BEIJING—Singapore is offering up its financial industry to help pay for China’s ambition to develop a network of ports, railways, power plants and other projects across a broad swath of Europe and Asia.
Singapore Foreign Affairs Minister Vivian Balakrishnan said June 12 in Beijing that the small but economically powerful island nation is well positioned to finance China’s economic initiative.
Balakrishnan spoke after meeting with Chinese Foreign Minister Wang Yi.
Longstanding relations between the nations were tested in recent months by Singapore’s support for an international court ruling against China’s territorial claims in the South China Sea.
By partnering with China on financial matters, Singapore appears to be looking to smooth ties while profiting off of China’s rising global aspirations.
It faces competition from other financial centres including Hong Kong and London.