华商 Chinese Enterprise 2018 Issue 1

04 巧手仁心，先医后商

19 Preparing for the Next Lap: Two Sides of a Coin

CHINESE ENTERPRISE MCI (P) 162/03/2016

第一期 . ISSUE 1/2018

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卷首语 PRESIDENT’S NOTE

为企业和国家的长远发展布局

2018年伊始，总商会首次在商团中心举办了新春团拜，我也在此恭祝各位会员商家，新年快乐，大展宏图！

上个月，政府也公布了财政预算案，不仅推出了一系列措施协助企业发展，也将在长远的未来壮大我国经济。本次预 算案为国家发展进行了长远规划，包括尝试应付人口老龄化等社会趋势，及其所带来的医疗保健、保安防恐、基础设施等 公共开支的上升。我认为，商界可以为公共财政和经济作出的贡献，是提升自己的实力，持续成长，带动经济发展的同时， 也提升政府的公司税所得。

例如，本次预算案推出津贴鼓励企业之间携手合作，结群走向海外，布局国际市场，而不只是在国内范围进行零和竞 争，这就可以更有效提升企业对国家经济的贡献。本次预算案还推出了“亚细安领袖课程”，鼓励企业领导了解亚细安市 场。企业成长的重要基础还是在人才，培养具备丰富国际视野和行业经验的高端人才，企业能更有活力地创新和成长。

我很高兴预算案定下了有长远规划的政策措施，也鼓励商家采纳更有前瞻性的发展理念，开创新价值，开辟新市 场，带领国家经济迈向更美好未来！

Setting the stage for the long-term development of our nation and businesses At the start of 2018, the Chamber held our Lunar New Year celebrations at the Trade Association Hub for the first time. I take this opportunity to wish everyone a Happy New Year, and great success in your upcoming endeavours!

Last month, the Government announced the 2018 Budget Statement which not only introduced a series of measures to help enterprises to grow, but would also strengthen our economy in the long term. This Budget is about planning for the future, with efforts to address social trends relating to our ageing population, and to prepare for a rise in our public expenditure in healthcare, security and infrastructure development. I believe businesses can contribute towards our public finance and economy by upgrading their capabilities, developing continuously, thereby contributing to the nation’s corporate tax revenue while driving economic development.

Take for example, this Budget introduced grants to encourage businesses to collaborate as partners to venture overseas, instead of engaging in a zero-sum competition in the local market. This can more effectively boost businesses’ contribution to our economy.

This Budget has also introduced the ASEAN Leadership Programme to facilitate our business leaders to better understand the ASEAN markets. A key foundation to drive business growth is talent. Nurturing top notch talents who are equipped with industry experience and global vision will enable businesses to innovate and grow more dynamically.

I am very happy that the Budget laid down measures that plan for the long term, and encouraged businesses to adopt a more forward-looking perspective, create new value and open up new markets. This will lead our economy into an even brighter future!

会长 Roland Ng, SCCCI President 请到总商会网站 www.sccci.org.sg 阅读电子版《华商》。 Chinese Enterprise can be viewed online through the Chamber’s corporate website www.sccci.org.sg

编辑顾问 EDITORIAL ADVISORS

黄山忠 Roland Ng San Tiong 蔡其生 Thomas Chua Kee Seng 吴绍均 Ng Siew Quan 林玉勤 Lim Geok Khoon

CONTENTS

出版统筹 PUBLICATIONS SUPERVISION 谭宝锠 Tham Poh Cheong

主编

04

CHIEF EDITOR

梁廷昭 Leong Teng Chau 英文编辑 ENGLISH EDITOR

胡爱兰 Fiona Hu 助理编辑 ASSISTANT EDITOR

李胜保 Lee Sin Poh 撰稿 STAFF WRITERS

李胜保 Lee Sin Poh 洪尉恩 Joanne Ang

培养德才兼备的未来栋梁 新成立的“奖学金得主联系网”将培育 德才兼备的新一代奖学金得主，协助 他们发掘潜力、发展才能，为国家发展 创造实在的价值，并引导他们传承华 商的优良价值观和回馈精神。

13

企业能不转型吗？ 虽然我国商界面对诸多挑战，但当中 也有许多企业通过积极转型，化解 障碍，走出一条发展的康庄大道。

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有利商界的 战略性和前瞻性预算案 总商会前任会长、官委议员蔡其生代 表商界在国会发言中表示，最好的开 源节流就是扶助企业成长，只有企业 蓬勃发展，才能为国家在税收方面多 做贡献。

MARKETING

黄兆荣 Leonardo Wong 设计

出版 PUBLISHER

新加坡中华总商会 Singapore Chinese Chamber of Commerce & Industry 9 Jurong Town Hall Road #04-01 Trade Association Hub Jurong Town Hall Singapore 609431 Tel: (65) 6337 8381 Fax: (65) 6339 0605 E-mail: corporate@sccci.org.sg Website: www.sccci.org.sg FOLLOW US ON

SCCCI SME ICC

华商交流站 Chinese Enterprise is produced and designed by Egg Creatives Pte Ltd (Registration No. 200504905G) for Singapore Chinese Chamber of Commerce & Industry (Registration No. S61550014E). Copyright of the materials contained in this publication belongs to SCCCI. Nothing in here shall be reproduced in whole or in part without prior written consent of SCCCI and/or Egg Creatives Pte Ltd. The views expressed in Chinese Enterprise by authors and contributors are not necessarily those of SCCCI and no liabilities shall be attached thereto. All rights reserved.

Editorial enquiries should be directed to the Editor, Chinese Enterprise, Singapore Chinese Chamber of Commerce & Industry, 9 Jurong Town Hall Road, #04-01, Trade Association Hub, Jurong Town Hall, Singapore 609431. Tel: (65) 6337 8381 Fax: (65) 6339 0605 E-mail: research@sccci.org.sg. Unsolicited material will not be returned unless accompanied by a selfaddressed envelope and sufficient return postage.

While every reasonable care will be taken by the Editor, no responsibility is assumed for the return of unsolicited material. MCI (P) 098/02/2017.

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巧手仁心，先医后商—— 专访TP Dental Surgeons 董事经理、 总商会事业女性组主席黄亦巧 黄亦巧集才气、领导力和奉献精神于 一身。她是牙齿矫正专科医生出身，结 合医学与艺术，以灵巧的双手，为客人 打造美貌和自信。中年，她步入商场， 以诚信、虚心凝聚优秀团队，建立高端 诊所品牌。她取舍有道，以专业操守先 行于商业利益，品牌信誉倍加坚实。 她也积极奉献，领军总商会事业女性 组，引导现代女性追求成功事业和美 满人生。

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行销

DESIGN Egg Creatives

IN THE LEAD

华商焦点

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悼念亡灵 承诺防卫 总商会在美芝路的日本占领时期死难 人民纪念碑前举办第51届祭礼暨全面 防卫日纪念活动，哈莉玛总统担任祭 礼主宾。

17

Whirlwinds upon Asia – Maneuvering around a Fragmented World Renowned industry experts were invited to share their insights on the global economic climate in the third edition of the annual SCCCI-Credit Suisse Business Outlook Forum, probing into topics including e-commerce in China, economy outlook of ASEAN, impacts of technological innovation, et cetera.

