Business China Chairman, Mr Lee Yi Shyan
Professor Robert Kennedy, Dean of Nanyang Business School
Fellow Business China Board Directors
Lecturers, alumni and graduates of the Future China Advanced Leaders Programme
Distinguished guests
Ladies and Gentlemen
- Good evening. Happy to see our ALP participants and alumni again, hope you had a fruitful and enjoyable study trip to Chongqing, Guizhou and Guangxi last month. I heard everyone was “full of spirit” after touring the Maotai factory.
- This is my third commencement ceremony for the Future China Advanced Leaders Programme. Last year, the ceremony was held under different circumstances. At that time, some people were concerned about China’s investments in our neighbours and wondered if these were targeted at Singapore. There were even suggestions that if Singapore were to align ourselves more closely with China, they would not invest in our neighbouring countries to compete with us.
- In my speech, I said this was a “simplistic and flawed conclusion”, and we should remain calm and not be rattled by such tactics. I explained that China’s investment decisions were guided by their national interests to enhance their connectivity and energy security. It had nothing to do with whether they were “song” or “buay song” with Singapore.
- I added that it is in Singapore’s interest and the region’s interest that China succeeds in its development. We believe that a successful China is good for the region, and this has been our longstanding and consistent position. Again, this is not about agreeing or disagreeing with China on certain issues. It is based on our national interests.
- And while speaking the same language, sharing the same cultural traditions and having ancestors who came from the same village generations ago can be an advantage when we are dealing with the Chinese, these are not going to get us very far if that is all we have to offer. We have to go beyond that.
- Our value to another country, be it China, US, India or our ASEAN neighbours, will ultimately depend on whether they find us useful and relevant, and whether our long-term interests are aligned. And this in turn shapes how they view their relationship with us. I subscribe to the philosophy that in international relations, there are no permanent friends or enemies, only permanent interests.
- So how do we remain useful and relevant to China? In what way are our long-term interests aligned? And is it true that they no longer need anything from us because everything we can do, they can do better? I would submit that this is an overly simplistic view. No different from how some people in the past looked down on the Chinese as “TSL – Tng Sua Lang” and automatically assumed that Western is better, what is known as the “Pinkerton Syndrome”. We should avoid this type of binary thinking and swinging from one extreme end to the other. The reality is not so black and white.
- It is true that China has made much progress over the years and in certain areas, it has built up impressive capabilities and some world-leading companies. But that does not mean it has no challenges and concerns. For example, how to balance economic growth with environmental sustainability? How to fight corruption? How to cope with a rapidly ageing society, which is getting old before getting wealthy? How to provide affordable housing for large populations in urban areas? How to maintain social cohesion in the face of rising inequality and other social tensions? China has achieved a lot in tackling these issues, but Chinese leaders also openly acknowledge that they have many on-going challenges. These are potential areas where our experiences could be useful and relevant to them.
- Likewise, there are areas where we can learn from China, and areas where we can work together. So the relationship going forward should be built on a platform of win-win cooperation and mutual learning in different domains, to help each other discover new opportunities and find practical solutions to tackle our respective challenges.
- One example is our cooperation on the Belt-and-Road Initiative (BRI), where our financial and legal services have been useful to Chinese companies expanding into BRI countries. The Southern Transport Corridor, which is the main focus of this year’s ALP visit to China, has exceeded initial expectations, and established a strategic link between Southeast Asia and China’s Western Provinces, with Singapore and Chongqing as the hubs at both ends. We also have good collaborations with different provinces in China through our Business Councils, where we focus on encouraging two-way trade and investments, as well as developing stronger people-to-people linkages.
- Another area where our long-term strategic interests are aligned is in upholding a rules-based multilateral trading system. The WTO framework, which established a common set of agreed and transparent rules for everyone, has benefitted both Singapore and China. We both agree that trade disputes should be resolved through this framework rather than unilateral actions. This is an area where we must continue to work together, especially in the current global environment.
- Ultimately, our relevance and value-add to China will depend on whether we remain a successful nation with a vibrant economy, cohesive society and stable government. It is also linked to our ability to connect with our neighbours in Southeast Asia, so that we can serve as a regional hub for Chinese companies that want to expand into the region through Singapore.
- At the same time, we must stay humble and not allow success to make us arrogant or complacent. Remain rooted in our values and be willing to learn from others, be open to collaborate with others. This can help us to gather more ideas and avoid repeating painful lessons, and also build on what others have done so that we can go even further.
- This is why Business China focuses a lot of effort on exposing our young people to developments in China, and prepare them to be more China-ready through study visits, internships and exchange programmes. We also organize talks and provide resources and training for young Singaporeans to gain a deeper understanding of different parts of China, grow their networks and know what are the opportunities and challenges. Developing a global mindset and a passion to learn will be critical to their future success. These attributes must become part of our societal culture and DNA in Singapore.
- As business leaders and alumni of Business China, I hope all of you can continue to support our programmes; provide advice and internship opportunities for young Singaporeans to learn more about China; and help us build stronger bridges with different Chinese cities and companies through your networks.
- Congratulations once again on your graduation and have a pleasant evening ahead. Thank you.