Lee Kuan Yew – a tribute to a great leader

Lee Kuan Yew (Photo credit: Wikipedia)

I first posted this in LinkedIn, but I feel that it is appropriate to have it in my blog. Read on...
-----


March 29, 2015



I am penning this down, to pay my respect for Singapore’s founding father – in a few more years, half of my life would have been lived in the country he has built. I will pay my respect by being a good (foreign) worker, and if I ever become one, a good citizen.

My family and I watched Mediacorp’s airing of Lee Kuan Yew’s achievements and Singapore’s history, up to the coverage of his funeral and the service held at UCC. Here are some pointers that I picked up, and may we all learn from it:

Keep up with the times. When he gave a speech at the US Congress, he was recognized, not simply because he knew how to talk, but because he knew his country, and he knew other countries. He discussed the current issues of unemployment in the US, and so, he earned the recognition of being a leader who knows, not only one who can talk. As many Singaporeans who grew up with him attest, "he (LKY) never gave empty promises. He delivered.

Build for the future, not just today. LKY looked at Singapore, and as he went around to build bilateral relationships and to attract investors, he realized that to be viable, Singapore has to take up English as the primary language. English became the primary language in trades and in government offices. Even then, for Singapore not to lose its racial culture and tradition, mother was made a requirement in schools. As he put it, he himself rediscovered the treasure of the Chinese language and culture when he learned Hokkien and Mandarin. He only didn’t see today, but he saw 10-, 20-, 30-years into the future.

> I love this one. Being in the software development business, I would often tell myself, and some colleagues, to build for the future, not just today. I practiced the habit of designing and developing applications that can and will stand the test of time.
Choose to be unpopular. Doing what is right will make you an easy target for critics, especially if the change you are making is going to impact so many. And doing what is right means becoming tough and firm, and this could be easily construed as being rigid and uncompassionate. But doing what the people wants, or what your supporters suggest, of what the masses mandate, isn’t always the best way to ‘please’ the people. As it was stated by the speaker, “If you want to be popular, you will misgovern.”

Know what you are dealing with. Perhaps the most significant of the traits of the system that Singapore has is because it ‘borrows’ from the world’s best-in-class practices. As I’ve often heard from fellow management leaders, what LKY did was to study the different system of the world’s governments, and to pick on what is the best practice, and what can be applied to Singapore, and that he did.

Be pragmatic. Even then, when he knew what he was doing, he didn’t immediately executed plans and actions. He had his fellow leaders to consult with, and they slowly built and planned, and planned and built. They had all the data to support their plans, and yet, they moved slowly – but surely.

Be firm. When a plan is put into action, and there are hiccups along the way, or some things don’t work out as planned, be firm. Even when things go along the way they were expected or planned to be, there will always be unsatisfied observers and detractors. If you easily cave in to the pressure, you lose.

Be clean and honest. When you go up the ladder of leadership, and many doors open up to you, don’t be tempted to gorge on your ‘rights and privileges’. Always remember that when you have served your term, or when you have lived your life, the history you leave behind will not only be in your name, but in your family’s, and in your nation’s.

Practice integrity. It was very commendable how he practiced integrity, and fought against corruption. And having lived a life of integrity, it wasn’t difficult for him to tell others of the same high mandate for a leader. If not, detractors will easily find a spot and make it their point of argument against you.

Be tough. Having made integrity his own personal mandate, LKY required it of his nation. He set up CPIB, and anybody who is found to be corrupt, or doing something illegal and is caught and makes a bribe, will have a heavier and harsher punishment.

Surround yourself with equally honest leaders. He didn’t look at the skin color, or the spoken language, but he offered the same chance of becoming a leader to serve the people to potential citizens, who perhaps showed the same qualities as he possessed. I didn’t hear or read of a cabinet member or an MP who was found to be corrupt or debased. A stark contradiction of many leaders past and present.

Include opposition. It was very revealing that while many accused LKY of being close-minded who didn’t entertain others’ views, one fellow leader said that he wouldn’t like you and wouldn’t listen to you anymore if you agreed to everything he said. He wanted somebody who will oppose him and give the other side of the story, and to reason out with you, present the idea and provide the basis for doing so. Indeed, what better way to see the same scenario from somebody else’s eyes! A devil's advocate, anyone?

