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China to become even more important globally: Singapore leader

(Xinhua)
Updated: 2010-02-17 13:45

SINGAPORE: Singapore's Senior Minister Goh Chok Tong said on Tuesday that China will become even more important globally and Singapore must find opportunities to ride on China's growth.

Speaking at the Business China spring reception on Tuesday night, Goh said that China has over the past year weathered the global economic downturn with exceptional resilience.

Despite shrinking external demand and rising unemployment, China's timely and bold policy responses have enabled its economy to grow at a sizzling 8.7 percent last year, he said, adding that China is now reinforcing its role as the engine for growth in Asia, if not the world.

Goh said that the city state recognized China's potential early, soon after China began to open up its economy in 1978.

Because of the early efforts made by the Singapore government and Singaporeans, China is today the city state's third largest trading partner and top investment destination, Goh said.

As for riding on China's growth, Goh said that the Singapore government will help its companies gain an even stronger foothold in China, and continue to catalyze business opportunities in China.

The seven provincial-level business councils, as well as other high-level dialogues and platforms, help open opportunities for companies, reinforce the Singapore brand name and increase its mindshare in China, Goh said.