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China
  • Market Profile
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Market Profile

Population (2020): 1.4 billion
GDP (2020): RMB 95.1 trillion
World Bank “Ease of Doing Business” Rank (2020): 31
Bilateral Trade with Singapore (2020): S$136.2 billion
Trading Partner Rank (2020): 1

ECONOMIC STATISTICS
GDP Growth Year-on-Year (2020) 2.3%
GDP per Capita (2020) RMB 67,928
Trade (2020) RMB 32,822 billion
(-0.73% y-o-y)
Actual FDI Flow (2020) RMB 933.5 billion
(4.5% y-o-y)

Sources: World Bank, Department of Statistics Singapore, Ministry of Commerce of the People’s Republic of China


Why China

China is the world’s most populous country and the world’s second largest economy. Since China began to open up and reform its economy in 1978, it has seen rapid economic development. Based on its 14th Five Year Plan (FYP; 2021-2025), China aims to pursue high quality and sustainable growth by focusing on boosting domestic consumption, leveraging technology and innovation, building self-reliance, as well as driving green and digital transformation.

Strengthening Domestic Consumer Demand
 

Under China’s dual circulation strategy, domestic consumption will be a key driver of economic growth, complemented by economic linkages with international markets. The rise of the silver economy and Gen Z consumers also presents opportunities for Singapore companies to target new emerging consumer services sectors, such as eldercare/healthcare and product categories such as nutritional or luxury products. Singapore retailers and exporters in the lifestyle and consumer sector can ride on the growth in China’s domestic consumer demand to capture these market opportunities.

Push towards Green and Digital Economy
 

China has set goals to achieve peak carbon emissions by 2030, and carbon neutrality by 2060. Its national carbon trading market was also launched in July 2021. China’s transition towards a green economy holds opportunities for Singapore companies that offer green and sustainable solutions.

In addition, China also aims to achieve digital transformation of traditional industries (e.g. manufacturing, education, trade). This would drive the emergence of new digital industries (e.g. AI) and digital infrastructure (hardware and software, e.g. data centres) to support the digital economy. These present new market opportunities for Singapore companies with niche capabilities in smart manufacturing and i4.0 solutions.

Investment in Technology and Innovation
 

Home to more than 150 unicorns1, China is viewed as one of the most promising markets in the world for technology innovation. In addition, the Chinese State Council has been launching initiatives to support entrepreneurship and innovation. The innovation ecosystem in China holds opportunities for Singapore technology startups and SMEs.

1 https://tracxn.com/d/unicorn-corner/unicorns-list-china

Development of Regional Mega City-Clusters
 

The 14th FYP also highlighted China’s intention to develop mega regions, such as Beijing-Tianjin-Hebei (Jing-Jin-Ji) Metropolitan Region, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing Economic Circle. The regional integration and urbanisation present opportunities for Singapore companies in infrastructure, transport and logistics, and modern services sectors.



Key projects, platforms and initiatives:

Free Trade Agreements with China
 

Free Trade Agreements with China enhance Singapore-based companies’ access to the vast Chinese market, further boosting bilateral trade and investment relations.

  • China-Singapore Free Trade Agreement (CSFTA)
  • ASEAN-China Free Trade Area (ACFTA)
  • Regional Comprehensive Economic Partnership (RCEP)

Key Platform Projects in China
 

Key Platform Projects in China serve as strategic channels for Singapore and China to share experience and collaborate in various areas, such as green economy and digital connectivity.

  • China-Singapore Suzhou Industrial Park (SIP)
  • Sino-Singapore Tianjin Eco-City (SSTEC)
  • China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI)
  • China-Singapore Guangzhou Knowledge City (CSGKC)
  • China-Singapore (Shenzhen) Smart City Initiative (SCI)

Provincial Business Councils in China
 

Provincial Business Councils (PBCs) are bilateral platforms to promote economic exchanges and cooperation between Singapore and China at the provincial level. Click here for the current list of PBCs and appointments.

  • Singapore-Guangdong Collaboration Council (SGCC)
  • Singapore-Jiangsu Cooperation Council (SJCC)
  • Singapore-Liaoning Economic and Trade Council (SLETC)
  • Singapore-Shandong Business Council (SSBC)
  • Singapore-Shanghai Comprehensive Cooperation Council (SSCCC)
  • Singapore-Sichuan Trade and Investment Committee (SSTIC)
  • Singapore-Tianjin Economic and Trade Council (STETC)
  • Singapore-Zhejiang Economic and Trade Council (SZETC)

Global Innovation Alliance (GIA) nodes in China
 

GIA is a network of Singapore and overseas partners in major innovation hubs and key demand markets, with a focus on technology and innovation.

  • Beijing
  • Shanghai
  • Suzhou
  • Shenzhen

Joint Innovation Calls with China
 

Joint Innovation Calls are partnerships to support cross-border collaborative projects on technology development and co-innovation.

  • Singapore-Shanghai Joint Innovation Call
  • Singapore-Zhejiang Joint Innovation Call
  • Singapore-Chongqing: Joint Innovation Development Fund (JIDF)



Enterprise Singapore has 9 Overseas Centres in China, based in Beijing, Chengdu, Chongqing, Dalian, Guangzhou, Qingdao, Shanghai, Wuhan, and Xi’an.

For more information on our profiled industries, click here.


China-Singapore Free Trade Agreement
Benefit from Singapore's extensive free trade agreements that ensure preferential market access and tax savings for your exports.
Read More
Venture abroad with the Global Innovation Alliance
Tech startups and SMEs can access market immersion, growth training and mentorship opportunities in major startup ecosystems, with the help of our GIA partners across 16 cities.
Read More


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(Last updated on 17 April 2022 14:31:46)