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Bilateral trade between Singapore and China grew by over 25% in 2010 to SGD$95.3 billion, according to ChannelNewsAsia.

The report quoted Singapore’s Trade and Industry Minister Lim Hng Kiang saying China is currently Singapore’s third largest trading partner, the second largest source of tourist arrivals, and top investment destination.

Many Singapore firms, aware of China’s immense potential as the world’s largest consumer market, have over the years, made inroads into the Chinese market.

In November last year, IE Singapore opened its newest Overseas Centre in Wuhan in Hubei Province.

Singapore companies can also leverage on the seven business councils, co-chaired by Singapore and China, to further their interests. These councils help to promote economic cooperation and facilitate networking between the business communities of both countries. — Source: ChannelNewsAsia

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