There will be no conflict between the United States and China over the next 20 to 30 years, said former Prime Minister Lee Kuan Yew on Wednesday at the Standard Chartered Global Forum.

Addressing political and business leaders at the Shangri-La hotel, Mr Lee said China needs the US as an export market and to send its students to US universities.

"For the next 20 to 30 years China doesn't want conflict with the US... I don't see confrontation," he said, in his first public comments since January this year.

But beyond that, over the longer term, there will be competition between the two powers in the east and west, he added.

Mr Lee was speaking at a fireside chat with former US Federal Reserve chairman Paul Volcker and Standard Chartered group chief executive Peter Sands.