by Ginger Cheng
The Development Bank of Singapore (DBS) entered the Chinese market in 1993 with the establishment of its first representative office in Beijing. In May 2007, DBS subsequently incorporated in China, becoming the first Singapore bank and one of the first foreign banks to do so.
China is a key strategic market for DBS, and we closely monitor China's economic growth.
Over the years, China's economic model has continued to shift from one that is planned to one that is market-driven. Looking ahead, it is now transitioning from a model that is dependent on export-oriented and investment-driven growth to one that is powered by domestic consumption and innovation.
Today, China is in a very different stage of economic development, as it seeks to prioritize quality economic growth by driving sustainable and green development.
The electric vehicle sector is doing fantastically well, as well as some of the modern tech sectors, which are the target areas that DBS will focus on for the next stage of growth in China. There are large parts of the Chinese economy that continue to do well.
For the sixth year in a row, DBS has taken part in the China International Import Expo (CIIE), as China is the main impetus of development in Asia and around the globe.
During the last six years, CIIE has become a comprehensive platform for DBS to exhibit our most recent financial solutions and expand partnerships. Every year at CIIE, we have experienced the enthusiasm and trust of our local customers and partners.
By leveraging the spillover effects of CIIE, we have been able to forge strong connections with partners from various industries and avail ourselves of the chance to demonstrate and promote our brand and solutions to audiences and exhibitors from all corners of the globe.
Celebrating 30 years in China, DBS sees 2023 as a momentous occasion and a new starting point. At the sixth CIIE, DBS has focused on "finance for sustainable development and cross-border RMB services."
Through the platform of CIIE, we believe we will be able to collaborate with more customers and partners, hence providing a fresh impetus towards the high-quality progress of China's economy and China's high-standard opening up to the world. Enditem
(Editor's note: Ginger Cheng is the CEO of DBS China. The views expressed in this article are those of the author and do not necessarily reflect the positions of Xinhua News Agency.)