Singaporeans doing business in China
In 1985, the Singapore government signed the Investment Protection and the Avoidance of Double Taxation Treaties with the Chinese authorities. Since then, in the drive to regionalise the Singapore economy, there has been a rapid increase in capital investments in China. In 1994 alone, new investments in China totalled a record US$3.78 billion. From 1979 to 1994, over US$8.6 billion was invested in China, in over 4,565 projects, making Singapore the ﬁfth largest foreign investor in China, after Hong Kong, Japan, Taiwan and the United States. The pace of investments has quickened considerably since. In 1995, a total of US$8.67 billion worth of new direct investment contracts were signed, more than the cumulative total from 1979 to 1994. More importantly, several of the projects, such as the Singapore-Suzhou Township and the Wuxi Industrial Park, are rather long-term commitments. When completed, the Singapore-Suzhou project will cost almost US$20 billion (Straits Times 1999).