Singapore says China can play bigger role in Asia’s economic stability

2026-03-26 - 03:51

Singaporean Prime Minister Lawrence Wong cited China’s efforts to set up platforms like the Asian Infrastructure Investment Bank and the Belt and Road Initiative. (Yonhap/EPA Images pic) HAINAN: Singaporean Prime Minister Lawrence Wong said China will be crucial in anchoring Asia’s growth prospects at a time when the global economy is strained by conflict and trade fragmentation. “Singapore believes China can play an even bigger role in supporting regional prosperity and stability,” Wong said during the Boao Forum for Asia in Hainan on Thursday. “Its vast domestic market can be a powerful engine of growth for the region.” China can also be a strong advocate for open and rules-based trade in Asia, Wong said. He cited Beijing’s efforts to set up platforms like the Asian Infrastructure Investment Bank, the Belt and Road Initiative, and participation in the World Trade Organization and other regional pacts. “We hope China will continue in this direction – supporting open markets, and strengthening confidence in a predictable and stable global trading system,” Wong said. He also urged like-minded economies to create smaller plurilateral arrangements as multilateral deals become “extremely hard” to reach. While not ideal, he said this could be a more flexible and practical way to sustain the momentum for world trade. This is Wong’s second trip to China since taking office in 2024. The premier last year warned of a more fragmented and disorderly world as the US turned inward, with “neither China or any other country is willing – or able to – fill the vacuum.” Like many Asian nations, China is Singapore’s largest trading partner. The forum, sometimes referred to as “China’s Davos”, saw dignitaries repeatedly call for cooperation as the world economy, still reeling from the impact of higher US tariffs, confronts new shocks from the war in the Middle East. Wong likewise aired the same warnings, saying the guardrails provided by international law and multilateral rules are weakening. “States feel less bound by rules, and more inclined to act whenever they have the power to do so,” he said. “Small and middle-sized countries feel this most acutely. But even large powers will find that a world where the strong do as they please is ultimately more dangerous for all.”