US and China embassies in Singapore clash online over South China Sea; MFA cautions against stirring local sentiment, Singapore News
The Ministry of Foreign Affairs (MFA) has responded to the posts on Wednesday (May 21) night, stating that the Republic "rejects attempts by foreign embassies to incite domestic reactions to international issues involving third countries".
"Complex issues are best resolved through appropriate channels for effective diplomacy," said the MFA spokesperson.
On Tuesday, the US Embassy in Singapore posted an over one-minute-long video on its Facebook page with some pictures of cluttered common spaces in HDB blocks.
A voiceover in a Singaporean accent asks if the act of hoarding and cluttering reminds viewers "of anything else", and the video cuts to screengrabs of articles on China-related incidents in the South China Sea.
The narration then points to China being the "one neighbour who thinks he owns basically everything" and ignoring the "town council".
The video also terms China's behaviour as "egregious" and claims they are not following rules "which keep things safe and fair".
In its post caption, the US Embassy in Singapore wrote that the Hague tribunal in 2016 dismissed Beijing's claims to the South China Sea, but construction, patrols, and coercion continue.
"From militarized reefs to 'gray zone' tactics, this isn't just a maritime dispute — it's a test of international order, stability, and peace," read the caption.
[[nid:716751]]
In a Facebook post on Wednesday evening, the Embassy of the People's Republic of China in Singapore said the US embassy here had "deliberately distorts the ins and outs of the South China Sea issue" in their video.
"By putting its own priorities over international rules, habitually withdrawing from international conventions and organisations, bullying and coercing other countries on issues like tariffs, and publicly declaring seizing the control of the Panama Canal and Greenland, the US wants to reimpose the law of the jungle where might makes right upon the rest of the world," the Chinese embassy here wrote.
It also said that the US had deployed intermediate-range missile system in the region to "stoke division and confrontation", and that "this is the most destructive force to peace in the South China Sea".
"We urge the US to stop being a hypocritical preacher and provocateur, and refrain from stirring up more troubles for peace and stability in the region.
"Under joint efforts of China and Asean countries, the current situation in the South China Sea remains overall stable," it said, adding that China will continue to work with Asean countries to uphold peace and stability in the sea.
The embassy also uploaded a video filmed at IISS Shangri-La Dialogue 2024 in Singapore with former Chinese ambassador to the US Cui Tiankai, who said then that US intervention had led to escalation of the issue.
"It's very unfortunate that external sources are playing such a destructive role," Cui had said then.
[[nid:676704]]
lim.kewei@asiaone.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
12 minutes ago
- Straits Times
Asean can fend off blow from protectionism by boosting integration: Singapore Business Federation
Sign up now: Get ST's newsletters delivered to your inbox Singapore Business Federation chief executive Kok Ping Soon said the tools are all there and the opportunity for collective action has never been greater. SINGAPORE - Asean, the world's fourth-largest economy, does not have to take US President Donald Trump's tariff-induced chaos lying down. The regional grouping's members can instead close ranks and accelerate progress towards the long-stated goal of economic integration – which would boost intra-regional flow of goods, services and investments and create new jobs. An Asean that is a more homogenised market can then become a global production base, with strong trade and investment links with other major economies worldwide. This is the desired response that Asean can make, said Mr Kok Ping Soon, chief executive of the Singapore Business Federation (SBF), the Republic's apex business association with more than 32,000 companies under its fold. It would not only enable the grouping's members to mitigate any medium-term loss in economic growth, trade and investment potential, but also further strengthen the region's economy. He said Asean can boost economic integration by removing non-tariff barriers to trade, leveraging its fast-growing digital and green economy, and intensifying its trade and investment engagements with other trading blocs. 'I think the question is whether in the current climate, are we able to do more to strengthen the Asean regional economic integration. The answer must be absolutely yes. If not now, then when? The impetus (now) is even stronger,' Mr Kok told The Straits Times in an interview. Top stories Swipe. Select. Stay informed. Singapore NDR 2025 a rallying cry amid significant challenges facing Singapore, say analysts Opinion A 'we first' Singapore is the hardest policy for PM Lawrence Wong to deliver Singapore NDR 2025: The case for growing old at home in super-ageing Singapore Business Singapore key exports fall worse than expected in July as shipments to US plunge 42.7% Singapore N(T) students more likely to finish school, do as well in job market as N(A) peers: Study Singapore Singapore-developed device for diabetics measures long-term average blood sugar levels within 6 mins World Trump, tech and Texas: What's next for the US? World Ukraine weighs Trump's offer of security guarantees with caution Asean is a grouping of diverse economies, with some highly exposed to global trade while others remain mainly dependent on natural resources and labour-intensive industries. But put together, Asean in 2024 had an estimated gross domestic product (GDP) of US$4.13 trillion (S$5.31 trillion), accounting for 8 per cent of global trade, 5 per cent of manufacturing value-added, and in 2023 attracted 17 per cent of foreign direct investment, according to the Economic Research Institute for Asean and East Asia. The bloc has become China's top trading partner, Japan's second largest, the European Union's and South Korea's third largest, and the fourth biggest for the United States. Asean's diversity is part of its appeal, as it offers investment opportunities at various stages of the value chain and allows trade in a wide assortment of goods and services . But when it comes to intra-regional trade, the disparity between the economies becomes a source of inertia. Trade within Asean has been stagnant in the past decade at about 22 per cent of the region's total. That compares with 62 per cent for the EU and about 40 per cent for the United States-Mexico-Canada Agreement (USMCA) members. And the reason for this is that while the bloc has over the years successfully eliminated most levies that are paid at the border, non-tariff barriers remain a hindrance. In 2019, the European Union-Asean Business Council estimated that there are about 6,000 non-tariff measures across the region – with many being potential barriers to trade. And this number continues to grow. Hinrich Foundation, a Singapore-based think-tank , found that Asean economies between 2015 and 2025 have put in place 9,873 non-tariff measures that have undercut the regional value chains and created obstacles to regional trade in a host of products. Mr Kok noted that licensing bottlenecks, inconsistent standards and customs procedures that require excessive documentation continue to weigh down intra-regional trade. He said pacts such as the Asean Trade in Goods Agreement – which is part of the Asean Economic Community Blueprint 2025 – can help, but not before they are rectified by member states. 'We really need to make a greater effort to remove some of these non-tariff barriers,' Mr Kok said. The same is true for the Asean Digital Economy Framework Agreement (DEFA), which holds the key to unlock the region's true potential in trading digital services. 'A lot of attention is focused on trade in goods, because of the US tariffs,' he said. 'But it is the trade in services that is more exciting and multiplefold and for that, what businesses are looking for is the free flow of data, digital payment and digital identity.' Asean has already risen to become the world's third-largest digital services exporter, behind only the US and the UK. The World Economic Forum estimates that Asean's digital economy is on track to hit US$600 billion in gross merchandise value by 2030. Mr Kok said DEFA can help Asean economies claim an even larger share of global digital services exports and reinvigorate the region's start-up ecosystems. The region is already home to some of the fastest-growing unicorns, including Singapore's Grab, Sea Group and Lazada, Indonesia's GoTo, Bukalapak and Traveloka, Thailand's Ascend Money, Vietnam's VNG Corp's messaging app Zalo, and Malaysia's car marketplace Carsome. But to boost the competitive advantage of existing and upcoming unicorns and digital services exporters, Asean will have to address the regulatory fragmentation and non-tariff barriers, and push for interoperability of digital identities. Mr Kok said companies are looking for consistent standards for cross-border data flow, and digital payments as well. In 1998, the World Trade Organisation declared a moratorium on customs duties related to e-commerce transactions. That moratorium is set to expire in 2026. Trade experts fear that expiry of the moratorium would send a wave of protectionist measures worldwide, undermining Asean's digital value chains by increasing the costs of doing business. Hence, a speedy conclusion and ratification of DEFA by Asean members becomes even more critical. Related to digitalisation is also the transition to a green economy, which includes carbon trading and the Asean power grid for renewable energy transmission. Mr Kok said with the world economy fragmenting amid geopolitical and trade conflicts, the urgency and opportunity for collective action has never been greater. 'There is opportunity... but whether we can live up to it is a big question,' he said.
Straits Times
2 hours ago
- Straits Times
China's $14 trillion stock market is a headache for both Xi and Trump
BEIJING - At the heart of why consumers in China save so much and spend so little, and why Xi Jinping and Donald Trump will struggle to change that behaviour even if they want to, lies the country's US$11 trillion (S$14 trillion) stock market. Even after a recent rally, Chinese indexes have only just returned to levels seen in the aftermath of a dramatic bubble burst a decade ago. Instead of incentivising consumers to spend, poor equity returns have nudged them toward saving. A US$10,000 investment in the S&P 500 Index a decade ago would now have more than tripled in value, while the same amount in China's CSI 300 benchmark would've added just around US$3,000. Part of the reason, long-term China watchers say, is structural. Created 35 years ago as a way for state-owned enterprises to channel household savings into building roads, ports and factories, exchanges have lacked a strong focus on delivering returns to investors. That skew has spawned a host of problems from an oversupply of shares to questionable post-listing practices, which continue to weigh on the market. The country's leaders are under pressure to fix this. President Xi is counting on domestic spending to reach the 5 per cent economic growth goal, especially as a tariff war with the United States heats up over the massive trade imbalance. At the same time, Beijing has reasons to keep prioritizing the market's role as a source of capital: the country needs vast funding to nurture companies that underpin its tech ambitions – even if their profitability remains questionable. 'China's capital market has long been a paradise for financiers and a hell for investors, although the new securities chief has made some improvements,' Liu Jipeng, a securities veteran who teaches at China University of Political Science and Law, said in an interview. 