SINGAPORE: Prime Minister Lee Hsien Loong has said that Singapore and China can
work together to make the economies of both countries more resilient.
He was speaking in an interview
with China correspondents based in Singapore ahead of his official trip to
China.
Mr Lee has since arrived in
Chengdu on the first leg of a six-day visit to China at the invitation of
Chinese Premier Wen Jiabao.
Mr Lee spoke of Europe's
deep-seated woes and America's weak recovery. He said Asia is now "the
brightest spot in the global economy".
Hence, Asian economies should
work together to make up for the absence of demand in Western countries, said
Mr Lee.
Mr Lee pointed to how Singapore
and China can work together to develop capabilities and upgrade each other's
economies for the long term.
But he also noted how this
pattern will change as China progresses to a more highly skilled economy.
He said other countries,
including Singapore too, will have to develop new skills to complement new
players.
Mr Lee said: "I think
Singapore is moving forward, because we also do not want to remain where we are
indefinitely.
"We have to have better
standards of living, higher skills, more productive workers, more competitive
economy.
"So I see ourselves
developing more capabilities and we hope that these will also be capabilities
which will have a market in China and which will complement what China is
doing.
"There will always be room
for different economies to do different things; it is a very big world."
Mr Lee also talked about the
South China Sea maritime dispute between China and some ASEAN economies.
He said that while Singapore is
not a claimant state, the country has an interest in ASEAN being strong,
cohesive and effective in solving issues to maintain peace in the region.
There is also interest in freedom
of navigation since Singapore is heavily dependent on international trade.
Mr Lee pointed out that it is
important that disputes are settled in line with international laws,
particularly that of the United Nations Convention on the Law of the Sea.
He explained that Singapore is a
small country and if arguments are settled by force, it would create a
"very disorderly international environment" which would prove to be
"bad for all countries".
Mr Lee also responded to a
question on how far Singapore needs to go before achieving its aim of being an offshore
international centre for Renminbi (RMB), the Chinese currency.
Mr Lee said there is still some
distance to go.
So far, it is understood that
Singapore will be an RMB centre and one of the Chinese banks will be designated
an RMB clearing bank. As to which is the bank, Mr Lee said it is up to China to
decide.
On a lighter note, Mr Lee said he
is looking forward to the two Chinese pandas - Jia Jia and Kai Kai - which are
expected to arrive in Singapore from Chengdu next week.
He said the pandas' arrival is a
sign of friendship between Singapore and China. Mr Lee hopes that while two
pandas will come, maybe three will go home.
- CNA/ir
Claire Huang
Business & Investment Opportunities
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