Listen to others. No matter how smart you are, you will not always see the whole picture on your own. And when you close your ears to others, and gets puffed up in your own proud heart, your downfall is imminent. Be humble, remain humble and always look back from whence you came.

Delegation. Don’t be power hungry. Don’t think you will live forever, and that even all your life, you will stay in power. Train new leaders, and learn to let go. Prepare for your own future by preparing new leaders, and therefore, ensure the continuity of what you have started. That he did, and saw to it that everything is in place, even long before he passed away.

Frugality. It is quite contrary to know that LKY lived his life in frugality, especially that the wealth of Singapore is open to him. He also didn’t abuse his power and privilege. Actually he didn’t need to spend a single dime, only to speak up and request for a new set of clothes, a new set of furniture, the latest TV or computer set, and stores would be on their toes to give him what he asks for – free of charge. Yet he did not. A 60-year old sofa set. A vacuum-tube monitor and an outdated PC. A very simple 2-storey house. And for his contemporaries, borrowed pair of shoes, borrowed coat. Are we missing something here?

Practicality. A chair is a chair, and if it serves its purpose, why seek an elaborate one. And if it still serves its purpose, why replace it and throw it away?

Focus at the task in hand. He always made it a point to be never lingering around issues, but always focused at the task in hand. No wasted time, no wasted opportunity.

Career and family are both equally important. It was with amusement that I watched the open forum where LKY was conversing with a lady, aged 27, who is currently taking up PhD D. She is not married, and she doesn’t have a boyfriend. She would be around 29 by the time she finishes her PhD D, and if she does enter into a relationship after a few more years, and gets married, she’d be around 35 by the time she gets pregnant. LKY stressed that at that age, the dangers of pregnancy, especially for the baby, is increasing. And yet, he didn’t tell her not to pursue the PhD D. He did remark that having a family is more satisfying than a PhD D, but in the end, he jokingly told her, “I hope you catch your PhD D and your boyfriend.”

Keep up with your family. Even when his tasks as a leader was so exacting, he made it a point to have a time together with his family – regularly. Needless to say, he was successful, not only as a leader, but also as a father and as a grandfather.

Fidelity. He married the woman he loves, and he loved the woman he married. No return, no exchange. His wife became the strong support who goes with him anywhere he goes. As it was told, where he is seen, there she was. Yet at the start, they were competitors, she scoring higher than him. But along the way, they became friends, then a couple. Together, they forged the Singapore we all know today is.

Have nothing else to prove. He didn’t show off his status with new gadgets. He didn’t brag about his status with shining cars. He didn’t declare his wealth with huge mansions. He didn’t attend sessions wearing designer clothes. In fact, he had to mend the tear on the jacket that he wore for years and years. Why? Because he had nothing else to prove. Having done what he should, and with an overwhelming mark of excellence, he didn’t need anything else to add on. His work is proven, and he didn’t need to speak about it.

He has passed away, and he is gone. We will miss him. As said in an artist’s epitaph, the same can be said about Lee Kuan Yew:

If you are looking for his work, look around Singapore.

Related articles

• Lee Kuan Yew is gone. Where does Singapore go now?
• Lee Kuan Yew: The Man Behind Modern Singapore
• His Majesty the King and Her Majesty the Queen pay respects to late Lee Kuan Yew
• Special Parliamentary Sitting on Lee Kuan Yew to be broadcast 'live'
• Singapore teenager charged for insulting Lee Kuan Yew
• Opposition politician on Lee Kuan Yew's leadership - BBC News
• Lee Kuan Yew: Authoritarian Leader Who Transformed Singapore into Global Trading, Financial centre
• Scenes of emotion as Singapore mourns Lee Kuan Yew
• Lee Kuan Yew's Death Lands Teenage Blogger into Trouble in Singapore
• Founding father of Singapore Lee Kuan Yew was a true giant of history: President Obama

Outlook: Will Japan recover position as world key player after?

Image via WikipediaWe had our internal meeting today, and one of the questions that I asked is how the company is managing the supply shortage with Japan out of the supply chain.

"They are scampering to switch substrates," was the answer. Who is the 'they'? Those in-charge, of course.

Anyway, that isn't the point at all.

