Singapore underscores resilience but cautious amidst decoupling issues: Wong

The deputy prime minister said they encourage better diversification.

With the speculations of decoupling from China, Deputy Prime Minister and Minister for Finance Lawrence Wong Singapore is all for greater resilience but must be more cautious against measures that could create a “fragmented or balkanised world.”

“There are so many interlinkages between the US and China today that it is hard to imagine how they can completely decouple their economies; but even selective decoupling in technological areas will not be easy or painless – it will have a devastating impact on the global economy,” Wong said during the 17th Asia-Pacific Conference of German Business.

He cited that markets in Asia must also confront risk of conflict and plausibly even war.

“There are many flashpoints in Asia where miscalculations can happen – not just the Taiwan Strait, but also the South China Sea, and the Korean Peninsula,” added Wong.

Wong also discussed German-Singapore relations that were backed by a strong sense of mutual trust. 

“Despite the economic and geopolitical headwinds ahead of us, I am confident that there remain substantial opportunities for us to work together; for us to strengthen mutual collaboration and growth bilaterally, and here in the Asia-Pacific region,” he said.