Distinguished H. E. Vice Chairman Huang Mengfu, distinguished Chairman Mr. Ng Ser Miang,
Ladies and Gentlemen:

I am very glad to attend the signing ceremony of the MOU between All-China Federation of Industry & Commerce and Network China. At this moment, on behalf of the Chinese embassy in Singapore, I would like to express my warm congratulations to both sides for the signing of the MOU. Signing of the MOU will not only exert a positive influence on both sides’ cooperation in economics and trade, but also add flowers to the brocade of bilateral relationship.

Rampancy of SARS once brought normal communications between China and Singapore into stagnation. Rainbow rose after the storm. Vitality has been restored in the cooperation of politics, economics & trade, education, culture, science & technology, tourism between both countries. Right after Chinese Foreign Minister Li Zhaoxing’s successful visit to Singapore, we are now hosting the visit of H. E. Vice Chairman Huang, who is at highest official level among those Chinese VIPs who visited Singapore this year,. Diplomatic missions of both countries are now in an active preparation for Singaporean Prime Minister Goh Chok Tong’s visit to China. As a host, China welcomes Prime Minister Goh Chok Tong to attend Boao Forum for Asia Annual Conference in November this year.

Economic cooperation serves as an important foundation and drive for Sino-Singaporean relations. Both countries complement each other in economy, natural resources, market, capital management, science & technology, information channel, human resource, culture and other areas, which show great potentials in economic cooperation. Today when economic globalization and regional economic cooperation develop fast, deepening both countries’ cooperation and utilizing both sides’ advantages will play a significant role in realizing both countries’ sustainable development.

In recent years, with the fast development in economics and trade, China and Singapore have become important partners to each other. By the end of last year, Singapore has been China’s largest overseas labor market, the 3rd largest contract market, the 7th largest foreign investment source of China and the 8th biggest trade partner. China is Singapore’s 5th biggest trade partner. China remains a high-speed economic development and great market demand, which create huge business opportunities. Last year the bilateral trade volume amounted to US $14 billion while Singapore’s investment in China totaled US $21,6 billion. Singapore also serves as a significant channel for Chinese enterprises to go global. Her favorable geographical position, integrated financial system, reputed infrastructures and high capability in exploring the international market are attracting more and more Chinese enterprise. There is even more space ahead for both sides’ cooperation.
In the first half of this year, although impacted by SARS, Chinese economy still maintained a strong booming impetus. China’s GDP increased by 8.2%, while import & export totaled US $ 376.1 billion, up 39% over the same period last year, and foreign investment reached US $30.2 billion, registering a 34% increase. China’s new generation government is continuing actively promoting the opening policy, fulfilling the commitment on accession into the WTO, and enhancing cooperation with other countries in all dimensions, in various areas, and at high levels.  

I wish all the business elites present today would make more efforts with your wisdom and financial capability to jointly create a more splendid tomorrow for Sino-Singaporean cooperation.