DPM Heng emphasizes cooperation amid global economic shifts
At the Asia Future Summit 2024, Singapore’s Deputy Prime Minister Heng Swee Keat stressed the critical need for the US and China to manage short-term tensions while paving the way for a long-term strategic partnership. He highlighted that the world’s two largest economies—which together account for 43% of global GDP—share a mutual interest in stability and prosperity.
Key Takeaways from Heng’s Speech
US-China relations are pivotal for global peace and economic progress.
With the US presidential election approaching in November, major breakthroughs in bilateral collaboration are unlikely in the short term.
The two nations must adopt responsible attitudes to prevent escalating tensions while continuing diplomatic engagement.
Challenges and Opportunities
Despite differences in governance and economic models, both nations aim to:
Advance new sectors to boost long-term economic growth.
Enhance sustainability efforts, particularly in solar energy and electric vehicles.
Address domestic economic concerns, such as the income gap in China and economic uncertainty in the US.
Heng acknowledged progress in diplomatic dialogue over the past year, urging both nations to prioritize trust and cooperation to stabilize global economic conditions.
