The world lies at the crossroads of fragmentation and integration, and, as one of the largest countries and economies, China has "great responsibilities" in helping to determine which path the world should take, Trade and Industry Minister Chan Chun Sing said yesterday.
"Today, what the world needs most is leadership," he said.
In a world beset by turbulence, Beijing can lead by helping to set standards of behaviour in areas including economics, politics and technology, Mr Chan told a forum in Shanghai.
"China has the opportunity to seize this moment in history to win the world over with superior technology, economic management, geopolitical perspective and so forth," he said, adding that the best way to do so was not with force.
Mr Chan was speaking to business leaders, scholars and government officials at the Singapore-China Forum, which was organised by Chinese-language daily Lianhe Zaobao and The Paper, a Shanghai newspaper.
The forum was one of the events held on the sidelines of the China International Import Expo, which Mr Chan attended during his two-day visit.
In his speech, the minister noted that many people were worried about the uncertainties in the world, which included the trade war between China and the United States.
Mr Chan said the best way to win a fight was not by pummelling an opponent into defeat, but winning over the rest of the world such that the opponent becomes irrelevant.
China's own development trajectory has been underpinned by greater and greater integration with the world economy, and this will continue for the long term, said the minister, adding that the next lap of global progress also hinges on the integration of the global economy.
During an interview with Singapore reporters later, Mr Chan was asked about global frustrations over China's pace of opening and failure to change unfair trade practices.
He responded by noting that China's outward investments have exceeded inward investments for the past few years.
This means it is in China's interest to harmonise its standards with the rest of the world to ensure that its own outward investments are treated fairly, he said.
On Singapore's part, it has, over the years, complemented China's development needs through various projects, said Mr Chan.
Bilateral initiatives today focus largely on connectivity - building not just physical links, but digital and financial ones as well, within China, and from China to Singapore and other parts of the world.
"We both share a higher order aspiration that is similar. Together, we can set new standards in our approach to international affairs, in the way we govern our countries, and in the way we meet diverse aspirations of our diverse people - these are all common aims that we have between both countries," he said.
On his final day in China yesterday, Mr Chan also toured the Singapore exhibits at the China International Import Expo and took part in a dialogue at another trade and investment forum by the Singapore Business Federation.
He also witnessed the signing of three deals between Singapore firms - Tembusu Partners, PIL Group and Westcom Solutions - and their Chinese partners.
CORRECT PERSPECTIVE ON RCEP
"The easiest way to have the correct perspective is this: If it's RCEP-16, it's 32 per cent of total (global) GDP; without India, the RCEP-15 is 29 per cent of total GDP, so that's the answer - so it's 32 point something per cent to 29 point something per cent. So, is this significant? Look at it this way: Which is the largest (regional) FTA in the world now? It's the CPTPP, (which) is about 15 per cent... That's the significance of that - that's the numerical significance. But what's even more interesting about RCEP compared to the CPTPP is this - it's the diversity in terms of the participation."
TRADE AND INDUSTRY MINISTER CHAN CHUN SING, when asked about the significance of the Asean-led Regional Comprehensive Economic Partnership (RCEP), especially since India has opted out of the trade deal. The question was raised at a forum organised by the Singapore Business Federation yesterday in Shanghai. India pulled out of the pact as the other 15 countries said they are ready to sign the deal next year. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - a free trade pact between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam - covers 13.2 per cent of global economy and 15 per cent of global trade.
