Created by Business China Singapore in 2010, the FutureChina Global Forum (FCGF) was inaugurated by Singapore’s Founding Prime Minister and our Founding Patron, the late Mr Lee Kuan Yew. The past 11 editions of FCGF have provided an international platform for business leaders and experts around the world to share their experiences and analysis of the new trends and forces driving China’s evolution to become one of the world’s largest economies.
For the first time, FCGF will be held virtually from 15 to 17 September 2020 (Tuesday to Thursday). We are honoured to have Mr Heng Swee Keat, Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, Mr Chan Chun Sing, Minister for Trade and Industry and Dr Koh Poh Koon, Senior Minister of State, Ministry of Health as our Guest-of-Honour of the Forum, comprising of virtual forum, virtual exhibition, exclusive closed-door discussion and the virtual networking.
The theme for the FCGF Special Virtual Edition 2020 is “A Resilient Future: Post-Pandemic Transformation & Opportunities in China and ASEAN” (坚韧的未来：后疫情时期中国与亚细安的转型和契机). The forum will focus on the trends, growth opportunities and lessons drawn from China and ASEAN. Through the Forum, participants will gain a sharper understanding of the latest developments and better anticipation of emerging trends that will position regional companies in capturing business opportunities in post pandemic recovery.
The outbreak of the novel coronavirus (COVID-19) is for the time being the most significant black swan of 2020 apart from the increased tensions between the US and China. The impact of the coronavirus has shrunk China’s first-quarter growth by 6.8%. The overall impact is likely to lower the Chinese real GDP growth rate in 2020 to an approximate of 5% . Various economic research teams have already cut their forecasts for 2020 by 0.2 to 0.8 percentage points. The outbreak is a severe test to the economic and political resilience in China in which economic performance is increasingly equivalent to political performance.
The Chinese economy is bouncing back after the new outbreak is contained with a rise in the activity in the Q3/Q4 of 2020 due to policy measures the expected increase in consumption spending (with a significant increase in retail sales).The disturbance to industrial production could be more severe due to a drag caused by the prolonged production shutdowns. These create significant supply outages and disruptions to the internal and external logistics networks and trade flows.
In post-Covid-19 era, the companies should be positioned to anticipate the post pandemic growth of China and China’s changing relations with ASEAN, Upon recovery, it is expected that China’s coastal regions will be among the first regions to recover economically with changed supply chain and logistic trade flow.
On the other hand, ASEAN countries are also strengthening linkages to better facilitate the movement of goods, develop trade services and reduce investment barriers. This vision for economic integration is shared by all ASEAN member states that aims to significantly increase ASEAN’s attractiveness as a business and investment destination. The ASEAN Economic Community (AEC) is one such example of how the 10 ASEAN members have committed to strengthening linkages and deepening economic integration. Today, 99% of goods traded between ASEAN member states are tariff-free. Another example of cooperation is the ASEAN Comprehensive Investment Agreement, which has also helped to provide more transparency, protection and recourse to investors from fellow ASEAN states. That being said, regional integration among ASEAN’s 10 member states is still a work in progress. There remains disparity among the various economies – from the openness to foreign investments to the types of regulations governing businesses to cultural differences.
The FutureChina Global Forum (FCGF) 2020 will focus on the trends, trade flow shifts, growth opportunities and lessons drawn following the COVID-19 outbreak. Singapore is strategically positioned as ASEAN and China’s international gateway, economic hub and centre of innovation respectively. As a long-standing partner of China, Singapore has much to offer in catalysing growth, connecting and facilitating collaboration between China and ASEAN. Through FCGF, participants will gain insights to the China and ASEAN’s present and future development as well as appreciate the strategic role that Singapore plays.
This highly anticipated forum will feature a strong line-up of esteemed speakers. Through their insightful sharing, participants will gain a sharper and most up-to-date understanding of both regions’ developments and emerging opportunities. The event is expected to attract over 500 distinguished business leaders, public personalities, leading experts and thought leaders from Singapore, China and the region.