Chinese officials on Wednesday urged Singapore to consider issuing Qualifying Full Bank (QFB) licenses to the Singapore branches of two Chinese banks, the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC).
The QFB license will allow a foreign bank to open up to 25 branches and off-site ATMs (Automatic Teller Machines) in Singapore.
Visiting Chinese Vice Primer Wang Qishan and his Singaporean counterpart Teo Chee Hean co-chaired a number of meetings on bilateral cooperation here on Wednesday, including the 8th China- Singapore Joint Council Meeting for Bilateral Cooperation.
Speaking at the meeting that also gathers ministers and senior government officials, Wang said that much has been achieved as a result of the free trade agreement China and Singapore signed last year.
The bilateral trade grew by 19 percent to $57.1 billion in 2010.
The two sides also made breakthroughs in cooperation in financial services. A currency swap agreement worth 150 billion yuan was signed last year, and a first 25 million yuan was tapped in July this year for the purpose of trade settlement.
Chinese officials at the meeting said they are hoping that Singapore may consider issuing Qualifying Full Bank licenses to the Bank of China and the Industrial and Commercial Bank of China in Singapore.
Foreign banks in Singapore have different categories of licenses in Singapore. The BOC, which has been operating in Singapore for decades, has a Full Bank license now with seven branches. The ICBC have a wholesale banking license that does not allow it to offer retail banking products and services.
Wang said the bilateral ties have been growing and the achievements have been many in bilateral cooperation. Now seven Chinese provinces have established bilateral trade and economic councils with Singapore, and progress is fast on bilateral cooperation projects like the Knowledge City in Guangzhou.
He said that the recent global financial crisis happened because something went wrong with the world financial system, which is the core of the modern economy.
There are still many uncertainties in the international economic and financial situation, and the global economy will not come out of the recession soon. The advanced economies such as the United States, Europe and Japan, and the emerging economies all suffered from the crisis. The international community should be prepared for a long-term struggle against the crisis, Wang said.
As a major developing country, China will first manage its own challenges and try to strike a balance between the steady development of the economy, economic restructuring and preventing inflation, Wang added.
Teo said that the two countries should deepen their cooperation and seek complementary development, adding that China is welcome to take advantage of Singapore's status as the gateway to the world.
Wang and Teo witnessed the signing of the Protocol to Amend the China-Singapore Free Trade Agreement, and the Supplemental to the China Banking Regulatory Commission-Monetary Authority of Singapore Memorandum of Understanding -- Statement of Cooperation on Crisis Management.
Wang arrived in Singapore on Tuesday for a three-day visit. He also co-chaired the 13th China-Singapore Joint Steering Council Meeting for the Suzhou Industrial Park and the 4th China-Singapore Joint Steering Council Meeting for the Tianjin Eco-city with his Singaporean counterpart Teo Chee Hean.
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