Globalisation is not on the decline, says Tharman

Singapore

CONTRARY to what some might think, globalisation is not on the decline. Instead, what the global economy is seeing is a reconfiguration as a result of China's evolution, said Senior Minister Tharman Shanmugaratnam.

He noted that the biggest trend was the evolution of the Chinese economy. "It is getting larger. (China is) having a much larger middle class consuming a lot more. (They) are having much more capabilities domestically, able to produce within China what was previously imported, and that might give the impression of some waning of globalisation.