The point is - that change is so massive, and so massive that if the future, in the event that Japan comes back to the playing field and starts producing, the switch back may not be that easy after all.

So the question is, when the time comes, and Japan springs back to production, will everybody else be willing to switch back?

I'm just preempting the possible extent of Japan's damage, even in its industries.

Will Japan ever recover position as world key player afterwards?

Just my thoughts...

Related articles

• Japan and the global supply chain: Broken links | The Economist (policyabcs.wordpress.com)
• "Japan: Rising Sun Eclipsed?" and related posts (security.nationaljournal.com)
• Instant view: Quake drives Japan manufacturing PMI to 2-year low (reuters.com)
• Business Confidence Sags in Japan (nytimes.com)
• UPDATE 1-Japan's short-term outlook extremely challenging: UBS Asia co-CEO (reuters.com)
• Wall Street Beat: Markets Recover From Japanese Temblor (pcworld.com)
• Lesson from Japan's earthquake and tsunami disasters (myleadingleads.blogspot.com)
• Japan Recovery, Nuclear Worries to Drive Commodity Imports (businessweek.com)
• Japan's Ishikawa hopes to inspire his home nation (cbssports.com)
• UPDATE 1-Quake drives Japan manufacturing PMI to 2-yr low (reuters.com)

Lesson from Japan's earthquake and tsunami disasters

Image by Kordian via FlickrThe day Japan was struck by earthquake and tsunami, I briefly discussed with my wife the possible impact to the world of Japan's partial destruction (we know roughly what that means by now, and its extent, current extent).

"In a week's time," I said, "the impact will be felt by the world." And that is true enough. Roughly three weeks after the incident, we are already starting to feel the absence of a major key player in the semiconductor industry - while there are many subsidiaries worldwide, Japan is still the major source of raw materials that these outsourced franchises rely on to build their subsequent products that is consumed by worldwide factories.

What will Jack Welch and John Maxwell write about the Japan incident that we will learn from, all of us, not just leaders?

That book, if I live to see and read it, I am sure will be worth waiting for.

Perhaps it is too much of a tragedy that struck Japan, but were the japanese people thinking of being hit? they got hit, and they asked what anybody who gets hit asks, "Why me?!" That is as if to say, "Why not the others?"

Well, were they thinking of the others that got hit when they're not?

I'm not saying that all those who perished or suffered in that tragedy well deserve it, whatever that means. Sometimes we reap the consequences of our actions, but I am not saying that all who died or affected deserved the rightful judgement. Who am I to say that?

But this is my point. Were those who cried 'Foul!' rightly playing by the rules? Did they stop to think and empathize with those who were recently hit by similar tragedies in other parts of the world? Japan's case isn't the first one -  there's been too many - and it won't be the last. As predicted, the belt would be continuously moving, once it moves. How many more earthquakes are we therefore expecting?

And so, with a short thought from me, I hope we learn from what has happened to Japan, now, and then. And not only Japan, but also from Egypt, Bahrain, Libya, and from all the other countless incidents and accidents that has happened in the past - to prioritize what we should, and not live in this world alone, not mindful of others who are suffering, simply because we are well off and convenient in our small, little place. Let our mind be broader and our perspective wider, and we would be living in a better world, whatever hardship we face.

Hopefully, I live long enough to see and read and learn from the book that Jack Welch or John Maxwell will write about leadership lessons from the Japan earthquake and tsunami incidents.

I hope we all do.

Till then!

 

Related articles

• Must See Doc: How the Japanese Tsunami Happened (blogs.indiewire.com)
• Japan Earthquake/Tsunami (mrboylen.wordpress.com)
• Japan Earthquake and Tsunami (hellerbrittani.wordpress.com)
• Max the Dog and Teddy the Cat Take Action to Help Earthquake and Tsunami Animal Victims in Japan (prweb.com)
• Japan's 'Tsunami Dog' Lost At Sea For 3 Weeks Reunited With His Owner (mediaite.com)
• How Japan Became a Leader in Disaster Preparation (time.com)
• Massive 9.0 Earthquake + Tsunami Hits Japan (tsundereworks.com)
• What does the mantle have to do with the 2011 tsunami in japan (wiki.answers.com)
• Japan business confidence falls after tsunami (seattletimes.nwsource.com)
• Resources from Teaching about Japan - Earthquake and Tsunami (newtrierlibrary.blogspot.com)

No choice but take bank loans

What can I say? This one from real-life experience: "I feel your pain..."
-----

I REFER to reports that fewer households are defaulting on their HDB loan repayments and would like to applaud the Housing Board's efforts in helping Singaporeans resolve their HDB mortgage problems. The HDB has done a remarkable job in reducing the number of HDB loans in arrears from 33,670 in September 2008, to 26,000 in June 2010, even in the midst of Singapore's worst recession.

The HDB helped 2,000 home owners "right-size" their flats in order to clear their loan arrears and extended an extra loan to 2,700 between January 2008 and June this year to help them downgrade their flats, even though they had already enjoyed two concessionary loans.

However, I would like to know the statistics for HDB bank loans as well, as I understand that there are more than 100,000 outstanding HDB bank loans.

The data appears to suggest that more people are taking HDB bank loans, as the number of outstanding HDB loans has declined from 426,270 in September 2008 to 393,000 in June this year, despite an increase of 50,000 in the number of new and resale HDB flat sales each year on average.

More people may have no choice but to take bank loans because of present and past policies that makes them ineligible for HDB loans.

After the HDB changed its policy on the maximum loan tenure to one based on the average age of the owners instead of the youngest applicant, some many also have opted for bank loans in order to enjoy longer loan tenures and lower monthly repayments. Also, since bank loans interest rates have generally been lower than HDB's 2.6 per cent in recent years, in the first three years, some may also have opted for or switched to bank loans.

The latest policy change allows a second HDB loan for downgraders and those who are not buying a bigger sized flat, provided all the CPF plus accrued interest and half of the cash profits from their previous flat sale are utilised in purchasing the second flat. This may result in the second loan quantum is not sufficient, because the previous flat was sold many years ago with the CPF plus accrued interest already utilised or cash profits already spent. Flat buyers in this situation may also have no choice but to take HDB bank loans.

So, how many HDB bank loans are in arrears over three months and how many flats have been foreclosed since
banks were allowed to do HDB loans on Jan 1, 2003?

As for compulsory acquisitions being "very rare" at slightly more than 1,480 since January 2008, this may just be part of the picture, as most who could not pay would have sold in the open market, with cash-over-valuation, instead of disposal by compulsory acquisition at only 90 per cent of valuation by the HDB.

How many have been forced to sell their homes, with cash and/or CPF losses?



From TODAY, Voices - Thursday, 23-Sep-2010
No choice but take bank loans
-----

Related articles

• Grain farmers in bank's good books (theglobeandmail.com)
• Certificates of Deposit: The Future of Interest Rates (visualeconomics.com)
• BSP rediscount loans to banks down 67% (business.inquirer.net)
• Japan Sep Bank Lending -1.8% Y/Y, 10th Y/Y Drop In Row (forexlive.com)
• Former Google CIO Douglas Merrill Wants To Reform Payday Loans With ZestCash (techcrunch.com)
• Feds: Defunct Pa. bank underreported bad loans (sfgate.com)
• China Allows Banks to Sell Loans on Interbank Market (businessweek.com)
• Feds: Defunct Pa. bank underreported bad loans (seattletimes.nwsource.com)
• JPMorgan Holds The Most Loans In Foreclosure (blogs.forbes.com)
• Banks' commercial, industrial loans fall (kansas.com)

FOREIGN FIRMS FEEL UNLOVED

Image via Wikipedia

Is China already removing its 'braces' before it can walk? Just my thoughts...

--------------------------
BEIJING - A growing number of foreign businesses in China feel shut out under new government policies promoting homegrown technology, according a survey released yesterday.

Feeling increasingly unwelcomed to participate and compete in the Chinese market was 38 per cent of foreign firms questioned by the American Chamber of Commerce. That marks a 12 percentage-point rise from the last survey taken just a few months before. Over that period, the government has increasingly steered business toward state-owned companies, ostensibly as part of efforts to boost innovation among Chinese firms.

The chamber's data, gathered earlier this year from 203 companies, portrays a steadily worsening environment for foreign companies in China over the past three years. The disquiet was most pronounced among foreign firms specialising in high-tech and information technology, with 57 per cent saying they felt negatively affected by government policies. In that sector, 37 per cent of foreign companies said they were losing sales as a result of Chinese government policies. Such sentiment has increased following the government's launch of a 4 trillion yuan ($820 billion) stimulus package in late 2008 designed to help China rebound quickly from the global crisis.

Foreign direct investment in China rose at its slowest rate in seven months in February, up 1.1 per cent from a year earlier.

The chamber's report comes amid a dispute over China's currency controls. Some United States lawmakers have demanded to have China declared a currency manipulator by the Treasury Department, possibly mandating trade sanctions. AP

From TODAYOnline.com, Tuesday, 23-Mar-2010
----------

Related articles by Zemanta

• More foreign firms feel unwelcome in China (sfgate.com)
• Survey shows rising number of foreign firms feel unwelcome in China market, new policy blamed (taragana.com)
• The Next Big China Investment Trend: Outbound (seekingalpha.com)
• Rio Tinto executive admits taking bribes (thestar.com)
• China Won't Succumb to Foreign Pressure on Yuan, Zhong Says (businessweek.com)
• China moves appear to target Google (sfgate.com)
• U.S. firms worry over business chill in China (cnn.com)
• U.S. Firms Feel Shut Out in China (online.wsj.com)
• Mike Elk: Even The Chamber of Commerce is Critical of Chinese Currency Manipulation (huffingtonpost.com)
• More foreign firms feel unwelcome in China (seattletimes.nwsource.com)

AXA APPOINTS NEW INDEPENDENT DIRECTORS

Image via Wikipedia

--------------------------------------

SINGAPORE - Insurance giant AXA has appointed prominent Singapore lawyer Lee Suet-Fern (picture) to its board as an independent director.

The move is part of AXA's plans to improve corporate governance.

In October last year, AXA proposed a number of changes to its governance regime, which included the creation of a single board of directors to replace its dual board structure.

When contacted by MediaCorp, Mrs Lee said, "The appointment is a recognition of the growing importance and influence of Singapore in the world, an Asian voice with an understanding of Asia that the West trusts. It is a huge honour for Singapore."

AXA is one of the largest companies in the Fortune 500 list. No Singapore company, even those with the largest market capitalisation such as SingTel and Singapore Airlines, has ever made it to the Fortune 500 list.

AXA also owns possibly the largest publicly-traded asset manager, Alliance Berstein, which is listed in New York.

Mrs Lee is currently Senior Director of Stamford Law Corporation (Singapore).

According to AXA's website, Mrs Lee is one of two new independent directors appointed to the board. The company has 15 directors, of whom 11 are independent.

The new appointments are subject to shareholder approval. Millet Enriquez

From TODAY, Monday, 22-Feb-2010

----------

Related articles by Zemanta

• Singapore Looks for a Softer Side of Growth (nytimes.com)
• Brand New Media launches Family Cook Off TV show into Singapore (mumbrella.com.au)
• HP launches new cloud efforts in Asia (news.cnet.com)
• 2010 Corporate Governance What A Board Director Needs To Know (slideshare.net)
• Ed Whitacre's odd moves (businessweek.com)
• "Restaurant Week Launches in Singapore" and related posts (camemberu.com)
• SingTel Profit Beats Forecast (online.wsj.com)
• Genzyme Receives Notice of Icahn Partners' Nomination of Directors (eon.businesswire.com)
• HP Expands Global Research and Development Presence with New Lab Facility in Singapore (eon.businesswire.com)
• Cascaded Business: An intended effect, or an accidental result? (myleadingleads.blogspot.com)

PLANS TO BE WORLD'S BREADBASKET

Image via Wikipedia

-------------------------------

JAKARTA - Following Brazil's trail, Indonesia is encouraging foreign and local investors to lease huge swathes of fertile countryside and help make the country a major food producer.

"Feed Indonesia, then feed the world," was the recent call from President Susilo Bambang Yudhoyono after the government announced plans to fast-track development of vast agricultural estates in remote areas like Papua and Borneo.

Between now and 2030, Indonesia expects to become one of the world's biggest producers of rice, maize, sugar, coffee, shrimp, meats and palm oil, senior agriculture ministry official Hilman Manan said.

