2025 Land-Sea Economic Forum Drives China-ASEAN Industrial Cooperation

Singapore - The 2025 Land-Sea Economic Forum was held on June 12 in Singapore, attracting nearly 200 participants from the political, business, and academic sectors in China and abroad.

The event received media coverage from major international outlets, including CNBC, The Wall Street Journal, Bloomberg, Xinhua News Agency, Channel NewsAsia (CNA), and Lianhe Zaobao.

Guided by the Information Office of the Chongqing Municipal People’s Government, the forum was co-hosted by the Western China International Communication Organization and CITIC Press Group, with support from the China Construction Bank Singapore branch.

Themed "Connectivity for Shared Success: Trends and Visions for Chinese Industries Expanding into Southeast Asia," the forum brought together Chinese and international guests in Singapore — the most economically developed country in Southeast Asia — to explore new opportunities for Chinese industries expanding into the region and to promote coordinated regional economic development.

As a parallel session of the China-Singapore (Chongqing) Connectivity Initiative – New International Land-Sea Trade Corridor (CCI-ILSTC) Trade and Financial Conference, the 2025 Land-Sea Economic Forum contributes to a broader international communication matrix, aligning with the main forum through shared resources and complementary topics.

Singapore emerges as a gateway for Chinese firms in Southeast Asia

In his opening remarks, Xu Jian, Vice Mayor of Chongqing and Executive Deputy Director-General of the Executive Committee of China-Singapore (Chongqing) Connectivity Initiative, noted that this year marks the 35th anniversary of diplomatic ties between China and Singapore, as well as the 10th anniversary of the CCI project. Guided by the strategic vision of both countries' leaders, Chongqing and Singapore have continued to deepen cooperation in key areas, achieving new progress and results. The New International Land-Sea Trade Corridor now connects 514 ports across 123 countries and regions. The cross-border financing channel between China and Singapore has continued to expand, making Singapore the largest source of utilized foreign investment in Chongqing.

Cao Zhongming, Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the Republic of Singapore, emphasized in his opening speech that China and ASEAN are natural partners, bound by geography, culture, and a shared destiny. The two sides have been each other's largest trading partner for five consecutive years. Projects under the Belt and Road Initiative, such as the China-Laos Railway and the Jakarta-Bandung High-Speed Railway, are gradually delivering benefits. With the Regional Comprehensive Economic Partnership (RCEP) now fully in effect, over 2 billion people across China and the Association of Southeast Asian Nations (ASEAN) are experiencing tangible improvements in their lives.

Ng Ming Liang, Vice President of Global Enterprises Division at Singapore Economic Development Board, stated that as Southeast Asia becomes increasingly attractive to investors, Chinese enterprises are showing a stronger willingness to go global. Singapore, as a regional hub, boasts one of the world's busiest and most efficient ports, handling one-seventh of the world's containers. Currently, 90% of cargo can clear customs within eight minutes, and customs efficiency continues to improve.

He noted that Singapore is advancing regional cooperation to overcome developmental bottlenecks. One example is the newly launched Johor-Singapore Special Economic Zone, which leverages Singapore's manufacturing and financial strengths alongside Malaysia's Johor region's resources and cost advantages to build a more integrated industrial chain. On the financial front, the Singapore Exchange (SGX) has introduced several facilitative measures to support Chinese enterprises in accessing international capital markets, including streamlining the secondary listing process for A-share companies.

ASEAN rises as China's manufacturing partner

The smooth development of ASEAN-China relations is largely due to ASEAN's effective functioning as a regional organization, said Kishore Mahbubani, a Distinguished Fellow of the Asia Research Institute at NUS and a Former Permanent Representative of Singapore to the United Nations, in his keynote speech. He emphasized that regional cooperation is never easy because you cannot choose your neighbors; whoever they are, you must learn to coexist and cooperate.

He Dong, Chief Economist at the ASEAN+3 Macroeconomic Research Office (AMRO), noted that the ASEAN+3 economies now account for roughly one-third of global GDP and total trade. The group's economic resilience and diversity have improved, enhancing its ability to withstand ongoing tariff shocks. He highlighted ASEAN's growing strength in two-way investments, both as a major destination for foreign direct investment (FDI) and an active investor abroad, with cumulative FDI inflows nearing $2 trillion.

