Boao Forum: Singapore, Malaysian leaders voice concerns over spillover effects of US-China rivalry
- ‘Big powers have a heavy responsibility’, Singaporean Prime Minister Lee Hsien Loong tells Boao Forum for Asia in southern China
- Malaysian Prime Minister Anwar Ibrahim highlights tech rivalry, saying ‘unfettered competition must give way to spirited collaboration’
“Big powers have a heavy responsibility to maintain stable and workable relations with one another, because any clash between them will have grievous consequences, for themselves and the world,” Lee told world leaders, business executives and academics gathered for the forum.
“And yet, the US and China are at odds over many intractable issues, including trade and investment, supply chains, cybersecurity, emerging and critical technologies, as well as freedom of navigation.
“We hope that China and the United States will succeed in stabilising their relationship and establishing mutual trust and respect, to cooperate in areas where their interests are aligned.”
Lee’s remarks come at a time of fierce US-China stand-offs on issues ranging from trade and military and tech supremacy to ideology, leaving smaller nations around the world struggling to find a middle path.
“Russia’s invasion of Ukraine has gravely violated the UN Charter and international law, and profoundly undermined the rules-based international order,” Lee said.
Worries over the fallout of the US-China tussle appear to be deeper for Asia, a heavily trade-dependent region where China is the top trading partner to most nations but the United States is considered as a major security partner.
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Lee said the rift between the great powers would not only take its toll on the regional economy but also hamper efforts to tackle urgent global problems, such as climate change, energy and food security, as well as pandemic preparedness.
“The bifurcation in technological and economic systems is deepening and this will impose a huge economic cost on countries as well as further exacerbate rivalries.”
“While geoeconomic competition in the past was focused on commodities and resources, the current race is about cutting-edge technology, as demonstrated for example in the competition in the semiconductor industry,” said Anwar, who is on his first visit to China since taking office in November.
He also called for intellectual property rights protection so that countries can stay ahead of the competition.
“We need to establish certain guardrails so that the competition does not lead to a bifurcation in the technological world, one that will only raise costs and impede further progress,” Anwar told the high-profile economic forum sometimes labelled as the “Davos of Asia”.
“That is why I believe that technological competition should be one of the principal agenda items for discussion at the highest levels, right up there with discourses on security and general economic matters.
“Unfettered competition must give way to spirited collaboration.”
There are concerns that Malaysian chip makers will be caught in the crossfire as the US restricts China’s access to advanced semiconductor technology, which has hit investor confidence in the sector.
Both Anwar and Lee head to Beijing next for meetings with top-level Chinese officials, including President Xi Jinping.
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Countries in Southeast Asia have so far avoided taking sides in the US-China power rivalry, and Lee said the region would stay open to building ties with the rest of the world to maintain healthy competition.
“Strong economic ties across regions will foster greater interest among more stakeholders to engage constructively in Asia,” he said.
“This will encourage healthy competition, spur innovation and partnerships, moderate tensions when they arise, and make for a more stable and balanced region.”