Singapore has continued confidence in China’s future, says SM Lee as he warns against writing off the country

CNA11-25 15:35

SUZHOU: Singapore remains confident in China’s future, Senior Minister Lee Hsien Loong said on Monday (Nov 25), cautioning it would be both "short-sighted" and "unwise” to dismiss the world's second-...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2486577180?lang=en_US&edition=fundamental","thumbnail":"https://onecms-res.cloudinary.com/image/upload/s--727VNnCu--/c_fill,g_auto,h_468,w_830/fl_relative,g_south_east,l_mediacorp:cna:watermark:2021-08:cna,w_0.1/f_auto,q_auto/v1/mediacorp/cna/image/2024/11/25/SM%20Lee%20Hsien%20Loong%20China%20visit%20Nov%2025,%202024_4.jpg?itok=t0f51jxb","is_english":true,"pubTime":"2024-11-25 15:35","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2486577180","market":"sg","top_or_hot":-1,"title":"Singapore has continued confidence in China’s future, says SM Lee as he warns against writing off the country","media":"CNA","content":"<div>\n<p>SUZHOU: Singapore remains confident in China’s future, Senior Minister Lee Hsien Loong said on Monday (Nov 25), cautioning it would be both \"short-sighted\" and \"unwise” to dismiss the world's second-...</p>\n\n<a href=\"https://www.channelnewsasia.com/east-asia/lee-hsien-loong-singapore-confidence-china-future-economic-potential-4768526\">Source Link</a>\n\n</div>\n","source":"can_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore has continued confidence in China’s future, says SM Lee as he warns against writing off the country</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore has continued confidence in China’s future, says SM Lee as he warns against writing off the country\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-25 15:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.channelnewsasia.com/east-asia/lee-hsien-loong-singapore-confidence-china-future-economic-potential-4768526><strong>CNA</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SUZHOU: Singapore remains confident in China’s future, Senior Minister Lee Hsien Loong said on Monday (Nov 25), cautioning it would be both \"short-sighted\" and \"unwise” to dismiss the world's second-...</p>\n\n<a href=\"https://www.channelnewsasia.com/east-asia/lee-hsien-loong-singapore-confidence-china-future-economic-potential-4768526\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GDP","symbol_name":"古德里奇","start_time":0,"source_url":"https://www.channelnewsasia.com/east-asia/lee-hsien-loong-singapore-confidence-china-future-economic-potential-4768526","article_id":"2486577180","we_media_id":null,"thumbnails":["https://onecms-res.cloudinary.com/image/upload/s--727VNnCu--/c_fill,g_auto,h_468,w_830/fl_relative,g_south_east,l_mediacorp:cna:watermark:2021-08:cna,w_0.1/f_auto,q_auto/v1/mediacorp/cna/image/2024/11/25/SM%20Lee%20Hsien%20Loong%20China%20visit%20Nov%2025,%202024_4.jpg?itok=t0f51jxb"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2486577180","pubTimestamp":1732520100,"sourceInfo":{"source_id":"can_highlight","name":"CNA"},"weMediaInfo":null,"summary":"China has shown that it can take a strategic perspective, riding through transient ups and downs, said the senior minister at an event in Suzhou to mark the 30th anniversary of the China-Singapore Suzhou Industrial Park (SIP).","collect":0,"end_time":0,"defaultTopTitle":"channelnewsasia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GDP":"古德里奇","SM":"SM Energy","BK4213":"石油与天然气的勘探与生产"},"translate_title":"SM Lee表示，新加坡对中国的未来仍然充满信心，并警告不要将中国一笔勾销","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GDP":1,"SM":1},"content_text":"SUZHOU: Singapore remains confident in China’s future, Senior Minister Lee Hsien Loong said on Monday (Nov 25), cautioning it would be both \"short-sighted\" and \"unwise” to dismiss the world's second-largest economy even as Beijing grapples with challenges at home and abroad.\nTo that end, Singapore believes a growing and prospering China can and should play a major constructive role internationally, remarked the veteran statesman, who is on a six-day official visit to the country.\n“(China can contribute) to the prosperity and well-being of other countries, and a stable international order where all countries big and small co-exist peacefully together,” said Mr Lee, who was delivering the keynote address at a roundtable in Suzhou to mark the 30th anniversary of the China-Singapore Suzhou Industrial Park (SIP).\n“We therefore wish China well in its efforts to transform its economy, integrate into the global economy, and enhance win-win relations with regional partners and other major powers.”\nMr Lee is in China till Friday. During his visit, he will call on and be hosted to dinner by President Xi Jinping in Beijing. Mr Lee will also meet overseas Singaporeans in Shanghai. \nCONFRONTING A NEW REALITY\nChina is facing very different challenges after nearly 50 years of rapid progress following its reform and opening up journey, noted Mr Lee.\nOn the domestic front, the country is confronting a protracted property crisis, debt-ridden local governments, flagging consumption and a shrinking population. Beyond its borders, hot wars in Ukraine and Gaza pose geopolitical risks. There are also tensions with the United States, set to heat up under a Trump 2.0 presidency.\n\n\n\n\nChina’s growth will likely be slower just based on the domestic factors alone, said Mr Lee. He added that external pressures and uncertainties are compounding the matter, particularly by affecting cross-border trade and investments. As a result, China has been placing more emphasis on political, social and national security considerations.\n“Economic development is still of high importance (to China), but is no longer the pre-eminent national priority. Policy trade-offs are unavoidable, and will imply less exuberant economic growth for China,” said Mr Lee.