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Preparing for the Next Lap: Two Sides of a Coin Ng Siew Quan, Asia Pacific Leader of Entrepreneurial and Private Clients, PwC, shares some useful ideas from success cases in family business succession, covering both the perspective of an owner who is thinking of handing over the family business, as well as from the next generation who has the intention of taking over one.

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A forward-looking Budget that spurs businesses to transform Budget 2018 is one that is well-balanced with a focus on fiscal sustainability, as assessed by domain experts in the SCCCI Budget 2018 Seminar.

商会时讯

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交流联谊

DBS AD

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华商焦点

IN THE LEAD

巧手仁心， 先医后商 专访TP DENTAL SURGEONS 董事经理、 总商会事业女性组主席 黄亦巧 黄亦巧集才气、领导力和奉献精神于一身。她是牙齿矫正专科医生出身，结合医学 与艺术，以灵巧的双手，为客人打造美貌和自信。中年，她步入商场，以诚信、虚心 凝聚优秀团队，建立高端诊所品牌。她取舍有道，以专业操守先行于商业利益，品 牌信誉倍加坚实。她也热心奉献，领军总商会事业女性组，引导现代女性追求成功 事业和美满人生。。

华商焦点

IN THE LEAD

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黄亦巧出生于马来西亚。她在英国 修读矫正牙科专业后，来到新加坡 工作。她自2005年起担任TP Dental Surgeons 私人有限公司董事经理兼总 裁，这家医疗中心位于乌节路义安城 顶楼，提供全套牙科服务，拥有内部 实验室，旗下牙医经验丰富，任教于本 地和国际多个本科和硕士项目。她在 2011年加入总商会事业女性组，并于 2017年担任主席。她也担任新加坡国 立大学牙医系的客座讲师，以及本地 多个牙医委员会的委员。

您是如何从一名牙医走向发展自己的 企业？

我是在马来西亚槟城的一个商 业家族长大的。我的祖父是一位橡胶 商，我爸爸则经营一家股票行，所以 我从小就受工商业的耳濡目染。不过 在传统观念中，大家还是期望女孩子 成为专业人士，而不是商人。所以在我 家里，我因为本身对医学和艺术感兴 趣，成为牙齿矫正医生，我的孪生姐 姐是儿科医生，妹妹则成为药剂师。

牙医的工作，既是科学也是艺术，极度讲究手工。黄亦巧为诊所精心设计的摄影集，正是 以“手”为主题。 A dentist’s work is both an art and a science, working mainly with hands. Dr Hwang Yee Cheau meticulously put together a collection of photographs centering around ‘Hands’ for the clinic.

我在英国完成学业后，来到新加 坡工作长达15年。一个转捩点是，当 时的诊所因为旧地点要装修，义安城 地主就让我们搬来这个新地点，不过 搬迁需要一笔资金，所以老板邀请我 注资。受家庭背景的影响，我对诊所

SKILFUL HANDS AND CARING HEARTS Dr Hwang Yee Cheau is an epitome of talent, leadership and dedication.

She is an orthodontist by profession; combining medical skills with aesthetic sense, she uses her nimble fingers to beautify her customers and build their confidence. In her middle age, she entered the corporate world and gathered a team of talents with her sincerity and humility, carving out a top-notch dentistry brand. She knows her priorities, puts professionalism before commercial gains, enhancing the credibility of the clinic’s brand. She

earnestly serves, heading the SCCCI Career Women’s Group (CWG), leading modern women to pursue successful career and fulfilling lives.

Dr Hwang was born in Malaysia. After studying orthodontics in England, she came to Singapore to work. In 2005, she became the managing director and CEO of TP Dental Surgeons Private Limited, a dental clinic situated on the top level of Ngee Ann City at Orchard Road, providing a comprehensive range of dental services with their own in-house laboratory and a highly experienced professional

team, of which many are educators for local and international undergraduate and postgraduate programmes. She entered SCCCI CWG in 2011 and became the chairperson in 2017. She is also a guest lecturer at the Faculty of Dentistry National University of Singapore (NUS) and is part of many local dentistry committees.

HOW DID YOU PROGRESS FROM BEING A DENTIST TO DEVELOPING YOUR OWN CAREER? I grew up in a business family in Penang, Malaysia. My grandfather was a rubber

华商焦点

06

IN THE LEAD

“当时商业的趋势是“没 有人是孤岛”(no man is an island)，虽然我们建立 了一个完整的团队，具备 全套的牙科专业，但是能 够合伙打造更大的团队 就更好。一是我们的牙医 经验丰富，可以为伙伴提 供培训；二是伙伴也可以 向我们推荐有较高需求 的顾客。对方的定位是比 较大众化，我们则是冠冕 上的宝石，合作是很好的 策略 。”

——黄亦巧

黄亦巧在诊所摆设许多艺术品和画作，不仅愉悦身心，也舒缓病人的心情。 Dr Hwang placed many artworks and paintings in the clinic, creating a soothing atmosphere and uplifting patients’ mood.

merchant, and my father manages a stock brokerage firm, so I grew up in a business environment. However, there was the traditional mindset whereby everyone hoped their daughters would become professionals, not businesswomen.

Hence, within the family, I became an orthodontist as I was interested in medical science and art, whereas my twin sister became a pediatrician and my younger sister became a pharmacist.

After completing my studies in England, I came to work in Singapore for about 15 years. A turning point was when the previous location of the clinic underwent renovation and the Ngee Ann City landlord had us moved to our current place. The move required quite a large sum of money, so my boss invited me to inject funds into the company. Due to my family background’s influence, I was very

interested in the business management side of the clinic. Plus, I got along very well with the old colleagues and I didn’t want to part ways. But I wanted to be a big shareholder, and after everyone agreed, I put in the money and this clinic started its operations here.

After five years of managing the clinic, the gross turnover doubled: a not bad result. Due to solid foundation and potential to grow, Q&M Dental gave me a call three years ago, hoping that I could join their group. At that time, the trend of the commercial world was that ‘no man is an island’, so although we had built a perfect team with a complete set of dental professionals, it would be better if we could partner to build a bigger team. One, our dentists have ample experience, and could provide training for other dentists; two, our partners could refer customers

with higher demands to us. Their target is more towards the masses, whereas we are the jewel in the crown, hence partnership is a very good strategy.

