OpinionHow Singapore and the other ‘little dragon’ economies have left Hong Kong huffing and puffing

Alice Wu says Singapore hosting the Trump-Kim summit should wake Hong Kong up to the fact it has been left behind in the little dragons’ race

3-MIN READ3-MIN

A lion dance and dragon dance is performed outside the Hong Kong Cultural Centre in January. Hong Kong, Singapore, South Korea and Taiwan were considered the four “little dragon” economies. Photo: David Wong

Published: 1:00pm, 17 Jun 2018Updated: 7:37pm, 17 Jun 2018

Besides the main feature of the melodramatic Trump-Kim summit, the geopolitical sideshows that have been playing out for weeks, if not months, are the real politicking – guaranteed to have more substantial and lasting consequences.

First, the two inter-Korean summits, in April and May, broke 11 years of mutual silence. Second, Singapore played the perfect host to the US-North Korea summit. Finally, perhaps less obvious but now causing quite a stir, is the de facto American embassy that was unveiled in Taipei on the same day as the Trump-Kim summit.

The only missing “little dragon” is Hong Kong, and that’s something we need to chew on, in addition to the glutinous rice dumplings we’re overdosing on for the Dragon Boat festival.

Once known as the four little dragons, the four miracle economics of Asia – Hong Kong, Singapore, Taiwan and South Korea – have evolved quite differently since their trailblazing and fire-breathing days from the 1960s to the 1990s. Hong Kong was once the leader of the pack, considered the biggest winner with phenomenal growth rates. However, today, we seem to have been relegated to the stands, simply looking on for the latest dragon boat race.

Today, Singapore seems the obvious winner. Hosting the summit is a nod to its rise and place in the world. It has held on to its image of being the “Switzerland of Asia” – maintaining political neutrality in an ever complex and conflict-ridden world. That’s a status that is much tougher to achieve than it sounds.

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Alice Wu says Singapore hosting the Trump-Kim summit should wake Hong Kong up to the fact it has been left behind in the little dragons’ race

Watch: By the numbers – the Trump-Kim summit in Singapore

Alice Wu says Singapore hosting the Trump-Kim summit should wake Hong Kong up to the fact it has been left behind in the little dragons’ race