'Regulators and exchanges are always consciously or unconsciously tilting toward the financing side of the business.' The limits of China's stock rally have again been evident this year. The CSI 300 has risen less than 7 per cent despite a burst of optimism over AI, trailing benchmarks in the US and Europe. The underperformance – along with factors including an uncertain economic outlook – helps explain China's extraordinarily high savings rate, which stands at 35 per cent of disposable income. Chen Long, who works in the asset management industry, has taken to social media platform Xiaohongshu to warn people of the risks of chasing the recent rally. Top stories Swipe. Select. Stay informed. Singapore NDR 2025 a rallying cry amid significant challenges facing Singapore, say analysts Opinion A 'we first' Singapore is the hardest policy for PM Lawrence Wong to deliver Singapore NDR 2025: The case for growing old at home in super-ageing Singapore Singapore N(T) students more likely to finish school, do as well in job market as N(A) peers: Study Singapore Singapore-developed device for diabetics measures long-term average blood sugar levels within 6 mins Business Singapore companies' debt surge in 2024: Sustainable or risky gamble? World Trump, tech and Texas: What's next for the US? World Ukraine weighs Trump's offer of security guarantees with caution 'Many ordinary people come in thinking they could make money, but the majority of them end up poorer,' Mr Chen said in an interview, adding that he has been investing since 2014. 'State-owned companies primarily answer to the government rather than shareholders, while many private entrepreneurs have little regard for small investors.' Over the past year, China's top leadership has shown greater awareness of the stock market's importance as a vehicle for wealth creation. That's especially the case with an ongoing property slump and a fragmented social safety net, which exacerbates a sense of insecurity. The Communist Party's Politburo pledged to 'stabilise housing and stock markets' in a December meeting – a rare expression of support for equities at the high-level gathering. The body also called for 'increasing the attractiveness and inclusiveness of domestic capital markets' in July. There is no quick fix to boosting household confidence 'except for a stock market rebound,' said Hao Hong, chief investment officer at Lotus Asset Management. 'This is a topic that we economists have been discussing in the closed door meetings in Beijing.'' In some ways, the market's malaise has been decades in the making. 'The exchanges are motivated to fulfill the government's call for increasing companies' financing,' said Lian Ping, chairman of the China Chief Economist Forum, a think tank that advises the government. 'But when it comes to protecting investors' interests, there are few who are motivated to do it.' An explosive growth in new listings made China the world's biggest IPO market in 2022. Yet insufficient safeguards for shareholders and lax oversight of IPO frauds have led to share price crashes and delistings – what retail investors refer to as 'stepping on a land mine.' Take Beijing Zuojiang Technology, which listed in 2019. The company said in a 2023 statement that its product was modeled after Nvidia's BlueField-2 DPU. The company warned in January the following year that it was at risk of being delisted, citing an investigation for disclosure violations. It was subsequently removed from the Shenzhen bourse. The China Securities Regulatory Commission didn't immediately reply to a fax seeking comment. Recent years have seen greater efforts to screen poor-quality IPOs and crack down on financial fraud. There's also a push to reduce additional stock issuances by listed companies and share sales by major stakeholders, while encouraging more corporate profit to be passed on to investors. There has been visible progress. Initial public offerings shrank to nearly a third of 2023 levels in 2024. Shanghai and Shenzhen-listed companies handed out a combined 2.4 trillion yuan (S$429 billion) in cash dividends for 2024, up 9 per cent from the previous year, according to state media. 'The regulations and overall requirements after IPO have become stricter, in terms of reliability, transparency, or information disclosure,' said Ding Wenjie, investment strategist at China Asset Management. Reforms, however, have fallen short of transforming the market into one that prioritises investor returns. Even with the rise in share buybacks, CSI 300 companies spent only 0.2 per cent of their market value on repurchasing shares in 2024, far less than the nearly 2 per cent spent by S&P 500 firms, according to calculations by Bloomberg. The recent policy push to attract more tech listings is also a worrying sign for some investors. Regulators are resuming the listing of unprofitable companies on the Star board, dubbed China's Nasdaq, while allowing them for the first time for the Shenzhen-based ChiNext board – which is earmarked for growth enterprises. IPOs so far this year have increased by nearly 30 per cent from the same period in 2024. That's an inevitable move to secure capital for firms that are vital to China's battle against the US for supremacy in AI, semiconductor and robotics, but also signals that authorities may again be putting funding needs ahead of investor protection. Fast-tracking more firms to list without tackling the core problems of corporate credibility will 'just add volume without restoring investor trust,'' said Hebe Chen, an analyst at Vantage Markets in Melbourne. BLOOMBERG
CNA
9 hours ago
- CNA
NDR 2025: New training programme to help foster future Chinese community leaders
A new training programme will be set up to nurture the next generation of Chinese community leaders. In his National Day Rally speech delivered in Mandarin, Prime Minister Lawrence Wong said the government will help address challenges like leadership renewal and resource constraints. National Development Minister Chee Hong Tat will lead this effort.
