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China Remains an Important Market for Businesses and Investors Despite Risks

29 May China Remains an Important Market for Businesses and Investors Despite Risks

Media Release
For Immediate Release 

China Remains an Important Market for Businesses and Investors Despite Risks
SIIA Hosts Closed-Door Session on China’s Re-Opening and Its Significance for Singapore and the Region

Singapore, 26 May 2023
– “There are those who doubt the strength and certainty of China’s re-opening and the prospects for future growth. A clear-eyed, non-ideological perspective on China should be adopted. A re-opened China may not be the same as before,” opened Associate Professor Simon Tay, Chairman, Singapore Institute of International Affairs (SIIA).

The SIIA held the “China’s Re-Opening: Prospects for Growth and Cooperation” talk on Friday, 26 May 2023. The closed-door session focused on the re-opening of one of the world’s biggest economic players for Singapore and the region. SMS Sim Ann, Senior Minister of State, Ministry of Foreign Affairs & Ministry of National Development, delivered the keynote address.

Coming after visits to China by Singapore’s Prime Minister and by other Asian and European leaders, the talk offered a candid dialogue with perspectives from those who engage China from the “outside-in”. The two-hour discussion attended by over 125 guests was abuzz with the new opportunities in store for Singapore businesses, as well as the prospects and challenges facing China.

“Businesses should equip themselves with renewed vigour and wisdom gleaned from the pandemic to fully leverage on these opportunities going forward,” emphasised Associate Professor Simon Tay.

Kickstarting the discussion from a broad, macroeconomic perspective, Mr Kelvin Tay, Chief Investment Officer, South Asia Pacific, UBS Global Wealth Management, said: In our view, China’s potential for recovery from the pandemic lows, a peaking federal funds rate and a weaker US dollar make up a cocktail of optimism for robust growth in the later half of the year. Targeted policy support should continue to boost private sector confidence. We continue to see Asian economies as a bright spot for investors, and within our Asia strategy for China equities, we like the consumer, internet, transportation, capital goods, and materials sectors. In our global strategy, we also recommend investors to consider dividend and quality stocks as well as gold in their portfolios.”

The SIIA was privileged to have key business leaders with extensive experience engaging China to share their perspectives on the country’s reopening.

Among them was Mr Tan Tze Wooi, CEO of CapitaLand China Trust: “CapitaLand China Trust (CLCT)’s diversified portfolio comprising both retail and new economy asset classes and aligned with China’s focus on domestic consumption and innovation-led growth, are well-placed to capitalise on the country’s reopening conditions and pro-growth stance. Leveraging our Sponsor, CapitaLand Investment’s onshore real estate investment and operating capabilities, we are committed to build a resilient portfolio that will allow us to create sustainable value through market cycles.”

Dr. Claus Rettig, Member of the Extended Executive Board, President APAC, Evonik Industries, also remarked, “For Evonik, as one of the leading multinational specialty chemical companies, China is and will remain important as a growth market, manufacturing and innovation location. The business world after the pandemic is changing and will become more regional. We need to adapt our strategy accordingly. We are investing where we see attractive long-term growth opportunities and where have a good and sustainable competitive position. This is our strategy globally and applies in the same way for China.”


For further enquiries, please contact the SIIA

Media Contacts

Ms. Rohini Nambiar
Assistant Director, Policy Programmes and Media
Email: Rohini.nambiar@siiaonline.org

Ms. Hazeera Wahid
Senior Executive, Marketing and Media
Email: Hazeera.wahid@siiaonline.org

About the Singapore Institute of International Affairs

Insights ● Networks ● Access

Established in 1962, the Singapore Institute of International Affairs (SIIA) is a non-profit and independent think tank committed to producing policy analysis, fostering in-depth dialogues and bridging gaps between policymakers, private sector decision-makers and experts to shape public policy and social responses. Centred around ASEAN focused themes, the institute aims to deliver policy analysis in international affairs and on issues driving environmental sustainability. The SIIA has been consistently ranked as one of the leading think tanks in Southeast Asia and the Pacific, in the Global Go To Think Tank Index by the University of Pennsylvania. Since 2017, the SIIA was ranked the No. 1 independent think tank in Asia. It was also recognised as one of the top 50 think tanks globally, excluding the United States of America. For two consecutive years since 2019, it was recognised as the No. 1 think tank in South Asia, Southeast Asia, and the Pacific (excluding India). In 2020, it was also recognised as one of the think tanks with the best policy and institutional response to the COVID-19 pandemic.

About the SIIA’s ASEAN Programme

The SIIA’s ASEAN programme produces policy analyses and facilitates dialogue on how politics and socioeconomic policies in ASEAN impact business and investment in the region. Our work focuses on key ASEAN economies with major partners including China, Japan, the USA and the EU. The SIIA has done key work on Myanmar and Indonesia, providing assistance and advice in close cooperation with their government agencies. Key research output includes special reports evaluating the changing political and economic landscape as well as the business and investment opportunities of the respective countries. Our annual flagship dialogue, the ASEAN & Asia Forum (AAF) brings policymakers and the business community together to discuss the region’s political, economic and strategic challenges.