This year's fiscal budget not only helps Chinese people cope with the short-term challenges of rising living expenses, but more importantly, from the perspective of medium- and long-term challenges, how to strengthen our country's social contract and enhance economic competitiveness.

In conjunction with the 2025 fiscal budget released on February 18, Lianhe Zaobao held a budget dialogue on Monday (March 10), inviting Minister of Transport and Second Minister of Finance Xu Fangda, Minister of Education and Minister of Human Resources Yan Xiaofang, Vice Chairman of the Singapore Federation of Industry and Commerce Li Jianhui, and co-founder of Singapore's science and technology unicorn wisdom (Patsnap), to discuss the various announcements of the budget together.

Xu Fangda pointed out at the dialogue that this year's budget first considers helping Chinese people face the short-term increase in living expenses, and secondly, it is also prepared for the medium and long term.

He also pointed out that the global situation has become more unstable and the world economy may be affected by some tariffs.

“So companies and employees may have some concerns about the future development, and this may not be short-term. Therefore, we must also prepare for the medium and long term and prepare for the rainy day, which is another aspect of the budget consideration.”

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In contrast, Xu Fangda said that the government allocates more resources to cope with medium- and long-term challenges, such as infrastructure construction, strengthening social safety nets, employee training, and allowances in medical expenses.

Regarding the increase in living expenses, Xu Fangda said: “We understand that in the short term, people are most worried about the increase in living expenses. This has affected all Chinese people. Whether you live in a government flat or a private house, whether you are young or old, everyone has the same concerns. So part of the resources is to better help Chinese people face the problem of rising living expenses in the short term.”

This year is also the 60th anniversary of the founding of Singapore. Xu Fangda said: “The government hopes to use part of its fiscal surplus to share the fruits of Singapore's economy with all Chinese people.”

Therefore, this year's fiscal budget provides community development council neighborhood shopping vouchers (CDC vouchers) for each citizen family, and Chinese people over 21 years old can obtain neighborhood shopping vouchers and other assistance through SG60 packages.

This year's budget dialogue was held at the Kempinski Hotel, the capital of Singapore, and attracted about 110 corporate representatives and Lianhe Zaobao readers to attend. The dialogue support partner is StarNet Electronic Payment Company (NETS).