SINGAPORE: East Asia and China will be where the action is in the next 50 years, said Minister Mentor Lee Kuan Yew at a dialogue on Tuesday to celebrate 30 years of China's reform and opening up.
Mr Lee said China is on the right track by not blocking imports and attracting multi-national corporations to operate in the country.
"They have taken the smarter route – I learn from you, I catch up, then I innovate and I compete with you. I think that is the way it will have to go," he said.
One way for China to move forward is to step up innovation and produce new products in the way the Japanese have done.
Another thing that the Chinese have going for them is the sheer size of its population. The minister mentor illustrated this point with the analogy of how China selected its cosmonaut from a talent pool of 1,500 people.
Mr Lee said China will have to continue to upgrade its workers and attract new investments in order to gain new skills and technology.
He said: "The promise is there; whether the promise is fulfilled depends on how the leaders direct this creativity or allow this creativity or innovation to flourish."
In light of the global economic downturn, the minister mentor said what China can do is to keep the economy running and to help the countries around the region.
But for now, it is beyond China's capacity to rescue America and Europe out of their current predicament as the country does not have the same reach throughout the world.
Mr Lee said China's reform and growth hold many learning points for ASEAN countries, which boil down to having a well-organised system and good quality human resources.
- CNA
Mr Lee said China is on the right track by not blocking imports and attracting multi-national corporations to operate in the country.
"They have taken the smarter route – I learn from you, I catch up, then I innovate and I compete with you. I think that is the way it will have to go," he said.
One way for China to move forward is to step up innovation and produce new products in the way the Japanese have done.
Another thing that the Chinese have going for them is the sheer size of its population. The minister mentor illustrated this point with the analogy of how China selected its cosmonaut from a talent pool of 1,500 people.
Mr Lee said China will have to continue to upgrade its workers and attract new investments in order to gain new skills and technology.
He said: "The promise is there; whether the promise is fulfilled depends on how the leaders direct this creativity or allow this creativity or innovation to flourish."
In light of the global economic downturn, the minister mentor said what China can do is to keep the economy running and to help the countries around the region.
But for now, it is beyond China's capacity to rescue America and Europe out of their current predicament as the country does not have the same reach throughout the world.
Mr Lee said China's reform and growth hold many learning points for ASEAN countries, which boil down to having a well-organised system and good quality human resources.
- CNA
