Interview: China's market remains attractive for Singaporean firms despite COVID-19 impact -- business leader

SINGAPORE, May 8 (Xinhua) -- Chinese market remains an attractive investment destination to Singapore companies despite COVID-19 impact on the Chinese economy, president of the Singapore-China Business Association (SCBA) told Xinhua in a recent interview.

Ow Chin Seng attributes this attraction to China's political stability, strong government support for investment, good infrastructure construction, and large domestic market.

Ow voiced confidence that China's economy will keep going up as the Chinese government has formulated a series of far-sighted economic development policies.

"These policies include industrial relocation and upgrading, vigorously developing high-tech and green industries, and encouraging domestic enterprises to go abroad, which will help China's economy develop faster and better," he added.

The Chinese government has encouraged domestic companies to go abroad, which has not only helped advance economic development in the countries they invest in but also made contribution to China's economic development, he said.

Regarding some overseas voices that are bearish on China's economic development, Ow thought it is because they do not know China well and have not paid a visit there. The SCBA organizes regular business tours for Singaporean companies to various places in China. Through investigation, he found that China has potential for development in many fields and possessed many business opportunities.

"Many Singaporean companies are enthusiastic about investing in China even though the COVID-19 epidemic pressure is still there. Many of them are looking to the SCBA to help them enter Chinese market," said Ow.

Scientific and technological innovation, high-tech finance, green finance and automation are the main investment areas, he said.

Ow suggests that foreign companies investing in China need to understand China's investment policies and development trends, and make them as their references for working out their own investment strategies and product.