FutureChina Global Forum 2016
The seventh edition of the FutureChina Global Forum (FCGF) 2016, held on 18 and 19 July, brought together over 450 corporate leaders, senior executives, entrepreneurs and leading academics to examine the opportunities that China’s new economy can bring. Organised by Business China, the two-day Forum facilitated exchanges of insights, led by 70 speakers, on hot-button issues surrounding China’s role in the world economy through a total of 16 plenary and panel sessions.
In his welcome address, Mr Lee Yi Shyan, Business China Board Director and Chairman of the FutureChina Committee, said that in a globalised and inter-connected world today, China’s stability and developments would not only benefit its 1.4 billion citizens, it would also be beneficial to the region and the world.
Themed “Transformation or stagnation: What the new economy heralds for China and the region?”, FCGF 2016 seeks to understand possible future trajectories and identify potential growth sectors and market segments, based on evaluations of China’s latest economic reform agendas and analyses of their current status of implementation.
Mr Teo Chee Hean, Deputy Prime Minister and Coordinating Minister for National Security graced the Forum on 18 July. In his opening speech, DPM Teo elaborated on the current phase of China’s economic development and mentioned that Chinese companies were embracing the digital economy, creating global brands and expanding beyond the domestic market. China’s economic transformation would bring about new challenges and ‘difficult trade-offs’ but China had the track record of managing reforms well.
He suggested three areas of mutually beneficial cooperation between Singapore and China, namely, financial, legal and arbitrations services sectors, new growth sectors of the digital economy, as well as collaborating together to enter third markets in the region. DPM Teo also added that Singapore could serve as a ‘launch-pad’ for all companies interested to venture into the region.
The FCGF 2016 also saw the signing of a Memorandum of Understanding between Business China and China Internet Development Foundation. The MoU seeks to strengthen international and bilateral collaboration in developing the cyberspace and Internet technology sectors. The ceremony was co-witnessed by Ms Wang Xiujun, Deputy Director of the Cyberspace Administration of China and Mr Teo Chin Hock, Deputy Chief Executive of the Cyber Security Agency of Singapore.
At the Closing Lunch on 19 July, Mr Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, shared his insights on China and was optimistic about its future. He mentioned that China had a better chance at addressing the arduous task and eventually resolving the issues despite laden with complexities and uncertainties like other major countries. China is unique to other major economies as it has a ‘clear destination’ and a ‘clear direction of travel’.
On China’s long-term prospects, DPM Tharman expressed that productivity was the key. The productivity growth is already very high in manufacturing and e-commerce sectors in China but in general, there still lies a tremendous scope for growth.
“China has a very strong chance of emerging in five years’ time a transformed economy, not up to its maximum ambition, but a transformed society,” DPM Tharman said. “And unfortunately, that is not something that can be said for any other major country in the world.”
The FutureChina Global Forum is a high-level China-centric forum established by Business China in 2010. An independent platform that is interactive and bilingual, FCGF provides a holistic perspective of China’s fast evolving socio-economic landscape and seeks to invoke candid and profound discussions on China’s developments. The Forum is also an excellent platform for exclusive networking opportunities with business leaders and China experts from all over the world.
To view highlights of the Forum, please visit: