Globalisation

With the announcement of the India-Middle East-Europe Economic Corridor at the recent G20 summit, it could be easy to assume that India has made its strategic decision to join the US-led West to counter China, or that the IMEC is a natural rival to China’s Belt and Road Initiative. But complementary multilateral structures may not be a thing of the past.

Chan Heng Chee, ambassador-at-large and professor at the Lee Kuan Yew Centre for Innovative Cities, Singapore University of Technology and Design, delivered a speech at the Reinventing Destiny conference on 14 August, held in commemoration of the 100th birth year anniversary of Mr Lee Kuan Yew, Singapore’s founding prime minister. She spoke about how strengthening Singapore as a nation and being part of an inclusive regional grouping like ASEAN could help the city state better survive these divisive and conflictual times. Here is the edited transcript of her speech.

Chinese e-commerce giants Temu and Shein are currently locked in a heated battle for the US market and Chinese supply chain. As both sides are digging in their heels and accusing the other side of unsavoury business practices, who will emerge victorious?

Chinese venture capital funds are flocking to Southeast Asia in search of the next Alibaba and ByteDance. However, given the market’s nascent stage, along with the Chinese funds’ preference for Chinese-affiliated enterprises, options are limited. Liu Sha looks into the challenges these Chinese funds face in finding success in Southeast Asia.

As a member of the post-2000 generation, I would say the younger generation can arrogantly claim that artificial intelligence (AI) is not unfamiliar to us, and we are the natives of virtual reality. On the contrary, it is always those stubborn "old folks" who struggle to adapt and become restless, as if they were inside the palace when Puyi wore glasses. But the true enemy of humanity is never technology. Strengthening regulations, accelerating the implementation of corresponding policies, and mitigating the existential threats brought by AI should be our top priority. Because, regardless of how things unfold, our future lives will always be tied to AI. — Bai Yi (Created with the aid of AI, with thanks to Mathieu Borysevicz and Learning From Hangzhou, as well as other creators for visual material provided.)

Despite all the talk of de-dollarisation and some movement towards it, the US dollar remains the dominant global currency for now, and it will be an uphill task to shift away from it. Lianhe Zaobao correspondent Lai Oi Lai speaks to academics and financial experts to find out more about the world's pursuit of de-dollarisation as a way of risk management.

In his keynote address at the Caixin Asia New Vision Forum, Singapore's Deputy Prime Minister Heng Swee Keat said that the US and China can still step away from confrontation and conflict, and both sides must do so by building strategic trust. Meanwhile, Asia and the rest of the world must also take active steps to bring about greater collaboration. Together, countries can work to bring about a new global architecture that promotes inclusive and sustainable development. This is an edited version of his speech.

Lianhe Zaobao associate editor Peter Ong assesses that the world is moving away from globalisation as friction between countries have led to the need for self-sufficiency and “friendshoring”. Modern history has shown the ills of such moves, but then again, isn’t the worst human failing that of forgetting history?

Somewhat paradoxically, the trade decoupling of China and the US has forced Chinese manufacturers to independently develop their core technology, which is a boon to their long-term development and competitiveness. But it may be some time to go before China catches up with the West.