IN THE PROCESS OF MANAGING THE CLINIC, WHAT INSIGHTS HAVE YOU GAINED? Among the factors of time, place and people, the most important is the people factor. Especially in the dentistry industry where every dentist is a professional, if they do not have a sense of belonging to the clinic, they will not stay on. Management personnel should not pitch themselves in a higher position than others but should be open and communicate well with the rest, making everyone feel that they are heard and respected. We strongly value communication within the team and hold meetings regularly: we hold a

华商焦点

IN THE LEAD

的经营管理也很感兴趣，而且和老同 事相处得很愉快，不想就这样解散。 不过我要做大股东，经大家同意后就 注资，在这里新开张了。

诊所的营业额在经营五年后增加 了一倍，成绩不错。因为有坚实的基 础和增长潜力，三年前全民牙医集团 (Q&M Dental) 拨电来，希望我加入他 们的集团。当时商业的趋势是“没有 人是孤岛”(no man is an island)，虽然 我们建立了一个完整的团队，具备全 套的牙科专业，但是能够合伙打造更 大的团队就更好。一是我们的牙医经 验丰富，可以为伙伴提供培训；二是伙 伴也可以向我们推荐有较高需求的顾 客。对方的定位是比较大众化，我们 则是冠冕上的宝石，合作是很好的 策略。

在经营诊所的过程中，您有什么 管理心得？

在天时、地利、人和当中，最重要 是人和。尤其是做牙医这行，每位牙 医都是专业人士，如果对团队没有归 属感，是不会留下来的。管理层不要

“AT THAT TIME, THE TREND OF THE COMMERCIAL WORLD WAS THAT ‘NO MAN IS AN ISLAND’, SO ALTHOUGH WE HAD BUILT A PERFECT TEAM WITH A COMPLETE SET OF DENTAL PROFESSIONALS, IT WOULD BE BETTER IF WE COULD PARTNER TO BUILD A BIGGER TEAM. ONE, OUR DENTISTS HAVE AMPLE EXPERIENCE, AND COULD PROVIDE TRAINING FOR OTHER DENTISTS; TWO, OUR PARTNERS COULD REFER CUSTOMERS WITH HIGHER DEMANDS TO US. THEIR TARGET IS MORE TOWARDS THE MASSES, WHEREAS WE ARE THE JEWEL IN THE CROWN, HENCE PARTNERSHIP IS A VERY GOOD STRATEGY.” – Dr Hwang Yee Cheau

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高高在上的，而是要开明、可以交流 的，让大家感觉到被聆听和尊重。我 们开会很频密，每个星期和职员、管 理层各开一次，每个月和所有牙医开 一次，每一个半月和所有牙医和职员 开一次，非常重视团队的沟通交流。

做企业最重要的原则是诚信、 谦虚、勤奋。当时从我父亲做股票行 说过“你的话就是你的债券”(your word is your bond)，不必签合约，讲 了就是要做到的。这也是我一直遵守 的原则。

还有一点，做生意、做好专业都 不难，但要同时兼任两者最难，因为 它们会发生矛盾。而如果有矛盾的话， 我们会选择做好专业而不是商业利 益，因为专业操守就是商业的根本。例 如，以前发生亚洲金融危机，很多顾 客失去工作，但他们孩子的牙齿矫正 疗程不能中止，所以我们把费用豁免 了。但后来他们找到工作后，都很感恩 地自动回来还钱。所以我们很清楚自 己首先是牙医，然后才是企业。

weekly meeting between the staff and management, a monthly meeting with all the dentists, and meet with all the dentists and staff once in every six weeks.

The most important principles of running a business are integrity, humility and diligence. My father is a stock broker and he once said that ‘your word is your bond’, you don’t need to sign a contract, you just do as promised. This is a principle that I have always adhered to.

Also, running a business or being a good professional is not difficult, but to be both at the same time is the hardest, because conflicts of interest do occur. When there is a conflict of interest, we must choose professionalism over commercial gains, because professional ethics is the fundamental of the business. For example, during the Asian financial crisis many of

华商焦点

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IN THE LEAD

TP Dental Surgeons 诊所位于义安城顶楼，可以俯瞰乌节路的繁华市景。 TP Dental Surgeons is located on the top level of Ngee Ann City, overlooking the bustling city life at Orchard Road.

“WHEN THERE IS A CONFLICT OF INTEREST, WE MUST CHOOSE PROFESSIONALISM OVER COMMERCIAL GAINS, BECAUSE PROFESSIONAL ETHICS IS THE FUNDAMENTAL OF THE BUSINESS. “

– Dr Hwang Yee Cheau

our customers lost their jobs, but as their children were still having orthodontics treatment, we waived the fees. However, after they found employment they expressed their gratitude by paying the fees back on their own accord. So, we are very clear that we are dentists first, then business people.

WHY DID YOU ENTER SCCCI AND CHAIR THE CAREER WOMEN’S GROUP? I was invited to join SCCCI CWG eight years ago. Actually, my grandfather and father were part of the Chamber, but at that time it was strictly an all-male domain. My elder brother could go along, but my sisters and I could not. So since young, I always thought of the Chamber as sacred and out of reach. When an opportunity arose,

I was very happy to join. What’s more the mission of the CWG is very meaningful, enabling women to interact, learn and upgrade.

I also feel that I’m at the stage of my life where I should contribute back to society.

I agree very much with Chamber’s spirit of taking from and giving back to society; this is what we should keep in mind regardless of the industries we belong to. All this while, I have been lecturing at NUS Faculty of Dentistry, to help improve the standards of the dentistry profession, and I donate the teaching fees received.

However, besides increasing the skillset of the profession and donating money, I wanted to devote personal time to contributing back to society, to nurture

华商焦点

您为什么会加入总商会和领导事业 女性组？

我是在8年前受邀请加入总商会 事业女性组。其实我祖父、爸爸都是 中华总商会的，但是当时只有男人去， 像我哥哥就可以去，但不让我们女生 去。所以小时候我总觉得总商会是神 圣、高不可攀的。当时有这个机会，我 也很乐意加入，况且事业女性组的宗 旨很有意义，可以让女性一起交流、 学习、提升。

我也觉得自己到了回馈社会的人 生阶段。我很认同总商会“取于社会， 舍予社会”的精神，这是我们不管从 事什么行业都要记住的。一直以来， 我也在国大牙医系担任教职，帮助提 升牙医的专业水平，也把薪酬捐回去。 但除了这些在技能上和金钱上的奉 献，我也想要亲自投入的时间来回馈 社会，栽培新一代人才，引导他们走 向成功，这就更有意义。我发现事业 女性组的年轻女性很有潜力，也愿意 培养她们，做好榜样和扮演联系点， 让她们在事业上接触更多前辈，获得 引导。

a new generation of talent and lead them towards success which I find more meaningful. I discovered that the young women of CWG have a lot of potential and I’m also willing to groom them, be a role model and link them up with more seniors so that they may receive guidance in their careers.

WHAT ARE THE CHALLENGES OF BEING THE CHAIRPERSON? Being the chairperson requires dealing with a lot more challenges, including outlining more work strategies, unifying team members, exploring ways to delegate resources within the team to draw on their strengths and cover up weaknesses, and tapping on CWG members’ network to recruit more

IN THE LEAD

担任主席有什么挑战？

担任主席需要应付更多挑战，包 括要做更多策划工作，要团结成员， 探讨怎样在团队中分配人力、取长补 短，以及发挥事业女性组的人脉为总 商会招揽更多会员。我本来不知道能 不能胜任这个职位，但最终很高兴这 是一个没有斗争、很融洽的群体，大 家都很积极地贡献。 您认为女性在商场上有哪些优点？

女性更为细心、随和，也比较有 交际手腕。在社交方面，尤其是有重 男轻女观念的国家，女性在待人处事 上更加学会谦卑和婉转，以协商的方 式取得认可，这也是一种长项。就像在 职场上，我们不一定要通过命令来指 示员工，也可以通过良好的沟通，让员 工顺服地去做，达到“人和”，自然事 半功倍。

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“在天时、地利、人和当 中，最重要是人和。尤其 是做牙医这行，每位牙医 都是专业人士，如果对团 队没有归属感，是不会留 下来的。管理层不要高高 在上的，而是要开明、可 以交流的，让大家感觉到 被聆听和尊重。”

——黄亦巧

现代的女性非常专注事业，因此有不 婚、不育的趋向，或是忽略了个人幸 福。在事业和家庭之间，您认为如何 取得平衡？

很多现代女性太过重事业，可能 会失去平衡，所以我们也要做好榜

members. Initially I didn’t know if I could succeed in this position but at the end I’m very happy that this is a harmonious group with no infighting, and everyone is readily contributing.

