CHONGQING — Singapore and China unveiled a landmark 27 memorandums of understanding and agreements on December 15, following high-level talks at the Joint Council for Bilateral Cooperation (JCBC), signaling deeper ties amid global headwinds.
The deals span health, food security, digital economy, and green finance, with standout initiatives including a pilot allowing Singaporean tourists to use digital renminbi (e-CNY) in China—rolled out via ICBC and Bank of China branches starting this month. DBS Bank was also named Singapore’s second RMB clearing bank, boosting cross-border finance under the China-Singapore (Chongqing) Connectivity Initiative (CCI), marking its 10th anniversary.
Deputy Prime Minister Gan Kim Yong, co-chairing with Chinese Vice-Premier Ding Xuexiang, stressed the need to “anticipate challenges and capitalise on new opportunities.” Trade surged 8.8% in the first 11 months of 2025, flights exceeded pre-COVID levels, and Singapore’s investments in Chongqing doubled to $12.7 billion since 2015.
Key pacts extend CCI to healthcare, education, and digital trade; facilitate Singapore processed meat exports; and enhance disease prevention collaboration. Another bolsters dispute resolution and IP management for digital-green growth. The New International Land-Sea Trade Corridor saw 15% cargo growth from 2022-2024.Marking 35 years of diplomacy, built on Lee Kuan Yew-Deng Xiaoping foundations, the outcomes reinforce flagship projects like Suzhou Industrial Park and Tianjin Eco-City, with Gan noting steady progress despite “rising global unilateralism.”