China and Singapore have long been strong business partners with strong economic ties. China’s tech behemoths such as Alibaba, Tencent, and ByteDance have recently established regional offices in Singapore. There’s an increasing number of Singapore companies that are pursuing business in China. If you are looking to expand your business to China, read on to learn why Ucommune is the best coworking space in Singapore for you to achieve this goal! Singapore’s business interests in China
Singapore’s business interests in China
On 4th February 2022, President Halimah Yacob visited China and attended the Opening Ceremony of the XXIV Olympic Winter Games. During this visit, President Halimah met with Premier Li Keqiang. The two leaders affirmed the strong ties between Singapore and China over a bilateral meeting. Both countries have great synergy in their development pursuits and this convergence can be seen in the business sphere.
China and Singapore observed good momentum in economic cooperation, especially in trade and investment and other new areas like the digital economy amidst COVID-19. According to Singapore Business Federation’s National Business Survey 2020/2021, China is ranked among the top three countries that Singaporean businesses have identified in their expansion plans. China and Singapore are also major trading partners. – China has been Singapore’s largest trading partner for eight consecutive years since 2013. At the same time, Singapore’s imports and exports accounted for 14% of China’s total trade in 2020.
Other than interest at the macro-level, at the micro-level, Singaporean firms are targeting the Chinese market given its huge internal demand and strong recovery from COVID-19. In fact, China is the only major economy seeing an expansion during the pandemic, with a record growth of 18.3% in 2021. In 2020, Enterprise Singapore helped some 20 companies expand to China for the first time.
The connection between Singapore and China Businesses
Ucommune has a mission of “Link China” which aims to build a common harbour for mainland enterprises going abroad and overseas enterprises wishing to enter the Chinese market. Other than building coworking spaces in China, Ucommune has been actively exploring overseas markets as early as 2016, gradually growing into a leading coworking space service provider in Asia.
In 2017, Enterprise Singapore, CapitaLand and Ucommune signed a joint agreement on the development of coworking spaces. This cooperation will help Singaporean startups enter China and Chinese technology enterprises to develop in Singapore. The three parties will work together to build a Sino-Singaporean startup service system with government guidance, support from industry leaders and comprehensive services for technology incubation, and to set a benchmark for the deep integration of real estate, sharing economy and “dual innovation” across borders. This will set a benchmark for the deep integration of real estate, sharing economy and “dual innovation” across borders. Hence, Ucommune is an ideal coworking location for businesses interested in building an international network.
A unique value proposition of coworking spaces is the ability to network within the communities. When you are in Ucommune, you can form relationships organically, meet like-minded people and even strike up business deals. You get the opportunity to interact with firms and individuals from Singapore, China, and all over the world. Such opportunities are hard to come by and can potentially open doors for exciting business collaboration and partnerships.
Bridging Two Worlds Making Ucommune the Best Coworking Space in Singapore
While Singaporean firms are looking at entering the Chinese market, Chinese firms are also eyeing Singapore to expand their operations, especially tech firms like Tencent, Alibaba and ByteDance. They have set up strategic operations in Singapore to support their expanding business presence in the South East Asia region. Some of these tech big-names have set up offices in Ucommune, such as Xiaomi. Other Chinese enterprises expanding into Singapore have also chosen Ucommune as their office location for a variety of reasons. This includes a sense of familiarity, being impressed by the strategic location and professional services, and feeling a sense of belonging. Ucommune devotes itself to giving localised services to quality Chinese enterprises to adapt to the global market and expand. Hence, we are often the top choice for Chinese firms expanding into Singapore.
In addition, as Ucommune has coworking spaces across different cities in China, we are able to support Singaporean users if they expand into China, as the community passes can be utilised globally.
Ucommune Singapore not only houses Singaporean firms but is also home to a variety of quality Chinese and international firms. Thus, we provide a unique international perspective and experience. If you want to meet more Chinese business partners and get into the Chinese market, Ucommune is the best coworking space in Singapore for you.