SBF Overseas Market Workshop to China

Significance of the China and Greater Bay Area (GBA) markets

The economy of China is the largest in Asia and the second largest in the world. China was Singapore’s largest trading partner in 2022 with total merchandise trade value of S$175 billion, while Hong Kong is Singapore’s sixth largest trading partner in 2022 with total merchandise trade value of S$83.8 billion. Trade with China and Hong Kong amount to 12.8% and 6% respectively of Singapore’s total trade with the world1. 

The Greater Bay Area (GBA) includes Hong Kong, Macau and nine mainland cities in Guangdong province, and is a thriving economic powerhouse that contributes to over 11% of China’s GDP2. A strong financial hub with an excellent geographical advantage, powered by advanced technological innovations and infrastructure, the GBA is one of the most influential and promising economic clusters in the world. 

Combined gross domestic product (GDP) of the 11 cities in the GBA was close to US$2 trillion in 2022, up 25% from US$1.65 trillion in 20193, and is expected to be a driving force for Hong Kong’s financial markets and a wide range of industries. 

According to the SBF’s National Business Survey 2022/ 2023, within Asia, 46% of companies have presence in China, and 21% plan to expand their business into China. 

Opportunities in China’s Digital Economy 

Separately, SBF organised the 6th China Economic Outlook webinar on 28 September 2023, which was attended by close to 300 senior business leaders from companies in 18 countries and economies, across sectors such as banking and security, consulting, manufacturing, transportation and distribution. 

China’s digital economy has more than doubled between 2016 to 2022 and accounted for more than 40% of China’s GDP in 20224. Findings from a poll conducted during the webinar showed that the top two factors for successful entrance into China’s digital economy market are the importance of establishing strong local partnerships (76.6%) and adapting to local consumer preferences (58.5%). Also, 76.6% of responses identified regulatory hurdles as a significant challenge for foreign companies when entering China's digital economy market. 

Details about Overseas Market Workshop (OMW) to China

Organised by Singapore Business Federation (SBF) and supported by Enterprise Singapore, the OMW took place between 9 to 13 October 2023. A delegation of 23 senior business representatives from 18 companies visited renowned Hong Kong organisations such as Hong Kong General Chamber of Commerce (HKGCC), Hong Kong Trade Development Council (HKTDC) and Cyberport, as well as long-standing Chinese companies such as Huawei, Tencent, Neptune Logistics in China to learn more about the country’s latest innovation and digitalisation developments. These meetings provided Singapore businesses with first-hand knowledge of how businesses from Singapore and China can be more actively involved in their pursuit of innovation. It also provided delegates networking opportunities with member companies of HKGCC, HKTDC, Commerce Bureau of Shenzhen Municipality with Chinese businesses as well as Singapore companies based in China. 

Quote by SBF Spokesperson

Ms Annie Wang, Executive Director of Global Division 2, SBF, said, “China’s strengths in cultivating digital ecosystems that foster innovation, entrepreneurship and integration, can be seen from its many companies that provide seamless consumer digital experiences across a wide range of services. The digital industry in China is valued around 50.2 trillion yuan (US$ 7.25 trillion) in 20225 and is expected to grow at around 16% per year over the next decade6. It is now an opportune time for Singapore companies to draw valuable insights from top Chinese enterprises, solidify strong partnerships, and propel their innovation endeavors to the next level of growth.”


S/N Company Name Sector Participant Name Designation
1 CMIA Capital Partners Pte Ltd Private Equity LEE Chong Min Chairman
2 LOH Wei Li Group Financial Controller
3 XING Qianqian Executive Director
4 DOSK Contract Services Pte Ltd Engineering Design & Consultancy Dennis CHAN Zhen Ye Deputy CEO
5 EZ-Link Pte Ltd Financial Services TIAN Kah Wai Head, Strategy
6 Genesis Networks Pte Ltd Information Technology LEE Seng ChyeManaging Director
7 House of Seafood (S) Pte Ltd Food Manufacturing NG Beng Lai Francis CEO
8 IFS Capital Limited Financial Services CHUA Boh Soon Product Manager
9 Ledgen Singapore Pte Ltd Corporate Services MOK Heng Wah Group CEO
10 Li Chuan Food Products Pte Ltd Food Manufacturing TAN Huey Yee Serene Deputy General Manager
11 Markono Logistics Pte Ltd Logistics TAN Kok Liang Manager, Business Process
12 MEDS Technologies Pte Ltd Information Technology Consultancy KE Xiaowei Business Development Manager
13 MOGIC (S) Pte Ltd Marine, Oil & Gas – Electrical & Control Automation LEONG Bink Tung Director
14 LEONG Fatt Sen Managing Director
15 Simeon KONG Doe Yin Senior Project Manager
16 OAKS Family Office Pte Ltd Fund & Investment Management Sarah YEOW Yee Peng Director
17 Sin Chew Woodpaq Pte Ltd Manufacturing & Logistics Andelyn OH Chai Ling Business Manager
18 SingCapital Pte Ltd Financial Services CHIA Chiow Kuan Alfred CEO
19 Teambuild Engineering & Construction Pte. Ltd. Engineering & Construction TAN Zhao Zhi Corporate Development Manager
20 TANG Yu Xin Assistant Manager
21 Teck Huat & Company Pte Ltd F&B LOK Hong Tan Jenny Digital Marketing Specialist
22 WorldBiz Realty Pte Ltd Real Estate LAI Yan Ting Patrick Managing Director
23 Zendobee Pte. Ltd Management Consultancy CHIA Zhi Wei Director


Friday, 13 October 2023