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SIP China-Singapore Joint Steering Council Met for 9th Session

The ninth meeting of SIP China-Singapore Joint Steering Council was convened on July 10 in Singapore, jointly chaired by Wu Yi, Vice Premier and Chairperson of Chinese side, and Deputy Prime Minister Wong Kan Seng, Chairman of the Singapore side.

The meeting gave high appraisal to the work in SIP in the past three years. Since 2004, when the 7th session of the Steering Council set forth a 10-year development goals for SIP, the economy has maintained an average annual growth rate of 23%, and all the targets in GDP, financial revenues, export and import volume, have been attained or overfulfilled. In 2006, SIP produced 68 billion RMB GDP, 1.9 times that of the previous three years, and US$12.1 billion in export and import volume, 3.5 times that of the previous three years. The accumulated contracted foreign investment capital has amounted to US$ 28.4 billion, while the paid-up foreign capital to US$ 12.2 billion. Encouraging progress has been made in optimizing economic structures. SIP has been active in introducing headquarter economy, R&D institutions, and modern service projects into the region. The numbers of Fortune-500 projects, headquarter set-ups, and R&D institutions introduced in the past three years are respectively 35%, 67%, and 84% of the total. Modern service industry, like financial, logistics, and professional agencies, is growing fast. SIP has become the government-designated "demonstration base for Chinese outsourced service". Besides, remarkable progress has also been made in adapting and popularizing the experience of Singapore.

It was pointed out at the meeting that SIP, now in the crucial stage of industrial reorientation, accelerated urbanization, and internationalization, is faced with the task to implement the concept of scientific development approach, push forward the construction of harmonious society and energy-conservation and environment-friendly economy, and raise international competitiveness. The meeting called on SIP to raise higher goal for the next ten years’ development. By 2014, the added value of service industry will consist 40% of GDP, R&D expenditure 5% of the GDP, and the output value of hi-tech products 75 of the total industrial output value. The environment comprehensive index will reach 98 or above, and the energy consumption per 10,000 RMB GDP reduced to the average level of developed countries of the same period. The two sides of China and Singapore will strengthen cooperation and take active measures to create better conditions for future development of SIP.

The two sides reiterated at the meeting that they, in consistent adherence to the principle of "equality and mutual benefit, and sincere cooperation", will continue to support SIP in sustained and better development towards a hi-tech industrial park with optimized environment, functional superiority, sustained improvement of international competitiveness.

July 10, 2007

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