Huang Fei, director of the Singapore Enterprise Center in Shanghai. [Photo/shobserver.com]
"The connections between Shanghai and Singapore, whether governmental or business-related, are becoming stronger, with economic and trade interactions becoming more frequent," said Huang Fei, director of the Singapore Enterprise Center in Shanghai, in a recent interview with local media shobserver.com.
The Singapore Enterprise Center is a one-stop business service hub that helps Singaporean companies enter the Chinese market.
Huang said that he had just finished a video call with a Singaporean software development company. "The interaction went smoothly. Company representatives are expected to come to Shanghai soon, and we will help them register the company in the Hongqiao International Central Business District," he said.
Huang noted that Singaporean companies adapt quickly to Shanghai's international business environment. "The business environment here is well-regulated, and companies don't have to worry about much. As long as their products or services have unique features or competitive advantages, they can easily thrive in Shanghai."
Shanghai also offers conveniences aimed at attracting expatriates for work and helping their children enroll in schools, while issues raised by the Singapore Enterprise Center are quickly addressed by the government, he added.
Singaporean companies value Shanghai's role as a gateway into China. Shanghai serves as a window into China's reform and opening-up efforts and is backed by the economically vibrant Yangtze River Delta region. This allows Singaporean companies to expand into China's interior and collaborate with multinational companies. The mutual visa exemption between China and Singapore has also brought the two sides closer together.
Moreover, more Chinese companies, especially private enterprises, are choosing Singapore and the ASEAN region as their preferred destinations for overseas expansion. Since 2013, China has been Singapore's largest trading partner, and Singapore has been China's largest source of new investments for 11 consecutive years.
Regarding competition versus cooperation between Shanghai and Singapore, Huang uses shipping data to illustrate that the relationship is not zero-sum. Since 2010, Shanghai Port's container throughput has ranked first globally, while Singapore Port ranks second. Both are building international financial centers with different focuses, leading to more cooperation than competition.
"If we can enhance the developmental advantages of both regions through cooperation and grow the pie together, I believe this will earn support from people in both areas and benefit ASEAN and China as a whole," Huang said.
