等的一线国际大都会。这意味着会有更多的中国企业在国际上扮演举足轻重的角色。为此，我们更需要积极保持与中国的连接，并彼此建立互惠互信的合作关系，为促进国家的发展和人民生活水平的提高，提供更好的机会和平台。

17. 新加坡和中国交往合作多年。双方在政治、经贸上的关系向来都非常的密切。而中新苏州工业园区是见证新中合作关系的一个标志性项目。1994年成立的苏州工业园区取得了成功。如今，它也已成为城市与工业发展的典范，并成功复制到中国其他的城市。而在这个成功的模式方面，新中两国在2008年在天津启动了着重于生态建设的第二个重点合作项目。除此之外，两国之间还有几项以“企业牵头、政府支持”的发展模式的重大项目，例如“新中广州知识城”、“新中吉林食品区”、“新川创新科技园”等。

18. 而我们新加坡只是一个只有540万人口的小国。加上我们缺乏了天然资源。所以我们本身已经带了先天性的局限。因此，我们新加坡人不应该只在国内发展我们的潜能与能力，而是要把眼光投向新加坡以外的周边地区，拓展事业和业务。这样一来，我们就可以通过与周边地区所建立起来的网络，搭建通商和多边往来的桥梁，让新加坡真正做到一个汇聚东西方资源，推动全球化发展的重要区域中心。这是新加坡政府多年来积极推动的经济政策，也是新加坡人民积极参与的经济活动。

19. 明年是新加坡建国50周年，也是新加坡与中国庆祝建交25周年。新中两国关系密切、合作领域广泛。去年，新加坡对华投资达73亿3000万美元，是中国最大外资来源国。此外，新加坡与中国贸易额达731亿美元，使得中国首次成为我们最大的贸易伙伴国。  中国也是新加坡最大的游客来源国之一。这些数据都一再地显示两国紧密的贸易往来，同时也展现了中国的发展，和我们息息相关的政治、经贸、社会以及民间的联系。

20. 新中两国之所以能够在广泛多元的平台上合作，有赖于对彼此的信赖。无论现在或未来，中国在区域内绝对会是个扮演这至关重要的关键性的角色。中国经济与社会力量的扩大更会是未来20年驱动亚洲区域发展的最大原动力。除了新加坡，中国也是世界上许多国家的最大贸易伙伴国，因此要如何“与龙共舞”是接下来几年甚至几十年各国都要面对的一种全球政治经济格局。

21. 所以在这个亚洲兴起，中国崛起不可逆转的趋势下，我们必须维系并深化同中国的友好的关系。通商中国与新加坡管理大学今天能够合作举办这样一个让同学们有机会深入理解当代中国的平台，让年轻学子们有机会通过对话，增进对中国的认识，是非常重要、非常值得鼓励的。在此，我希望各位嘉宾和同学们在今天的论坛中会有所收获，为未来的发展有所帮助！

22. 谢谢！