China's direct investment in ASEAN has more than doubled since the pandemic, and ASEAN has also become a significant source of foreign investment for China. However, China's investment in ASEAN still accounts for less than 10%, indicating significant growth potential. Even amid the current highly tense geopolitical and trade environment, we still see a ray of hope—closer regional cooperation will be the key to navigating these uncertainties, according to He.

Today, ASEAN is not only a crucial export market for China but also increasingly demonstrates manufacturing capabilities and industrial synergy, becoming a key import source and industrial partner.

Guan Xin, Vice President of Changan Auto Southeast Asia Co., Ltd., shared that in May 2025, Changan's first overseas new energy vehicle (NEV) manufacturing base officially began operations in Rayong, Thailand. Changan has also established over 190 stores and partnered with more than 200 suppliers across Southeast Asia, creating over 300,000 jobs along the industrial chain and employing more than 1,100 staff, 87% of whom are local employees.

He revealed that Changan's NEV brand Deepal has partnered with dealers in Singapore. On March 27 this year, Deepal held its brand launch and showroom unveiling in Singapore, debuting its S07 model with deliveries already underway. Upcoming models include the S05 and E07. Additionally, Changan's premium electric brand Avatr is expected to enter the Singapore market in July.

How Chinese companies harness growth potential in ASEAN

During the forum, Zhu Linning, Vice President and Macro Strategist of the Chief Economist Team at China Securities, released the report titled A New Era of Industrial Revolution and Regional Integration: Southeast Asia Investment Report 2025.

The report highlights that there is broad room for cooperation between China and ASEAN in areas such as digitalization, manufacturing, and services, with Singapore and Chongqing serving as representative models of this partnership. Around half of ASEAN's outbound investment flows to Singapore, making it a key gateway for Chinese enterprises expanding abroad and a vital player in both manufacturing and services.

Meanwhile, Chongqing has continued to drive economic growth and tap into consumer potential. In the first half of 2024, it ranked first nationwide in total retail sales, underscoring its strategic position in connecting western China with Southeast Asian markets.

In a roundtable session on "AI-Empowered Cross-Border E-Commerce Driving Brand Globalization", business leaders explored how AI can drive full-chain upgrades in cross-border e-commerce, enabling precise alignment with local consumer preferences while improving customer services and marketing efficiency.

Mark Wang, General Manager of Solutions and Customer Success at Tencent Smart Retail and Life Industries, shared that the company is helping Chinese tourists in Japan use Chinese-language ordering and payment via the WeChat ecosystem. AI tools are also enhancing alignment between supply chains and consumer preferences, further advancing the development of cross-border retail.

Another session focused on "New Opportunities and Challenges in Cultural Export", where participants discussed integration trends in China-ASEAN cultural consumption and the potential for collaborative creation.

Panelists agreed that cultural exports are becoming a key pillar of China's international engagement. Popular titles like Black Myth: Wukong and Ne Zha 2 have set strong examples. Chinese dramas enjoy wide popularity in Thailand and Vietnam, with Vietnamese viewers described as unconditionally enthusiastic, particularly about historical dramas and fantasy genres, which possess strong global reach and cultural representation.

During the roundtable discussion on "Financial Services for China-Singapore Connectivity and ASEAN Market Expansion", participants focused on the financial empowerment of enterprises in China, Singapore, and ASEAN, and explored cooperation opportunities to expand regional markets.

Wang Hongwei, Chief Executive Officer of ADB's Credit Guarantee and Investment Facility (CGIF), stated that CGIF currently provides bond issuance guarantees for local and regional companies in Singapore, and hopes to support Chongqing and more Chinese enterprises in issuing Singapore dollar bonds in the future.

Deng Guanghuai, Executive Vice District Mayor, People's Government of Yuzhong District of Chongqing, noted that the service sector accounts for over 70% of Singapore’s economy, while in Yuzhong District, including finance, the service sector accounts for over 90%, indicating great potential for future cooperation between the two sides.