The SGX is fading away as a place to raise capital and the situation may be irreversible, diminishing Singapore’s relevance and leaving it to contend with being a smaller and more specialised financial centre.
Regulating new technologies and industries is a challenge facing many countries including the US. Far from snuffling enterprise, China is responding to the common need to mitigate or prevent the negative consequences of big businesses.
The problem with Britain’s desire to be ‘deeply engaged’ in Asia is it fails to realise how much its influence has declined. Across every metric – whether political, economic, financial or social – the UK is now a bit player in the region.