During an event held on October 18 in Singapore, former Prime Minister and Senior Minister Lee Hsien Loong attended the “Eyes on China Global Forum” and shared insights in a fireside chat. According to the Singapore Prime Minister’s Office and The Straits Times, Lee emphasized that the economic development of China is far from reaching its peak. He cautioned against the notion of a decline, stating it was “extremely unwise” to write off China. Lee highlighted the resolve of the Chinese people to continue making progress, while dismissing the Western view that China could be easily toppled.
Lee elaborated on the significant transformations China has undergone over the past few decades, noting that its relationship with developed countries has become more competitive, necessitating adjustments from both China and the world. He expressed his views on various issues, including China’s economic development and its relationship with the West.
He acknowledged that China faces both internal and external challenges, such as changes in its economic and labor structures, along with ongoing geopolitical tensions with the West. However, he pointed out that China still has demographic potential and that many sectors have reached world-class standards, indicating that its development is not yet at an end.
When asked whether people should be pessimistic or optimistic about China’s economy, Lee firmly stated, “It is extremely unwise to be bearish on China… Western countries think that by doing one thing or another, China will be brought down. They are mistaken. We have reasons to believe that this country will continue to develop for a long time.” He provided four reasons for his confidence in China’s ongoing development: first, reforms to raise the retirement age to better utilize its population, especially female labor; second, the urbanization process in China is still ongoing; third, China has achieved world-class competitiveness in various fields; and finally, the determination of the Chinese people.
Lee remarked, “When the Chinese talk about ‘standing up, becoming rich, and getting strong,’ I believe they are determined. This will drive them to overcome the many difficulties they may face.”
Discussing China’s relationship with the West, Lee identified a fundamental issue: the significant changes China has experienced. He explained that back in 1978, when reform and opening-up began, China’s share of the global economy and international trade was minimal; today, it accounts for about 20%. “Therefore, anything China does, whether good or bad, has a substantial impact on other countries,” he noted.
Lee further mentioned that China is now moving up the value chain, leading to a more competitive relationship with developed nations. He pointed out that China’s strategic, security, and diplomatic interests have evolved. As China engages more broadly with the world, questions arise about leadership and collaboration: “Who is first? Who is second? How can the first and second cooperate? Can they cooperate?”
He asserted, “Undoubtedly, for the world, today’s China is better than it was 30, 40, or even 50 years ago,” but added that this means adjustments must be made. “It’s not a question of right or wrong; adjustments are necessary for both Chinese interests and global interests.”
Lee posited that both China and the world need to adapt: China must recognize its new role and stop expecting concessions from other nations, while the world should find ways to integrate China into the international system, taking into account its legitimate concerns and interests.
As for the upcoming U.S. elections, Lee predicted that regardless of whether Donald Trump or Kamala Harris wins, the perception of China in the U.S. will not change. He emphasized that the U.S.-China tensions are not driven by individual personalities but rather by a societal consensus viewing China as a “potential challenger, opponent, and even a long-term threat.”
Lee also reiterated the significance of Chinese culture in Singaporean society. When asked about his post-premiership hobbies, he admitted he doesn’t play many games but referred to the popular game “Black Myth: Wukong.” He mentioned that having Singaporean students engage with such games could enhance their understanding of the Chinese language and culture, but cautioned against gaming addiction.
“I hope that Singapore’s children will not only learn the language but also appreciate the rich cultural heritage of China. If you grow up not knowing who Sun Wukong is, that’s a problem. If you don’t know who Zhuge Liang is or about ‘Romance of the Three Kingdoms,’ that’s also a problem,” Lee concluded.
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