How a green town can make money: SM Goh

Senior Minister Goh sees eco-city as financial, R&D and training hub
Lin Yanqin, Today Online 26 Sep 08;

BEFORE the first spade goes into the ground at the Sino-Singapore Tianjin Eco-city,Senior Minister Goh Chok Tong already has his eye on the economic growth to come from the environmentally-friendly development.

In Tianjin for Sunday’s groundbreaking ceremony, Mr Goh, who first mooted the idea of an Eco-city to Chinese Premier Wen Jiabao 17 months ago, made some suggestions to Tianjin party secretary Zhang Gaoli yesterday about the city’s future.

“I think both sides should begin to think about the kind of economic activities we want in Eco-city,” said Mr Goh, who was visiting Tianjin for the first time.

“The Eco-city is not just meant to be a very pleasant residential township, it must have economic activity.”

For one, the Eco-city, suggestedMr Goh, who is also chairman of the Monetary Authority of Singapore, could be a “sub-regional financial hub” for north-east China. “This is something that will in turn drive other activities in Tianjin,” saidMr Goh.

Also, Tianjin could be used for training people in skills “for new jobs which are not there yet”, said Mr Goh.

“This will require research and development as to the kind of industries China will want to go into in the future,” he added.

Finally, research and development into environmental technology — like waste-water recycling — would be a “natural focus” for the Eco-city.

This will require attracting talent into the city.

These suggestions, said Mr Goh, along with the “three harmonies” — people-people, people-environment, people-economy — could help Tianjin Eco-city stand out amongst the other Eco-cities “mushrooming” around China.

Mr Zhang, who was meeting Mr Goh for the first time, welcomed these suggestions.

Making Tianjin a financial centre was in line with the Chinese government’svision for the city, which will require financial planning and reform.

With the economy currently in turmoil, carrying out such changes would be complicated, he said.

Mr Goh emphasised the importance of ensuring that leadership change would not affect the long-term development of Eco-city.

He said while it was natural over time for there to be disagreements between Singapore and Tianjin, they should not drag the whole project down.

In response, Mr Zhang gestured at the other Chinese officials present in the room and said the future leadership was already here, drawing chuckles.

Earlier in the day in Beijing, Mr Goh also called on Central Organisation Department Minister Li Yuanchao and State Councillor Liu Yandong — two of China’s “sixth generation” leaders, and met with the Beijing Olympics organising committee.

Tianjin eco-city could be a financial hub: SM Goh
He will officiate at the ground-breaking ceremony for the 50b yuan project
Chew Xiang, Business Times 26 Sep 08;

THE Tianjin eco-city project developed by a Sino-Singapore joint venture could become a financial hub for China's north-east region, Senior Minister Goh Chok Tong suggested yesterday at a meeting with Tianjin Party secretary Zhang Gaoli and mayor Huang Xingguo.

'That will in turn drive other economic activities in the eco-city,' Mr Goh said.

The Senior Minister is in China on a five-day working visit. He will officiate at the ground-breaking ceremony for the 50 billion yuan (S$10.4 billion) Tianjin eco-city project on Sunday.

Mr Goh, who is also chairman of the Monetary Authority of Singapore, said that the possibility of a financial hub may have to be considered in detail by the joint working committees.

At the hour-long meeting, the first between the two, Mr Zhang said he 'fully agreed' with the suggestion and added that the city has applied to host China's first over-the-counter market. The OTC market will allow smaller firms to raise capital from investors without going to the main bourses in Shanghai, Shenzhen and Hong Kong, which have more onerous listing requirements.

A financial hub in Tianjin would fit in with Chinese government plans to make the Bohai area an economic centre, after Pearl River and Yangtze River deltas, Mr Zhang said.

Yesterday, Mr Goh also made two other suggestions for industries in the eco-city - skills training and research, and development of environmental technology.

He said that the eco-city could be a centre for institutes that train workers in the kind of skills needed in the future. 'We are not trying old skills, but new skills. This requires research and development as to the kind of industries that China will go into in the future,' he said.

He noted that there are plans for many other eco-cities in China, including at Tangshan, which was a candidate with Tianjin as a location for the Sino-Singapore eco-city project.

'We have to look for ways to make Tianjin's stand out. It must do things which other eco-cities will want to copy. But Tianjin is not selfish. We have to share the knowledge with other parts of China.' Mr Goh said.

Yesterday, he also called on up-and-coming Chinese leaders in Beijing, saying he went there en-route to Tianjin to 'meet old friends and make new friends'.

In the morning, he met Central Organisation Department Minister Li Yuanchao, who characterised himself as an 'old friend' of the Senior Minister. Mr Li, who was previously Communist Party secretary of Jiangsu province, worked closely with Singapore on the Suzhou Industrial Park project.

Mr Goh also met Liu Yandong, the only female member of the Chinese Politburo.