Chinese netizens and commentators have largely celebrated the RCEP as being China-led and a coup for China. Zhu Ying provides a reality check as to why the Chinese should instead have their feet firmly on the ground.
Bloomberg News editor-in-chief John Micklethwait interviewed Singapore’s Prime Minister Lee Hsien Loong ahead of the Bloomberg 2020 New Economy Forum on 17 November. Among the topics they discussed, PM Lee spoke at length about China, the US, global trade, the internet, and most of all, the China-US relationship. This is an excerpt of the interview transcript.
Singapore's former Foreign Minister George Yeo looks back at the years of engagement between Singapore and China, including the period before the two countries established formal diplomatic ties. He says that while Singapore’s “Chinese-ness” had some part to play in building strong ties over the years, it is paramount that this be distinguished from Singapore’s status as an independent, sovereign, multiracial country. As China continues to rise and US-China tensions continue to fester, ASEAN and Singapore would need to be watchful of issues that could derail relations with China. Notwithstanding, there is much room for cooperation that the region can be sanguine about.
The West has been setting up new rules and regulations targeting China's economic system, which they regard as a non-market economy that could undermine the proper functioning of international trade. These rules and regulations are formulated through international organisations, multilateral and bilateral trade agreements, and even as unilateral domestic laws. However, Chinese academic Zhu Ying says China is not buckling under pressure as its market economy is a mere means for China’s economic development, and not the end goal of its economic system.
From bilateral and multilateral diplomatic situations, to international economic organisations and non-economic organisations, the competition between China and the US has intensified in a different way during the pandemic, as new battlegrounds for influence are created. Chinese researcher Peng Nian presents the possible areas that the US and China might continue to clash, even after the pandemic eases.
Despite China identifying itself as a developing country at the WTO, it has been viewed in several quarters as one of the top countries in the world in terms of its economy and national strength. Economics professor Zhu Ying asks: is it any surprise that the US has never recognised China as a developing country?