\nHowever, the senior minister warned it would be both “short-sighted” and “unwise” to write China off.\n“China’s development is an enterprise that will take 100 years. It has shown that it can take a strategic perspective to maintain consistent policies and direction over the long term, riding through transient ups and downs in its development journey,” Mr Lee pointed out.\nThe Chinese economy retains “considerable capacity” to grow,  considering the untapped potential in its workforce and higher productivity from an increasingly urbanised population, he added.\nMr Lee also singled out China’s tech prowess as a key factor. He noted that Chinese companies have already established themselves as market leaders in industries such as electric vehicles, batteries, and solar panels.\n“Increasingly, Chinese companies are competing as equals, rather than from a catch-up position. In fact, in some industries, Chinese companies have been so successful that it is causing concern to China’s trading partners,” added Mr Lee.\nAt the same time, Mr Lee highlighted the collective determination of the Chinese people as a pivotal element.\n“We must never underestimate the Chinese people’s determination for their nation to succeed and stand tall in the world. This is a driving ambition. Its impact cannot be captured in economic statistics, but it will make all the difference.”\n\n\n\n\n\n      A photo of then-Singapore Prime Minister Lee Hsien Loong shaking hands with Chinese President Xi Jinping in Beijing in March 2023, displayed at the Suzhou Industrial Park 30-Year Achievement Exhibition in Suzhou, Jiangsu province on Nov 24, 2024. (Photo: Lee Gim Siong)\n    \n\n\n\n\nCOMMITTED TO CONTINUED COOPERATION\nMr Lee reaffirmed Singapore’s commitment to deepening bilateral cooperation with China. He noted that cooperation in the SIP - the first government-to-government project between the two countries - will remain a key pillar in this regard.\nSpanning 278 sq km, the park has evolved into a modern integrated township, home to 1.13 million residents and housing a China-Singapore cooperation area. \nSingapore and China have developed a 10-year blueprint to chart the next leg of cooperation in the flagship bilateral venture, with plans to grow emerging sectors like green development, the digital economy, and biomedical sciences, Mr Lee highlighted.\nUpcoming projects in this space will help the project stay relevant, and attract high-quality investments both from China and abroad, he noted.\nOne of China’s top industrial zones, SIP recorded a regional gross domestic product (GDP) of 368.6 billion yuan (US$51.4 billion) in 2023, a 5.9 per cent growth year-on-year. That figure was about 15 per cent of Suzhou city's GDP that year.\n\n\n\n\n\n      Commemorative decoration displayed at the Suzhou Industrial Park as it celebrates its 30th anniversary this year. (Photo: Lee Gim Siong)\n    \n\n\n\n\nMr Lee highlighted how the establishment of SIP 30 years ago was rooted in the shared political will of both governments, aiming for mutual benefit.\nFor China, SIP served as a platform to adapt Singapore’s expertise in economic development, investment promotion, and urban planning to its own national context. At the same time, the project allowed Singapore to gain deeper insights into China’s industries, market dynamics, and economy as Beijing integrated further into the global economy.\n“(The SIP) showed how we had worked closely with China on a major project, and seen it through to fruition. This earned us international credibility. It also helped build up our reputation all over China too, opening many doors for us,” Mr Lee said.\nWhile both countries shared common goals for the SIP, Mr Lee acknowledged that success did not come overnight. Instead, it took “unremitting effort” from thousands of leaders, officials, and businessmen on both sides, working closely to troubleshoot issues and progress the project.\nSIP started with Singapore holding a majority 65 per cent stake and China holding the remainder. It suffered losses in the initial years amid stiff competition from a nearby rival business hub that was backed by the local government.\nIn December 1997, Singapore’s then-senior minister Lee Kuan Yew travelled to China. When in Suzhou, he openly criticised local officials over the matter. Later in Beijing, he received reassurances from then-Chinese president Jiang Zemin, who reaffirmed his country’s commitment to Suzhou Industrial Park.\nThis led to negotiations and an eventual change in ownership structure that took effect in 2001, reducing Singapore’s stake to 35 per cent while upping China’s to 65 per cent.\n\n\n\n\n\n      Suzhou Industrial Park is the first government-to-government project between Singapore and China. Established in 1994, it is now one of China's top industrial zones.\n    \n\n\n\n\nBoth sides worked together in good faith and resolved differences through close consultations and mutual adjustments, Mr Lee noted.\n“After the first few years, the Chinese side increasingly took the lead, eventually becoming the senior partner. They carried the project forward with energy and imagination, and built SIP up way beyond what we had dared to hope,\" said Mr Lee.\nIn the present, SIP’s continued development under the latest blueprint will demonstrate how China can deliver high standards of economic and urban management, and sustain a high-quality modern township over the long term, said the senior minister.\n“It will also demonstrate China’s continuing openness to the world and its desire to welcome investors,” Mr Lee remarked.\n“In an era of uncertainty and anxiety, it will be a beacon of cooperation and hope.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2486577180"}