Banks in Singapore are looking out for opportunities from Chinese President Xi Jinping, after he brought about an estimated US$46 billion in trade and investment deals in the United Kingdom.

SINGAPORE: Chinese President Xi Jinping visits Vietnam and Singapore this week, after wrapping up trips to the United States and the United Kingdom. His visit to the UK brought about an estimated US$46 billion in trade and investment deals. According to banks in Singapore, they are looking out for opportunities he will bring.

China is Singapore's top trading partner, with bilateral trade reaching almost S$122 billion last year. Singapore is also the biggest investor in China, if Hong Kong is excluded.

Calling the visit a "significant milestone", Bank of China (BoC) Singapore said issues likely to be on Mr Xi's agenda include yuan internationalisation, the “One Belt, One Road” initiative, and a third government-to-government project, after the Suzhou Industrial Park, and the Tianjin Eco-city. The bank, which is marking its 80th year in Singapore, will also make a number of announcements to coincide with the President's visit.

Ms Guo Ningning, BoC general manager and country head of the Singapore branch, said the bank will announce the launch of two global centres, which are the Bank of China Global Commodity Repo Centre, and the Bank of China Global Energy Commodity Finance Centre.

She added: “We believe ... BoC will continue to support the building up of Singapore as a financial centre and an offshore renminbi centre, and achieve much more development in the future, together with the Singapore government and customers."

Under Mr Xi's administration, China has been encouraging its companies - both public and private - to invest abroad. A key initiative is the “One Belt, One Road” strategy which, according to BoC, covers about 80 countries west of China via the Silk Road Economic Belt, and southwards via the 21st Century Maritime Silk Road.

HSBC Head of Banking Advisory for Southeast Asia Alvin Lim, said: "They've been really after oil and gas, and mining.

“But, I think over the last three to five years, that trend has shifted, as the Chinese consumers move into higher income brackets. They are looking for brands, food safety and looking at moving into more value-added manufacturing, so that means buying technology and expertise."

Mr Xi's visit marks 25 years of diplomatic ties between Singapore and China. He last visited in 2010 when he was Vice President.

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