WHAT DO YOU THINK ARE THE ADVANTAGES OF WOMEN IN THE CORPORATE WORLD? Women are more meticulous, easy-going and diplomatic. On the social front, especially in a country which favours boys over girls, women are more socially aware and flexible when they deal with people, using negotiation skills to get things done. This is a kind of strength. Just like in the corporate world, we do not need to command our employees, but we can communicate nicely with them and they

will do their work willingly, achieving a harmonious relationship and naturally leading to better results with less effort.

TODAY’S WOMEN ARE VERY CAREERMINDED, HENCE THERE IS A TENDENCY OF THEM NOT MARRYING OR HAVING CHILDREN, OR EVEN NEGLECTING PERSONAL HAPPINESS. HOW DO YOU ACHIEVE BALANCE BETWEEN CAREER AND FAMILY? Many modern women focus too much on their career and may have lost balance, so we need to set a good example and let them know that it is possible to have both a career and a family. This is not easy, but it can be done. To achieve balance, time management, knowing your priorities and knowing how to delegate are important.

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黄亦巧（右二）带领总商会事业女性组到槟城进行商务考察，顺道享用娘惹美食。 Dr Hwang (second from right) led CWG on a study trip to Penang, enjoying delicious nyonya cuisine on the way.

“一个女强人一心做生 意、照顾家庭，往往就是 忘记照顾自己。先照顾好 自己身体和心灵的健康， 才能做好其他事。”

—— 黄亦巧

In the same way, I am very strict with my child, I give clear instructions and I reward and punish fairly and accordingly; with discipline, you can then spend your time more wisely. You also need to set your priorities right, being able to delegate work to your helper to save time which you can then spend with your family.

To get along well with your partner, mutual understanding is very important.

For example, my husband is more of an

样，让她们知道事业和家庭能够兼 顾。这并不简单，但是可以做到。要做 到平衡，良好的时间管理、懂得放权 和用人也很重要。就像我对孩子也是 很严格的，说一是一，赏罚分明，有了 纪律才能够把时间花得更有价值。而 且要懂得分轻重，能让佣人做的就不 必亲自做，省下的时间就可以陪伴 家人。

性格，就会在对方的位置上思考，顾 及对方的感受，分配好各自的时间。

您对事业女性组的成员有什么建议？

我觉得她们有拼事业、服务社会 的心意，这是很好的，但是我总觉得 她们要先照顾好自己。一个女强人一 心做生意、照顾家庭，往往就是忘记 照顾自己。先照顾好自己身体和心灵 的健康，才能做好其他事。

在和伴侣的相处方面，相互理 解很重要。像我的丈夫是比较内向的 人，但是他知道我比较外向，不会要 我一直在身边陪他。我们理解伴侣的

introvert, but he knows that I am more of an extrovert, so he won’t ask me to accompany him all the time. When we understand our partner’s personality, we will then think from their perspective, take into account their feelings and manage our time well.

WHAT ADVICE DO YOU HAVE FOR CWG MEMBERS? I think that it’s very good that they are building their careers and yet have the

heart to serve, but I feel they must first look after themselves. A career woman usually wholeheartedly focuses on taking care of her business and family but neglects herself. Take care of your own physical and emotional well-being first, before going ahead to handle other things well.

The above is a translation of the original article in Chinese.

华商焦点

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培养德才兼备的 未来栋梁 新成立的“奖学金得主联系网”将培育德才兼备的新一代奖学金得主， 协助他们发掘潜力、发展才能，为国家发展创造实在的价值， 并引导他们传承华商的优良价值观和回馈精神。

本会与通商中国联办“金犬旺年大团拜”新春活动，主宾为教育部长兼国防部第二部长王乙康（左五），通商中国主席李奕贤（右五）、 贸工部兼文化社区及青年部高级政务部长沈颖（左三）也出席活动，同贺新禧。

2月16日，总商会在“金犬旺年大 团拜”新春活动上，正式启动“总商 会奖学金得主联系网”(SCCCI Scholars Network)。黄山忠会长表示，成立 “奖学金得主联系网”是传承精神的 一种体现。新加坡在建国的时候，需 要不同领域的人才推动国家的发展， 因此总商会在51年前开始颁发奖学金 给品学兼优的学生，不分背景、不分种 族、不限定科系，鼓励他们为国家作出

贡献。涓滴成河，总商会奖学金已经让 近两千名大专院校的学生受惠，也为 国家栽培了各个领域的人才。

联系网将通过以下方式造福商界 与社会：

历届总商会奖学金得主中，有不 少的企业家、学者、公务员，都全力 支持联系网的成立，并在联系网主 席、GPA牙科诊所创办人吴毓逊医生 的带领下，总结出三大努力方向—— 帮助行业提升、帮助年轻人成长、加强 国民意识。

二 扮演年轻一代奖学金得主及年轻 人的良师益友，引导和激励他们追 求梦想，秉承优良价值观，建立成功事 业和圆满人生；

一 分享行业知识与资讯；

三 扮演智囊团的角色，在专题研究 与政策制定领域，为总商会提供 反馈与建议； 四 弘扬志愿服务与回馈社会的精神

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王乙康：国家展望良好但人口老化 是隐忧 本次新春团拜的主宾为教育部长兼国防 部第二部长王乙康，他表示荣幸能参与 联系网的启动仪式。他也说： “长远一 些，我国的展望是光明的。亚洲目前是世 界最有活力的区域，而我国恰好身在其 中。我们也积极引入新科技、加强社会 凝聚力，同时继续投资在人民身上，全力 打造一个焕然一新的新加坡。” 对于人口老化不断增加国家开支，王乙康 表示，在应对人口老化挑战时，政府会 继续秉持着华族自力更生的特性。在新 加坡的建国道路上，全国人民为自己的 生计努力奋斗，不到情非得已的地步，不 会拖累他人。政府也会坚持前人种树，后 人乘凉的理念，努力把最好的留给我们 的后代。政府会在增税和保持工商业竞 争力之间尽力取得平衡，同时也会增加 对关键工商业领域的投入和援助。 本次活动共有650名宾客出席，其中包括 总商会董事、政府官员、外交使节、社团 和文教界代表等。 主宾王乙康部长在新春团拜活动上致辞。

SCCCI SCHOLARS NETWORK BACKGROUND As a commitment to develop future pillars and talents for the society, the Singapore Chinese Chamber of Commerce & Industry (SCCCI), under the auspices of its Singapore Chinese Chamber of Commerce Foundation (SCCCF), has been awarding nonbonded scholarships to deserving Singaporeans and Permanent Residents since 1967. Since then, the scholarship programme has enabled about 2,000 scholars to pursue diploma, graduate or post-graduate studies at the local polytechnics and universities. To commemorate its 50th year of giving out scholarships to support education, the Chamber has decided to launch the SCCCI Scholars Network to encourage past scholars to give back to society. The Chamber would like to reach out to all past scholars who are interested to join the Network.

