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A Strong Foundation for Shanghai – Singapore Partnership 5 Over the years, China and Singapore have developed a strong bilateral relationship. Trade and economic ties are robust and strong. This is a firm foundation for the Shanghai – Singapore relationship to grow from strength to strength: In 2015, Sino-Singapore bilateral trade rose 1.6% year-on-year to SGD 123.5 billion or about USD 90 billion. For the third consecutive year, China was Singapore’s largest trading partner. Singapore was China’s 3rd largest trading partner in ASEAN 1. During the same period, Shanghai – Singapore bilateral trade saw steady growth to reach almost USD 13 billion. In 2015, Singapore’s investments into China amounted to about USD 7 billion, an increase of 18.5% from 2014. For the third consecutive year, Singapore was China’s largest foreign investor2. Singapore was China’s 5th largest investment destination. Singapore’s actual investments into Shanghai expanded an impressive 160% year-on-year to reach USD 2.2 billion in 2015. 6 In particular, financial cooperation between both countries has thrived. In September this year, President Xi Jinping met PM Lee Hsien Loong at the side-lines of the G20 meetings in Hangzhou. Both leaders noted the positive progress achieved in the latest government-togovernment (G-to-G) project in Chongqing. Financial cooperation was highlighted as an area that has made strong headway. China and Singapore also achieved several new financial cooperation milestones in 2016.