Unwise for the West to write off China, says Singapore Senior Minister Lee Hsien Loong at business forum

Senior Minister Lee Hsien Loong with moderator Lee Huay Leng, editor-in-chief of SPH Media’s Chinese Media Group, at the FutureChinaGlobal Forum on Oct 18. - Photo: Lianhe Zaobao

“When I go to China, and sometimes, the confidence with which my hosts expound their views causes me to tell them, ‘You know, the Americans have a lot of problems. You can see all of the problems, but they have a lot of strengths, and sometimes you cannot see all of their strengths. And they are not going to disappear, and they will be there and formidable, I think, for a very long time to come.’

The event is organised by Business China, a non-profit organisation that forges links between Singapore and China. The fundamental issue, he said, is that both China and the world have not gotten used to the fact that China has grown enormously since it began opening up in 1978. In recent weeks, China has announced a slew of measures to revive its slowing economy. SM Lee said the measures will help to boost confidence, but China’s economy is going to grow at a slower rate than the double-digit pace it once had.

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