China has critical role in shaping resilient global order, says PM Wong
The Boao Forum for Asia brings together 2,000 representatives to discuss regional economic cooperation
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[BOAO, Hainan] In a world where countries must find new ways to cooperate, China will play a critical role in shaping a more resilient global order given its growing economic weight and capabilities, said Prime Minister Lawrence Wong.
Already, it is contributing to global development and ideas through initiatives like the Asian Infrastructure Investment Bank (AIIB) as well as the Belt and Road Initiative (BRI), and helping to set new rules in emerging fields such as artificial intelligence for trade.
With a fresh emphasis on domestic consumption under the recently announced 15th Five-Year Plan, China is also set to further drive growth in the region.
“Singapore believes China can play an even bigger role in supporting regional prosperity and stability,” PM Wong said.
Speaking at the opening plenary of the Boao Forum for Asia on Mar 26, he said the global environment has become more uncertain, with wars, geopolitical rivalry and multilateralism being challenged. This is straining the international system and making cooperation harder.
“We are witnessing a worrying breakdown of the institutions and norms that have long anchored the global system,” he said.
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The war in Ukraine and the ongoing conflict in the Middle East had driven up food and energy prices, disrupted supply chains and raised the risk of a global slowdown.
More fundamentally, countries were becoming less bound by international rules and more inclined to act whenever they have the power to do so, he said.
“When rules give way to raw power, order breaks down, and no country — big or small — is truly secure.”
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PM Wong said these geopolitical shifts were also reshaping the global economy, with countries placing greater emphasis on resilience and security. Countries are moving to reduce dependencies and reconfigure how they engage with the global economy, he said.
In such an environment, traditional multilateral agreements were harder to achieve, and countries would need more flexible ways to work together, he said.
“One practical way is for smaller groups of like-minded partners to create plurilateral arrangements. These can move faster — to test ideas, set standards and deliver results.”
He cited trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) as examples of such cooperation.
PM Wong added that Singapore supported China’s interest in joining high-standard trade agreements such as CPTPP and DEPA, although integrating an economy of China’s scale would not be straightforward.
“But doing so will bring significant benefits to the region, and strengthen the relevance of these high-standard arrangements,” he said.
PM Wong said China’s growing capabilities meant it would have an important role in shaping the next phase of global growth.
He noted that China had placed science, technology and innovation at the centre of its development strategy and was already at the forefront in areas such as digital and green technologies.
“China is therefore well positioned not just to participate in the next wave of technological change, but to shape and lead it,” he said.
PM Wong said that China can also help shape the region’s evolving economic architecture. “At a time of growing fragmentation, the world needs strong advocates for open and rules-based trade,” he said.
“Here in Hainan, the free trade port stands as a concrete example of China’s commitment to openness. We hope China will continue in this direction — supporting open markets, and strengthening confidence in a predictable and stable global trading system.”
Hainan is home to China’s free trade port, a flagship reform project launched in 2020 to deepen opening-up. The island now operates under “independent customs operations”, allowing most international goods to enter tariff-free while maintaining a separate customs boundary with the rest of the Chinese mainland.
The Boao Forum for Asia, held annually in China’s southern island province of Hainan, brings together 2,000 representatives from government, business and academic sectors to discuss regional economic cooperation. This is the 25th anniversary of the event.
Ending his speech with a call to action, PM Wong said: “We can drift towards rivalry and fragmentation. Or we can choose cooperation and openness. If we choose well, Asia can continue to be a source of stability, dynamism, and hope for the world.” THE STRAITS TIMES
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