OBJECTIVE The objective of the Network is to unite and utilise the talents of SCCCI scholars for the betterment of the business community and society, through efforts and activities such as the following: • Encouraging a strong social bond and support network among scholars; • Sharing of industry knowledge and intelligence; • Mentoring and inspiring younger generations who are at the budding stages of their careers; • Becoming a part of the Chamber’s talent pool to provide feedback and recommendations for research and policy making; • Promoting the spirit of volunteerism and giving back to the community and society at large.

If you are a past recipient of SCCCI scholarship and wish to join the network, please contact: Ms Tan Pei Ying, Manager, Community Services, SCCCI, DID: 6430 8354 • Email: peiying@sccci.org.sg

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企业能不转型吗？ 虽然我国商界面对诸多挑战，但当中也有许多企业通过积极转型， 化解障碍，走出一条发展的康庄大道。

过去一年，总商会每个月都会轮 流和不同行业的商团进行一场午餐交 流会，讨论如何利用商团这个平台，促 进各行业间的沟通和合作，开创更多商 机。总结去年的所见所闻，我一直思考 一个问题：企业不转型，可以吗？

与会者最关注的困扰，主要是数 码科技发展对商业环境所造成的各种 影响。有了电子商务平台，厂商可以向 消费者直销货物，不必再依靠中转地， 这很可能影响我国作为转口贸易和物 流枢纽的战略定位。与此同时，保护主 义也在一些国家抬头，对从事出口贸易 的商家不利。为了协助本地企业利用数 码科技争取海外商机，我国已经积极培 养这方面的人才。虽然如此，企业还必 须进一步加强实战经验和能力，才能 追上变幻莫测的市场。此外，传统行业 的商团向我们反映，年轻人的教育水平 已经提高，不愿意加入老行业或体力工 作，造成职场人手短缺。

虽然我国商界面对诸多挑战，但 当中也有许多企业通过积极转型与合 作，化解障碍，走出一条发展的康庄 大道。

以建筑业为例，越来越多业者选 择采用预制装配的设计技术，把大量 工作从工地转移到工厂内进行。预制完 成量化建筑概念（简称PPVC）技术， 就是在工厂里制造和组装个别模块，再 送到建筑工地搭建。这种模式节省大 量人力，减少对外劳的依赖，而且不需 在“日晒雨淋”中进行，更能吸引年轻 员工和专才加入。当具备成熟技术后， 业者也可以探索如何输出这些高增值 的技术，是争取向海外市场发展的另一 途径。

在一次与纺织服饰业者的交流中， 业者表示他们感受到，在网络时代，除 了产品质量要好，有关网站的设计，包 括产品拍摄、影音效果等都是非常关 键的营销要素，因此建议加强跨行业 的协作互补，比如和设计、摄影业者合 作。印刷与媒体业者也提出类似的转 型建议：随着全球产业越来越着重绿 色环保，它们的业务不应停留在纸类印 刷，而更要发挥设计的功底，和食品、 旅游、零售业等携手，开创出更精致的 网页以及其他信息平台；又或者和装修 业、制造业合作，制造墙纸、装饰用纸 或工艺用纸，从而深化和扩大专业能 力，创造独特价值。

重新定位创造更高价值

我国和世界经济都在经历产业结 构重组，产业的分界线逐渐模糊，所以 商团都应开始重视跨行业合作，思考如 何重新定位和创造更高价值。在去 年总商会举办的中小企业大会上，我 就听到了款待业服务商Q-industries 的第二代分享她推动家族企业转型 的精彩故事。这家公司由她父亲创 办，原本是一家餐具贸易商。但后来 同业之间的削价战越来越激烈，她决 定突破恶性竞争，发挥自己的艺术设 计天分，为酒店、度假村提供综合采 购方案，包括高质量餐具、厨房用 具、餐桌主题摆设等，从贸易转 入服务业。凭着“协助客户解决 烦恼，就是工作的成就感”的 热忱，她成功在这个产业链 上扩张，成为款待业的综 合式解决方案供应商。

企业能够不转型吗？有一些行业， 可能还没感觉到转型已经是迫在眉 睫，大环境已经发生变化。我鼓励大 家未雨绸缪，无论从事哪一行，都应与 时并进，精益求精。新加坡企业坐拥很 多优势，比如信誉卓越、软硬体条件充 足，如果能顺应局势，发挥优势，积极 进取，许多企业必定能脱颖而出，开创 新天地！

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有利商界的 战略性和前瞻性预算案 最好的开源节流就是扶助企业成长，只有企业蓬勃发展， 才能为国家在税收方面多做贡献。

华商焦点

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“企业自身应该更积极推进转型、创新的步伐。 员 工学习新知识，掌握新技能，老板要以新思维去开发 新市场。企业转型升级如同身体拉筋一样， 难免会 有阵痛。转型不能保证一定成功，但是不转型就肯定 被淘汰出局。”

议长先生、各位议员，大家下午 好！今天，我的发言题目是 “有利商界 的战略性和前瞻性预算案”。

今年预算案的一大亮点，是落实 未来经济委员会提出的框架，推出了一 系列有针对性的措施协助企业。在公 布2018年财政预算案之前，政府曾经 向商会和行业公会广泛了解情况，现在 推出的各项协助措施，也正符合了商界 的期望。

政府推出具前瞻性的预算案，为 更加美好的未来做准备。今后，国家在 医疗保健、保安防恐、长期性基础设 施、教育规划的公共开支都会增加，相 信民众和商家都能从中受益。

在听财政部长发表预算案时，我 思考最多的问题就是如何才能开源节 流。很高兴今后政府在兴建大型基础 设施时，将体现开源节流的理念。

由于投资庞大，政府考虑允许负 责建造基础设施的法定机构和政联企 业，例如陆路交通管理局，可以通过借 贷、发售债券来筹集资金，避免动用国 家储备金。政府也考虑为这些设施的 长期借贷提供担保，这是上策。国家 储备金就像定海神针，不能轻易动用， 为此，调动社会资源，持续获得建设资 金，是明智的决定。

开源节流的另外一个体现是控制 政府部门开支。从2019财政年度开始， 所有政府部门的开支增幅将从国民生 产总值增幅的百分之0.4下调到百分之 0.3。新加坡已经进入老龄化社会，未 来用钱的地方越来越多，严格控制政 府部门支出，监督政策推广过程，堵住

