GIC, Singapore's sovereign wealth fund which manages the country's foreign reserves, upheld its commitment as an investor in China amid challenges faced by the economy at present.
The wealth fund, which has more than $100 billion in assets managed in more than 40 countries across the world, said GIC has been in China during its early stages and has therefore known extremely well how the country sustains resiliency amid risks in the past.
China has survived risks in the past, it would continue to overcome challenges at present.
Lim Chow Kiat, the chief executive officer of the sovereign wealth fund, said Singapore has benefitted financially and has fostered a strong partnership with China all through the years. From then to now, China's growth potential remains unrivaled.
Lim said Chinese leaders have encountered all forms of market and economic challenges before and each time, the leaders have faced up to them, address them wisely, and triumphantly deal with them.
Lim was speaking at GIC Insights Forum held recently in Beijing. The event was the celebration of the 20th anniversary of GIC's first China office with the theme "The New China Economy."
Discussions during the forum dwelt with how China is undergoing major economic transition spiraled by the newfound potential in the consumption and services sector. It was noted during the forum that China's economy grew by 6.9 percent in 2017. This was above the government target of 6.5 percent. The growth happened amid tougher monetary policy, tighter financial regulations, and predicted banking risks.
In his speech, Kim said China has pioneered companies that worth significantly more today and would grow more than what they are worth at present. Of most remarkable segment growth was China's innovation and technology space, a segment which Singapore has been focusing on for several years now.
The rapidly evolving tech sector in China could be attributed to a strong governmental support and young Chinese entrepreneurs who are leading innovation and devising breakthrough business models. The country's talents remain to be the most attractive for global investors, according to participants of the GIC Insights Forum.
Business relations between Singapore and China were also highlighted in the first Singapore-China Belt and Road Initiative Investment Forum held in China on Oct. 25. The event was attended by representatives from China's National Development and Reform Commission and Singapore's Ministry of Trade and Industry.
NDRC's deputy head Ning Jizhe said that the next step for new China-Singapore cooperation is the third-party market cooperation aside from ventures already fostered under the Belt and Road project.
