We Are Technooptimists By Nature: DPM Wong
WASHINGTON - Deputy Prime Minister and Treasury Secretary Lawrence Wong answered a series of questions during a center-based dialogue on China's economy, Singapore's approach to information technology and the Republic's experience with multiculturalism. Friday. A major think tank in Washington, D.C., engaged in strategic and international research.
The dialogue was the culmination of the final day of his 10-day visit to the United States, during which he reaffirmed strong bilateral ties and met with senior U.S. officials, including National Security Adviser Jake Sullivan, Commerce Secretary Gina Raimondo and the U.S. Department of Commerce. Department. Rep. Katherine Tai.
Here are excerpts from Wong's responses during the hour-long discussion moderated by Christopher B. Johnston, senior adviser to the Center and president of Japan.
About the Chinese economy
Youth are currently living in a difficult situation as unemployment is high. They have decided to burst the housing bubble, and it will have painful consequences. I think this is true because the real estate industry has accumulated excess.
But real estate makes up about 20-30% of the economy. And when the bubble bursts, there are all sorts of consequences, ripple effects that ripple through the entire economy that they have to manage.
At the same time, they need to rebalance their economy towards a more consumption-based economy. This is not easy because they will have to implement reforms in the social security sector as well, and this will take time. This is quite difficult considering the size of their country. But when I talk to their officials, I think they understand what needs to be done. It's about communication and ensuring proper implementation.
You've heard many commentators and people talk about Peak China. We think it's overrated. We believe that China will continue to grow.
China's economy will grow maybe 4 percent, maybe 5 percent. But to what extent he will have the same entrepreneurial energy and dynamism as before, I don't think anyone knows the answer at this point.
I wouldn't underestimate the natural animal spirit of the Chinese. They are very active. They decided to make a better life for themselves. And never underestimate the enormous enthusiasm and energy of the Chinese.
Regarding US economic participation in the region
We have long advocated for greater U.S. economic engagement in Asia, especially Southeast Asia. Our priority would be a regional trade agreement. We had the TPP (Trans-Pacific Partnership), but that is a thing of the past. If possible, we would like to see market access and trade liberalization, but I think it is very difficult to talk about these aspects in the current climate of American domestic politics.
But at the same time, we have IPEF (Indo-Pacific Economic Framework for Prosperity) and that is still very important and good things can still be achieved through IPEF. I think in areas like supply chains, the green economy and the digital economy, those are the goals that we are pursuing, and we certainly hope that significant progress can be made, particularly within APEC (Asia Pacific Economic Cooperation). It will take place in November this year.
About US-China relations
Both sides have made it clear that they do not want conflict. And hopefully there is a sense that this is not a zero-sum race where one side wins and the other loses. The world is big enough to accommodate both the US and China, and the two countries can coexist and develop together.
It is very positive that discussions and engagement have resumed in recent months. We hope that this dialogue and interaction will reduce misconceptions and misunderstandings and provide greater understanding and convergence of views. We would like and hope to see that the presidents of both parties, President Xi (Jinping) and President (Joe) Biden, will hopefully have the opportunity to meet and talk face to face at APEC, and they will be able to . Help rebuild the strategic trust that is so important to moving the relationship in a positive direction.
Otherwise, and if relations deteriorate, it will be a big problem for both countries, but it will also be a big problem for the rest of the world. It will be worse for everyone.