——总商会前任会长、 官委议员蔡其生

有些人钻技术或政策漏洞，在实质交 滥用政府资源的漏洞，提高公共项目

易、税务计算、退税等方面占便宜，这 的质量，避免出现花钱出问题，继续花 方面要加强监管。 钱解决问题的恶性循环，这才是真正 有意义的开源节流。

议长先生 ， 实际上，最好的开源 节流就 是扶助企业成长，只有企业

有关调整消费税的问题，之前已 蓬勃发展，才能为国家在税收方面多 经传得沸沸扬扬。最终政府并没有马 做贡献。政府一直持续协助企业转型 上调高消费税，而是延后至少三年才 升级，接下来， 企业自身应该更积极 执行，为商家和消费者留出足够的时间 推进转型、创新的步伐。 员工学习新 来适应。在此，我转达一些零售业小商 知识，掌握新技能，老板要以新思维去 家，特别是北部地区零售商的想法。 开发新市场。企业转型升级如同身体

他们担心，提高消费税后，许多 拉筋一样， 难免会有阵痛。转型不能 消费者会蜂拥到马来西亚，尤其是新 保证一定成功，但是不转型就肯定被 山购买日常用品。商家认为这种预算 淘汰出局。 很有可能发生，因为2024 年新柔地铁

财政预算案还有一项措施很受商 就要启用了，到时候交通方便、通关方 界欢迎。一直以来，许多热心公益的商 便、携带物品也方便，再加上新币币值 家得到政策的支持，过去两年，向公益 高于马币，对岸的诱惑力变得更大。到 机构捐款可以享有2.5倍的税务回扣。 了2026年，北上的人流将可能更大， 原本这项回扣将在今年底结束，现在， 因为新隆高铁那时候预计会通车，沿 政府将回扣延长三年，继续鼓励商家 途都是可以方便购物的地方。 取之社会，用之社会。一些商家希望政

政府也宣布，从后年起，向海外 府可以更进一步，将回扣提升到三倍， 购买服务的商家也必须支付消费税， 鼓励更多人慷慨解囊，出钱出力，共同 这对本地提供相同服务的企业而言， 建设一个更温馨、更团结的社会。 是一项期盼已久的公平措施。 根据统

新年伊始，政府推出有战略性和 计局的数据，这类“进口服务”的数额 前瞻性的财政预算案，接下来，就要靠 在2016年已达到2千250亿元，数字非 社会各界积极行动起来，把各项措施 常可观， 所购买的包括应用软件，也 落实到位。 有各种企业对企业的服务，比如会计、 资讯科技等。但另一方面，这项消费税 一旦实施，众多的买家(特别是中小企 业)将面对经营成本上升的压力。

不过， 通过网络进行海外服务销 售是一件复杂是事情，无论是企业对 企业 (B2B) 提供服务， 还是企业对消 费者 (B2C) 的交易行为，买卖双方总会

2 月 27 日，总商会前任会长、官委 议员蔡其生在2018年国会财政预 算案辩论上发言。

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悼念亡灵 承诺防卫 2月15日，总商会在美芝路的日本占领时期死难人民纪念碑前 举办第51届祭礼暨全面防卫日纪念活动，哈莉玛总统担任主宾。共 有超过一千人参与祭礼，包括总商会董事、各国外交使节、武装部 队退役军人、制服团体、宗教团体、死难者家属与各院校师生。黄山 忠会长在致词时表示，总商会承诺全力支持全面防卫，特别是经济 与社会防卫方面义不容辞，只有全民一心，在各自岗位上保卫家国， 才能守住和平。

主宾哈莉玛总统在致辞时表示，国人应该 尽全力保护国家主权和生活方式，全面防卫 使国家更加强大，但国人不应该因此而掉 以轻心。

（左起）柯文伟副会长、黄山忠会长、 吴学光副会长、何乃全副会长向日占 时期死难人民鞠躬敬礼。

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WHIRLWINDS UPON ASIA – MANOEUVRING AROUND A FRAGMENTED WORLD The third edition of the annual SCCCI-Credit Suisse Business Outlook Forum took place at the Credit Suisse Auditorium on January 30. Renowned industry experts were invited to share their insights on the global economic climate.

E-COMMERCE IN CHINA Dr Dong Tao started the forum by illustrating the power of e-commerce and online-offline logistics in China. He gave the example of how just in a single day on November 11 2017, Alibaba was able to generate sales equivalent to the total revenue of what top five Hong Kong developers earned in ten years.

Dong Tao posited that e-commerce

would bring about a revolution in China, made possible by two factors: new consumption pattern and innovation.

NEW CONSUMPTION PATTERN According to a report, the spending habits of the new generation of consumers contrast sharply with that of the older generation as the former increasingly spend more than they

save. This new consumption pattern creates demand, and the rise of e-commerce provides the required supply. Recounting an online food delivery experience, Dong Tao spoke of how e-commerce has altered China’s consumption pattern and lifestyle habits by making goods and services more affordable and convenient to consumers. As of 2016, China’s

(From left) Claude Harbonn, Managing Director, Head of Investment Consulting South East Asia, Credit Suisse; Manoj Menon, Partner & Asia Pacific Managing Director, Frost & Sullivan; Dr Dong Tao, Vice Chairman Greater China, Credit Suisse Private Banking Asia Pacific; Tay Woon Teck, Managing Director, Risk Advisory, RSM.

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e-commerce transactions have surged, standing at about half of the world’s e-commerce transaction value.

INNOVATION China has been advancing rapidly in technological developments. Since year 2000, the number of new Artificial Intelligence (AI) patents acquired by China far surpasses that of the United States of America. The talents and diligence of Chinese people have been instrumental to this progress.

Adjustments made to education policies have seen a surge in student enrolment in universities, producing more persons of Silicon Valley engineers’ standard. Another trend is that of Chinese IT employees working longer and harder at their work, increasing their productivity. Despite the nation’s progress, Dong Tao points out that many cities, including 1st tier cities like Shanghai, and many industries in China, are still lagging as they had not embraced digitisation.

CHINA’S CHALLENGES China’s non-financial sector debt and credit-to-GDP gap percentage are among the highest in the world. China risks experiencing a Minsky moment in the upcoming two years, whereby debt levels are rising too quickly, causing asset prices to plummet. However, China is currently undergoing reform. With tighter regulations and anti-corruption measures implemented by the Chinese government, Dong Tao believes that the liquidity issue is in fact the main challenge for China.

ASEAN FIRST Speaking next was Manoj Menon who postulated that ASEAN would emerge as a significant global power in the next decade. He highlighted ASEAN’S strong economic outlook and encouraged businesses to adopt an ASEAN First mindset and tap on the

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abundant opportunities and potential in the region to develop and expand.

As ASEAN Chair this year, he hoped that Singapore would help accelerate the region’s digital transformation.

2018 INVESTMENT OUTLOOK BULLISH Closing the session was Claude Harbonn who shared his views on market trends and investment themes in 2018. He summarised 2017 to be a spectacular year for investors and expected 2018 to continue to be bullish. Globally, the world is on an expansion path and the general trend for equities and fixed income market is up. Animal spirits will also be present in the corporate world corporate investment will increase with companies spending more, especially on infrastructure. Echoing Dong Tao, one of the supertrend equities Claude mentioned will take on a millennial value, since the new generation is characterised by a different consumption pattern.

PANEL DISCUSSION Tay Woon Teck moderated the panel discussion with the three speakers.

