The foreseeable improve in protectionist insurance policies by the United States and probably a few of its allies poses a shared menace to the financial belongings of each China and Singapore, famous CASS’s Dr Xu.
“As Singapore is a trade-dependent nation, commerce liberalization and funding have been key to its progress. Similarly, China, being one of many world’s largest exporters, additionally depends on free commerce. Increasing commerce protectionism would damage each international locations,” he defined.
Last yr, the 2 international locations elevated their bilateral relations to a “complete, high-quality, future-oriented partnership.” In this context, the 2 nations are anticipated to deepen cooperation in areas comparable to inexperienced and sustainable sectors and the digital financial system, Dr Xu famous.
“Such initiatives might function a mannequin for regional cooperation, injecting vitality into China-Singapore relations and benefiting the area and even world financial progress,” he mentioned.
As Singapore seeks to forge nearer ties with China, Dr Xu famous that this doesn’t point out a change in its long-standing diplomatic precept of impartiality, and that is an strategy that China “respects and understands”.
“China, for its half, has (additionally) persistently emphasised the significance of strategic autonomy,” he added.
On the opposite hand, Singapore’s strategic neutrality might be a double-edged sword, famous Associate Professor Chong Ja Ian of the Department of Political Science on the National University of Singapore (NUS).
“Great powers could start to understand Singapore as an unengaged nation, a conduit for the escape of key applied sciences, capital or items to or from their rivals, and even as ambiguous,” he instructed CNA.
“This might danger leaving Singapore remoted slightly than related.”
