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DPM Heng on the trade war

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Deputy Prime Minister Heng Swee Keat

Deputy Prime Minister Heng Swee Keat said on Thursday (October 17) that while it would be unreasonable to get the United States and China to resolve their lengthy trade dispute in a few sessions, if both parties somehow find a way to diversify Key to some First, it would be a crucial step in restoring global confidence.

However, he warned that the trade war between these two power plants would have a negative impact on the global economy and that Singapore would continue to be affected if the situation became more acute.

“We are in a state of the world economy where there are significant weaknesses. We have been following this closely over the last few months and we can do a number of things, Heng said when talking to the media in Singapore in Beijing.

Trade conflict between the world’s two giants is negative for the global economy and Singapore will continue to be affected if the situation deteriorates, he warned.

The Republic is taking steps to stem the fallout, easing its monetary policy just a few days ago by adopting a slower rate of appreciation of the Singapore dollar.

Mr Heng said he had discussed with Trade and Industry Minister Chan Chun Sing on having more extensive consultation with business leaders in the next few months, as they prepare new measures to tackle this transformation.

However, Mr Heng, who is also the Minister of Finance, argued that no extraordinary measures were yet needed to deal with the poor global economy.

Besides being Mr Heng’s first outing as co-chair of the JCBC since taking over from former deputy prime minister Teo Chee Hean, this year’s talks was also significant because six fourth-generation, or “4G” ministers, and three senior ministers of state and ministers of state came along.

Mr Heng also pointed out that he had a conversation with Trade and Industry Minister Chan Chun Sing to plan for a wider consultation with business leaders in the coming months as they examine new measures to tackle this change.

MrHeng led a team of Singapore’s fourth-generation leaders to attend the annual Joint Council for Bilateral Cooperation (JCBC) meeting in the south-western city of Chongqing on Tuesday.

The Minister of Finance’s trip to China had taken him to the bilateral Cooperation Summit, where nine treaties were discussed. He also made his way to Tianjin, where he visited Singapore’s second government project – Tianjin Eco-City, and to Beijing to meet Vice President Wang Qishan and Vice Premier Liu He.

Mr. Liu is China’s negotiator in ongoing trade talks with the US.

“Premier Liu and I have shared many common views on how we need to restructure our economy and how we need to find ways to grow together, and I think he’s taking a very positive approach to that with the US as well, and me I hope there can be an early solution to some parts of the dispute, “Heng said.

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