Queries from the audience mainly revolved around ASEAN and China markets. One question directed to both Manoj and Dong Tao was what threat the One Belt One Road Initiative by China would pose to ASEAN’s unity. In response, both agreed that the initiative would help to foster ASEAN’s economy and drive greater infrastructure spending. Manoj also opined that the challenge would instead be how governments of all ASEAN countries could work together and utilise their resources efficiently to achieve success.

There was concern about the economic disparity within ASEAN and how poorer countries could catch up to the more advanced countries. Both Manoj and Dong Tao talked about the influence of government leadership and policies on a country’s progress, drawing examples

from the past and present of India and China. Woon Teck added that the reality of the business environment in ASEAN contrasts with popular belief and urged businesses to step out and witness ASEAN for themselves, without waiting for any push or policies by government.

The last question was how China would manoeuvre its ways and not instigate any political tensions while rising as a world power. As 2018 is a US election year, Dong Tao expects trade tensions to rise and minor military conflicts to surface. However, he reminded that the economies of China and US are tightly linked and interdependent; thus clashes like that are not uncommon.

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PREPARING FOR THE NEXT LAP:

TWO SIDES OF A COIN Contributor Ng Siew Quan Asia Pacific Leader, Entrepreneurial and Private Clients, PwC Chairman, Research and Publications Committee, SCCCI

富不过三代. Transitioning from one generation to the next presents a vulnerable fault line for all family businesses. Whilst there have been many who have fallen through the cracks, there are some that have bucked the trend and have gone on to flourish. What’s their “secret sauce”, you may wonder. In this article, I will share some useful ideas from success cases, covering both the perspective of an owner who’s thinking of handing over the family business, as well as from the next generation who has the intention of taking over one.

FOR THE CURRENT GENERATION: FORTUNE FAVOURS THE PREPARED As owners who have weathered the ups and downs to bring their companies to where they are today, and having enjoyed considerable success in their careers, some may have the desire to take a step back to spend more time with family or pursue other interests.

That said, it is human nature to worry about what will happen when the time actually comes for them to pass the baton. Some know it’s always best practice to first “get the house in order”, but where exactly do they start? Who should be involved in this and when do they get them into the picture?

Here are five things successful families have done to ensure that the business goes through as smooth a transition as possible.

01

START EARLY

It is vital to start the process as early as possible. Everyone needs to know what to expect, and what the timetable is, to avoid misunderstandings and unspoken tensions that could lead to outright conflict. This is especially important for family members who are going to be taking executive roles in the future. Our advice is always to transfer shares at least progressively during the current generation’s lifetime.

02 COMMUNICATE, COMMUNICATE, AND COMMUNICATE SOME MORE! Decisions need to be made by a process of consultation and discussion, not solely dictated by the owner. Everyone with a stake in the future needs to have a say in it. Engage your next generation (especially those in the business or are thinking to join it) and have conversations with them in their roles moving forward.

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INVEST IN EDUCATION

This is important, especially when it comes to stewardship of the business.

While the people who are going to be running the business need the right expertise to do that, ownership of the business demands specific skills too.

More often than not we tend to neglect that perspective. Make sure all current and prospective shareholders are educated to become professional and competent owners, not just executives.

04

DIVERSIFY YOUR WEALTH

As the saying goes, not to put all our eggs in one basket (especially our retirement nest egg), it may be wise to start building assets outside the family firm as early as possible. That way, you can be less reliant on the family business to provide a retirement income, which if not handled well may put a

disproportionate strain on the business itself. Having multiple income streams also makes it much easier for one to ‘let go’, which helps negate the “sticky baton effect”.

05

DO YOUR HOMEWORK

Make sure you know the tax and legal implications of your succession plans.

Depending on your circumstances and jurisdiction, some approaches may cause difficulties which may not be obvious until it’s too late.

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FOR THE NEXT GENERATION: UNDERSTAND WHAT MAKES GOOD GREAT, AND MAKE IT SO Some next gens have spent their early years in the family business, observing how things are done during their school vacations, getting their hands dirty, and trying to better understand the business.

As one of the designated “Next Generation”, there are big shoes to fill. Some experience the weight of their family’s legacy resting on their shoulders, having been built from ground up by their parents’ generation and perhaps even the generation before that. But it is unlikely that each succeeding generation will walk the same path as the last one, especially in a business environment fraught with so much uncertainty and disruption.

What then, should next gens do as they prepare to take over the business? Here are five areas to consider as you take on the mantle of leadership: 01

GET EXPERIENCE

Get experience outside the family firm.

As the business landscape becomes more complex, it’s vital to bring a broad range of experience to the task of leadership. So develop a career plan that involves working outside, to allow you to acquire the specific skills the family firm needs.

02

DEVELOP A STRATEGIC PLAN

Develop a strategic plan for the medium term. You may think that this may be an opportune time to immediately “modernise” the business in order to take it to the next level and indeed, the reasons to do so may be justified.

But it’s important to make changes in the context of longer term objectives, which is why it’s vital to have a strategic

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plan, developed jointly by both the current and incoming generation, and in consultation with all the shareholders.

03

BROADEN THE DECISION

Broaden the decision-making process.

As the business passes from one generation to the next, it’s important to create an organisational structure which isn’t dependent on one single individual. Decisions need to be made collectively, and with proper information and preparation.

04

STRENGTHEN THE ROLE

Strengthen the role of the Board. Look to the composition of the Board in the context of the business. Are the directors sufficiently diverse to guide and challenge management where necessary? Do they have the requisite backgrounds and knowledge to complement your own? Also, the board has a key role to play in overseeing the succession process, and in ensuring that family members are only offered positions they are properly qualified to fill. Make sure they are given the autonomy to do so.

05 CLARIFY WHAT THE RETIRING GENERATION WILL DO. The current generation needs to have a clear plan for their life after retiring.

This will prevent misunderstandings, or the temptation to interfere. Becoming a member of the board is a useful way for the retiring generation to make an invaluable ongoing contribution.

Alternatively, they may perhaps want to consider playing a greater role in Corporate Social Responsibility, which can prove to be both fulfilling and rewarding.

Whether a current gen or next gen, each will take time to ease into their respective new roles. Effective transition between generations is not an overnight task that can be rushed into or involve just one party’s effort. With both sides on the same page and committed effort to see through the transition, generational change can be a success.

Siew Quan leads the Entrepreneurial and Private Business practice in Singapore and Asia Pacific. Working closely with family owners and key management to professionalise both business and family with a focus on managing business ownership complexities through proper governance. He is also the Corporate Governance Leader. Through collaborations with the Singapore Institute of Directors and SGX, he contributes regularly as a speaker and authors thought leadership pieces around governance, risks and controls.

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A FORWARDLOOKING BUDGET THAT SPURS BUSINESSES TO TRANSFORM Budget 2018 is one that is well-balanced with a focus on fiscal sustainability, as assessed by domain experts in the SCCCI Budget 2018 Seminar.

SCCCI Budget 2018 Seminar was held at the Trade Association Hub on Friday, March 2, 2018, two weeks after Finance Minister Heng Swee Keat delivered the 2018 Budget Statement. The annual event saw a strong turnout of more than 100 participants. Domain experts, Irvin Seah (Executive Director of DBS) and Lennon Lee (Tax Partner of PwC) were invited to share their perspectives and insights on the measures and strategies announced in Budget 2018.

