Nation's urban development excites Singaporean firm

Surbana Jurong Group, a Singaporean government-owned consultancy with a focus on infrastructure and urban development, expects its business in China to grow on the back of the country's clear development strategy, untapped potential in urbanization, and the growing number of middle-income people and outstanding talent, said its top executive.

"Our global revenue growth target is to double by 2026. I hope China is a part of it," said Sean Chiao, CEO of the group. "We are passionate about doing business in China and will continue to invest here."

Chiao said the group's strategy for China in the next three to five years is to extend collaboration with local partners, enhance service quality and maintain market competitiveness. "Our business prospects in China are bright, driven by our commitment to create a positive impact through innovation.

"The Chinese government has a clear strategy to pursue both quantity and quality, with a focus on environment, sustainability and low carbon emissions among others. These are the things we specialize in, and the coming five to 10 years will present many growth opportunities.

"China's national strategies will open up a lot of doors for our group. The Chinese government has set a very clear direction for the economy, and I think that's where we can deliver."

China's celebrated approach to urban development over the last 30 years, he said, will continue and present growth opportunities for the group via key projects in 100 cities in the Chinese mainland. These include Beijing and Shanghai, and Guangzhou in Guangdong province. "I think there's still more room for us to grow."

China's urbanization rate rose from less than 20 percent at the early stage of the reform and opening-up in the 1980s to 66.2 percent in 2023. According to the Development Research Center of the State Council, the rate will rise to 68 percent by 2025 and 72 percent by 2030. Per capita consumption expenditure is projected to grow at an average rate of 3.6 percent annually in the coming decade.

Chiao said China's rising middle-income group and talent will create strong demand for high-quality living environments, which in turn will spawn many growth opportunities for the group.

Surbana Jurong's China headquarters is in Shanghai, supported by offices in Beijing, Tianjin, Shenzhen in Guangdong province and Suzhou, Jiangsu province.