Economic growth is always accompanied by rising costs, and it is difficult to rely on the accumulation and investment of tangible capital again and again for sustained growth. Especially after the financial turmoil, in the face of major changes in the international situation, Singapore deeply feels that the previous development model is no longer applicable, and must keep pace with the times, firmly seize the opportunities brought by the knowledge economy, and gradually transform into an innovative development model.

1. research and development

Singapore established the science and technology bureau in 1991 and formulated the national science and technology development plan, with a planning period of five years. In the first five-year plan, from 1991 to 1995, the government invested 2 billion Singapore dollars, with the goal of establishing and perfecting research facilities, including establishing public research institutes and science parks, and encouraging local enterprises to invest in research and development and update their technologies by means of funding.

2. Innovation and Entrepreneurship

In order to encourage technology inventors to start businesses and technological innovation of small and medium-sized enterprises, the Singapore government has re-reviewed and revised relevant laws and regulations in the five-year plan and introduced a series of major measures. For example, setting up a venture capital fund to invest in technology start-up companies with venture capitalists; Pay the technical update and technical consultation fees of small and medium-sized enterprises in proportion; Allow individuals to use HDB to start companies (in limited industries) and vigorously promote entrepreneurial culture; Support the development of innovative industries; A number of financing plans have been launched to bridge the gap, trying to solve the problem of financing difficulties for small enterprises, and trying to change the status image of local small and medium-sized enterprises that are not valued and second-class citizens.

3. Company Competition Law

The Company Competition Law was passed in October 2114, which is applicable to all companies in Singapore, regardless of local foreign investment, size, state-owned and private. But telecommunications, news, post and telecommunications, transportation, energy, environmental protection and other 11 industries are not included, because these industries already have corresponding regulations. The purpose of formulating the competition law is to draw an equal starting line for all enterprises participating in the competition, create an open and transparent competition environment and improve their vitality.