Moderated by Kuah Boon Wee (Vice President of SCCCI), the panel discussion cum Q&A session involved Irvin Seah, Lennon Lee and Ernie Koh (Immediate Past President of the Singapore Furniture Industries Council).

SINGAPORE ECONOMIC OUTLOOK Commencing the seminar was Irvin, who first shared on the state of the economy in the US, Europe, and China, presenting a positive global economic outlook, before zooming in on Singapore’s economy. He stated

From left to right: Irvin Seah, Executive Director and Senior Economist, DBS; Lennon Lee, Partner, Corporate Tax Advisory, PwC Singapore; Ernie Koh, Immediate Past President, Singapore Furniture Industries Council; Kuah Boon Wee, Vice-President of SCCCI

that while there has been a dip in the growth of the manufacturing sector and China may pose a threat to our non-oil domestic exports, he predicted that the services sector will become Singapore’s key driver of growth in 2018 and help to lift the labour market which has bottomed.

BUDGET 2018: ENSURING FISCAL SUSTAINABILITY Next, Irvin re-capped the Budget measures and assessed that it is well-balanced with a focus on fiscal sustainability. He compared Singapore’s current GST rate against that of selected countries in the region, illustrated

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how Singapore’s rapidly ageing population and shrinking workforce are causing rising social expenditure and financial burden, and showed that contributions from Net Investment Returns Contribution (NIRC) have its limitations, concluding that tax hikes are critical in strengthening Singapore’s fiscal footing. In addition, he shared that three other factors can help to ensure fiscal sustainability, namely ‘growing the pie’, cost management, and achieving better returns from investment of the reserves.

ANALYSING TAX MEASURES Lennon, the second seminar speaker, analysed the Budget’s tax measures and expounded on their impact on local businesses. Echoing Irvin’s sentiment on the need for fiscal sustainability, he noted that Budget 2018 is aligned with the strategies proposed by Committee on Future Economy (CFE) to take Singapore forward, especially on the theme of fostering a vibrant and innovative economy. Commenting on the impending lapse of the Productivity

Lennon Lee PwC Partner

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and Innovation Credit Scheme (PIC) in 2018, he saw the increase of enhanced tax deduction to 200% for Intellectual Property (IP) registration fees as helpful in boosting Singapore’s appeal as an IP hub, but questioned why tax deduction on IP licensing payments is not extended to related parties.

PANEL DISCUSSION AND Q&A SESSION Panel moderator Kuah Boon Wee observed that while quite a number of economists were bullish about Singapore’s economy, many businesses however did not think the same.

Ernie concurred to this, and remarked that Budget 2018 seemed to have overlooked certain industries and sectors which are suffering, such as the retail industry which is heavily affected by e-commerce. Lennon affirmed that taxing on imported services will help to level the playing field for local businesses and he believed that soon, many countries will be doing the same. However, Irvin reminded that as technology, disruption and competition are not new issues, businesses should take the initiative to overcome these challenges.

Kuah Boon Wee raised the issue on the lack of funding for the training of foreign workers who have since formed an integral part of our workforce, and contributing to productivity growth. Irvin felt that the issue has a political dimension, since it involved the question of whether our locals can adjust their mindset to be open to the idea of tapping on taxpayer’s money to fund such training. Coming from another perspective, Ernie felt that an increase in overall productivity would generate increased company earnings and hence more corporate tax contribution, thereby providing the funds for the training. He argued instead that we should re-frame foreign workforce training as an economic issue.

On the other hand, Lennon suggested that training could be provided to the

Irvin Seah DBS Executive Director locals, who could in turn train the foreign workers, or that trainers from overseas could be brought in to train all workers together. He also highlighted that automation could help to ease the situation.

On concerns that Budget 2018 did not seem to offer much to help SMEs and start-ups, Lennon pointed out that while not expressly mentioned, there are many existing schemes that are still in place to help SMEs. Irvin reminded that every Budget builds on the foundation of the earlier ones.

Continuously rolling out new schemes would not help, as processes will become more complex. He highlighted that the merger of IE Singapore and SPRING is a good example of how the government is working towards refining government schemes and streamlining the application process. Following the seminar, Business Advisors from SCCCI’s SME Centre were at hand to provide advisory services to participants interested to tap into government assistance schemes.

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交流联谊 VISITS & DIALOGUES

马来西亚中华总商会礼貌拜访

Courtesy visit by Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM)

1月12日，马来西亚中华总商会会长丹斯里拿督戴良业和永久名誉会长丹斯里拿督斯里乌达玛鍾廷森率领14 人代表 团到本会进行礼貌拜访，争取本会的对其申办第16 届世界华商大会的支持，及探讨双边合作事项。 On Jan 12, the Chamber received a 14-member delegation from ACCCIM led by President Tan Sri Datuk Ter Leong Yap and Life Honorary President Tan Sri Datuk Seri Utama William Cheng. The courtesy visit on January 12 was to seek Chamber’s support for them to be the organiser for 16th World Chinese Entrepreneurs Convention, and to discuss bilateral cooperation.

新加坡—乌克兰食品交易展

Singapore-Ukraine Food Buyers-Sellers Meeting

1月22日，本会和乌克兰驻新加坡大使馆牵线促成新 加坡—乌克兰食品交易展。新加坡食品厂商联合会与乌克兰 食品厂商交流，并和乌克兰外交部旗下的出口商与投资者理 事会签署谅解备忘录。共有20家乌克兰企业代表出席。 On 22 January, the Chamber and Embassy of Ukraine assisted with the organisation of the Singapore-Ukraine food buyers-sellers meeting and witnessed the signing of MOU between Singapore Food Manufacturers’ Association and exporters and investors under Ministry of Foreign Affairs of Ukraine. 20 Ukraine companies were present.

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黄海经济自由区和韩国中华总商会礼貌拜访 Courtesy visit by South Korea Gyeonggi Province Yellow Sea Free Economic Zone (YESFEZ) and Korean Chinese Chamber of Commerce & Industry (KCCCI)

1月24日，黄海经济自由区李花顺厅长和韩国中华总商 会宋国平会长率领代表团拜访本会，推介韩国京畿道黄海 经济自由区的投资机会。 On January 24, The Chamber received delegates from YESFEZ and KCCCI led by YESFEZ Commissioner Lee HwaSoon and KCCCI President Sung Kuo-Ping. The courtesy visit was to promote investment opportunities at the YESFEZ.

与出入口行业、地方代表商会与中医药业的商团会员午餐交流 Lunch Meeting with Trade Association Members from Import & Export, Traditional Chinese Medicine and Location-Origin Business Sectors 总商会与出入口行业、地方代表商会与中医药业的商团会员举办午餐交流会，针对行业走势进行交流。 共有来自10家商团的19位代表出席。 On February 1, the Chamber engaged in a lunch meeting with trade association members from the import & export, traditional Chinese medicine and location-origin business sectors, focusing on industry-specific issues. 19 representatives from 10 trade associations attended the meeting.

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