Author: Chan Chun Sing
Affiliation: Ministry for Education and Minister-in-charge of the Public Service, Republic of Singapore
Organization/Publisher: Think China
Date/Place: November 10, 2021/Sydney, Australia
Type of Literature: Speech
Word Count: 2936
Keywords: Economic Interdependence, Mutual Understanding, Global Competition.
The world is enjoying interconnected trade and information flow that allow for a chance of economic progress, opening a way for further improvements. A competition between powers is inevitable, yet it is crucial to ensure it doesn’t spiral out of control. China and the US are central to the current world order despite their differences, and neither one should be expected to be like the other in order to have understanding and agreements. Mutual economic interdependence, need for stable supply lines and their desire for a stable modus vivendi could help in building better communication. Furthermore, the domestic concerns of both powers do not support any future hostile competition—a new Cold War scenario is not feasible in an interconnected world. In reality, whoever could provide a better chance for the rest of the world and positive leadership will have the better global position, all by the power of good example. As for the rest of the world, it is crucial that more states emphasize an inclusive and rules-based world order. If the US and China cannot reach an understanding sooner, then the rest of the world could facilitate it by taking cooperative action. In the case of Singapore, the desired reality is a balanced relation with both the US and China, taking a principled stand for a secure and stable world order. Partnership and better economic cooperation could secure Singapore’s national interests without sacrificing altruistic aspirations.
By: Omar Fili, CIGA Research Assistant