Bold opening: Singapore and China are expanding their ties in a big way, signing 27 agreements to deepen collaboration across finance, green and digital development, and education. But here’s where it gets interesting: the scope is broader and more ambitious than in recent years, signaling a sustained push to turn strategic cooperation into tangible benefits for both economies.
Singapore and China unveiled the 27 memoranda of understanding and agreements at the 21st Joint Council for Bilateral Cooperation (JCBC) on Monday, December 15, during a meeting in Chongqing. The gathering, co-chaired by Singapore Deputy Prime Minister Gan Kim Yong and Chinese Vice Premier Ding Xuexiang, stands as the highest-level bilateral forum between the two countries.
In his opening remarks, Gan highlighted the global backdrop of geopolitical uncertainty, rapid tech change, and economic headwinds, emphasizing that heightened cooperation is essential to help businesses and people seize new opportunities while weathering challenges. Ding echoed this sentiment, noting steady progress across economic, digital, and people-to-people exchanges since the relationship’s inception and underscoring the tangible outcomes already achieved.
A central focus of this year’s JCBC is the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI), now in its tenth year. Since its launch in 2015, the CCI—one of three flagship government-to-government projects alongside the Suzhou Industrial Park and the Tianjin Eco-City—has become a cornerstone of China’s Belt and Road strategy, the western regional development push, and the Yangtze River Economic Belt. Over the past decade, Singapore’s investment in Chongqing has more than doubled, rising from US$5.7 billion in 2015 to US$12.7 billion in 2024. The initiative has also supported US$21.8 billion in cross-border financing for Chongqing and western China through Singapore.
Gan described the CCI as a shared, ambitious blueprint to strengthen Western China–Southeast Asia connectivity, with clear potential to broaden into new markets and sectors over the next decade. The partners signed agreements detailing the vision and implementation of the CCI, outlining long-term aims for the next decade and beyond.
In its next phase, the CCI will expand into additional areas such as education, technology, and healthcare, while continuing to advance four priority domains—financial services, aviation, transport and logistics, and information and communications technology—alongside the CCI-New International Land-Sea Trade Corridor (CCI-ILSTC). Specific aims include fortifying Chongqing and Singapore as aviation hubs, harmonizing rules on electronic bills of lading, streamlining logistics to broaden the trade corridor’s reach, and exchanging best practices in healthcare.
Both sides will also push for digital and green development within the CCI-ILSTC, a trade corridor that facilitates a wide array of goods—ranging from automotive components to electronics and chemicals—between western China and Southeast Asia via Singapore. Container volumes along the corridor have surged nearly tenfold since 2019. Initiatives will include carbon-tracking measures and support for green finance and digital trade.
Air links between Singapore and Chongqing have strengthened, with 24 weekly flights operated by Singapore Airlines, Air China, Chongqing Airlines, and West Air, surpassing pre-pandemic levels. The JCBC also announced new train services connecting Chongqing with Central Asia and Southeast Asia, illustrating how Singapore’s logistics and multimodal capabilities, paired with Chongqing’s growing inland gateway status, can redefine regional trade routes.
Gan framed this collaboration as a concrete example of leveraging each country’s strengths: Singapore as a global trade and logistics hub, and Chongqing as an expanding inland gateway. He described the initiative as a pathfinder project that demonstrates how a city once constrained by geography can become a thriving cross-border trade node through anchored expertise in supply chains and connectivity.
Beyond the CCI, the two nations expanded financial and digital economy collaborations. DBS was designated as Singapore’s second RMB clearing bank to support offshore RMB activity and facilitate trade and investment in RMB, complementing ICBC Singapore’s earlier role as the first RMB clearing bank since 2013. A pilot program will allow Singaporean travelers to open and top up digital CNY wallets for merchant payments in China by the end of 2025.
Both sides agreed to deepen cooperation in green finance and digital assets, update the Multi-Jurisdiction Common Ground Taxonomy, and expand capital-market connectivity, including links to ETF products and support for secondary listings. An upgraded MOU on trade facilitation and trade-security enhancement was signed, building on a 2019 agreement to bolster cooperation between Singapore and Chinese customs administrations. Specific areas include strengthening Authorized Economic Operator programs, sharing best practices on Free Trade Zones, and easing customs clearance processes.
Food trade was another mutual priority: China will facilitate market access for Singaporean food producers to export processed meat to China, while Singapore approved exports of processed meat from Chongqing, Heilongjiang, and Hunan. Enterprise Singapore and Suzhou Industrial Park signed an MOU to advance green development, and Singapore signed a new agreement with Tianjin to foster cooperation in advanced manufacturing, shipping, biomedical sciences, and tourism.
Science and innovation featured prominently, with MOUs between Singapore’s National Research Foundation and China’s Ministry of Science and Technology, as well as between ASTAR and Tsinghua University to boost research collaboration and knowledge sharing. Renewed collaboration between ASTAR’s National Metrology Centre and China’s National Institute of Metrology will continue joint work in measurement science. Additional agreements cover health, legal services, sports, and youth and cultural exchanges.
Ding emphasized that China and Singapore, as development partners with shared cultural affinities and converging interests, should build on the consensus reached by their leaders and deepen unity and practical cooperation across sectors to support their development goals and regional stability.
Reflecting on the meeting’s significance, Gan described JCBC as a reunion of old friends whose long-standing trust has supported a dynamic, multi-domain partnership. He stressed that while the two nations have different priorities, their shared interests create ample room for collaboration that benefits both business communities and citizens alike.
If you’re curious about how these arrangements will reshape trade, logistics, and technology ecosystems in the region—and whether such deep cooperation can withstand shifting global dynamics—share your thoughts below. Do you see this as a model other countries should emulate, or are there potential drawbacks to such tightly linked bilateral programs?
