Look beyond a 'quick buck': DPM Gan on investing in China

He remains cautiously optimistic about the Chinese economy's long-term prospects

- Yew Lun Tian

At a gallery in the Suzhou Industrial Park is a black-and-white photo of Singapore's founding prime minister, Mr Lee Kuan Yew, who had been instrumental in setting up the park as the first government project between China and Singapore 30 years ago.

"They don't forget their old friends," Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong told Singapore media, citing the photo as evidence.

Mr Gan is among the current generation of Singapore leaders who have taken the baton from earlier leaders to continue working with China. Next week, when his counterpart, Chinese Vice-Premier Ding Xuexiang, visits Singapore, Mr Gan will, for the first time, co-chair the Joint Council for Bilateral Cooperation (JCBC), the annual top-level platform between both countries.

The 2024 JCBC is the 20th edition, and also the first since Mr Lawrence Wong took office as prime minister in May. He had co-chaired the meetings in 2023 as deputy prime minister.

The JCBC meetings offer leaders and officials from both countries a chance to build trust and understanding while collaborating on mutually beneficial projects. Such collaboration opens doors for companies to trade and invest and for more people to study and travel between the two countries.

"With every new generation of leaders, it is important for them to build trust and understanding in their own way, because very often, this trust and understanding is very personal," said Mr Gan during an interview with Singapore media on Oct 30.

He noted that such government-to-government discussions may not seem very relevant to the man in the street. "But in fact, they have shaped the relationship between Singapore and China over the last 30 to 40 years."