Singapore firms ink new deals in Liaoning as China's rust belt seeks economic turnaround

Singapore is positioning itself to benefit from China's efforts to revitalize its northeastern "rust belt" region, with six new deals signed in Liaoning province spanning healthcare, research, and technology. These agreements were finalized during a trade meeting on August 11, attended by nearly 60 officials and business representatives from both Singapore and Liaoning.

Liaoning, historically reliant on heavy industries like steel and petrochemicals, has faced economic stagnation and brain drain. The province is now pivoting towards green technology and digital transformation, a move supported by Singapore. Minister for Social and Family Development Masagos Zulkifli, who co-chaired the 11th Singapore-Liaoning Economic and Trade Council meeting, reaffirmed Singapore's commitment to deepening cooperation.

"We remain committed to deepening our cooperation with Liaoning as it embarks on the next phase of growth," Zulkifli stated. "Through the (council), we look forward to facilitating new partnerships and unlocking opportunities for our businesses, research institutions and communities."

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We remain committed to deepening our cooperation with Liaoning as it embarks on the next phase of growth. Through the (council), we look forward to facilitating new partnerships and unlocking opportunities for our businesses, research institutions and communities.

Bilateral trade between Liaoning and Singapore reached 11.84 billion yuan (S$2.25 billion) in 2025, marking a 28.6 percent increase from the previous year. Trade volume continued to grow in the first half of 2026, up 45.5 percent year-on-year. As of June 2026, Singapore was Liaoning's sixth-largest foreign investor, with 1,126 Singaporean enterprises operating in the province.

One of the newly signed deals involves a 35 million yuan investment by Aoxin Q&M Dental Group to establish a dental hospital in Shenyang. Liaoning governor Wang Xinwei expressed enthusiasm for the collaboration, inviting Singaporean partners to "join us in carving out new growth avenues, fostering new momentum, and writing a new chapter of win-win industrial cooperation."

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We welcome friends from all sectors in Singapore to join us in carving out new growth avenues, fostering new momentum, and writing a new chapter of win-win industrial cooperation.