The world's fourth most populous country, with 235 million people, Indonesia has been self-sufficient in rice since 2008 and is already the top producer of palm oil.

"If everything goes well, Indonesia should be able to be self-sufficient in five years. And then it can start to feed the world," said Mr Sony Heru Priyanto, an expert at Satya Wacana Christian University.

The first area targeted for development is 1.6 million hectares in the south-east of the largely undeveloped province of Papua, around the town of Merauke.

The Merauke Integrated Food and Energy Estate will, the government hopes, create thousands of jobs and turn an impoverished and neglected corner of the Indonesian archipelago into a hive of activity.

"We chose Merauke because it's the ideal place for food crop cultivation, such as rice, corn, soybean and sugar cane. Merauke district has 4.5 million hectares of land; 2.5 million hectares are ideal for cultivation," Mr Manan said.

"The area is flat and has a good climate. Its soil is appropriate for those crops. Sumatra is already congested with other plantations, such as palm oil, and Kalimantan is already full of mining areas and many plantation areas also."

He said Merauke's population of some 175,000 people could rocket to 800,000 if the plan takes off.

Foreigners will be able to control a maximum of 49 per cent of any investing company, and will be offered incentives like tax breaks and reductions in customs and excise duties.

"In order to avoid any forms of monopolies or land grabbing, we're limiting each company to a maximum of 10,000 hectares of land," Mr Manan said, stressing that the government was selling land use rights, not the land itself.

He said interest had come from Japan, South Korea and the Middle East.

But analysts said the region's biggest advantage - expanses of "empty" land - was also the main obstacle: The project will require up to US$5 billion ($7 billion) in infrastructure investments, from a new port to roads and runways.

And there is opposition from small-scale farmers who say their traditional livelihoods could be threatened by the large-scale commercialisation of agriculture.

"We reject the concept of the food estate. For us, food estates are another kind of land grabbing scheme. It's like going back to the era of feudalism," Indonesian Farmers Union official Kartini Samon said.

Such worries are well known in other countries with similar schemes, such as Brazil and Madagascar, where there is deep suspicion about food and bio-fuel companies monopolising agricultural land.

There are also fears for the rights of indigenous Papuans, who have long complained that their traditional lands are being unjustly exploited by outsiders. AFP

From TODAY, Monday, 22-Feb-2010

----------

Related articles by Zemanta

• Indonesia's Economy Probably Expanded at Fastest Pace in a Year (businessweek.com)
• 2nd quake hits Indonesia after temblor kills 529 (msnbc.msn.com)
• Teenager rescued 40 hours after Indonesia quake (seattletimes.nwsource.com)
• Leader Raises Eyebrows by Following His Muse (nytimes.com)
• Former anti-graft chief murder case raises corruption woes (cnn.com)
• New wave of criticism against biofuels hits the media (energyrefuge.com)
• Sumatra counts earthquake toll as rescue efforts intensify (guardian.co.uk)
• Indonesia Rail Project Planned (online.wsj.com)
• Indonesia's President Moonlights as Pop Star (abcnews.go.com)
• Yudhoyono Allies Fault Mulyani, Boediono for Bailout (Update1) (businessweek.com)

A future in technology and healthcare

CHINA'S ECONOMIC GROWTH

China will have to rethink its growth strategy if is to be able to sustain economic growth.
AP

STUNG by the global economic crisis, China is searching for a more stable growth model. Vice-president and portfolio manager Jing Ning is responsible for covering Chinese equities and building BlackRock's Chinese equity products and research capability. She offers some thoughts as to the future investment opportunities in China.

China's economy has enjoyed explosive growth over the past two decades. Its stock markets have rallied along with this growth, delivering huge returns to foreign and domestic investors alike, with the MSCI China growing over 420 per cent since January 2003.

The foundations of this growth lay in the confluence of several crucial factors; an enormous pool of cheap labour, an inexpensive currency, a massive Western appetite for consumption and the availability of easy credit. At this point, when China's cost advantages are dissipating, its currency is under pressure to appreciate, Westerners have rediscovered the value of thrift and the credit binge has so spectacularly collapsed, a discerning investor may well ask if China's economic boom, and the opportunities it offered, have come to an end.

China at a cross-roads

The events of the past year have illustrated that China needs a more stable growth model. Its export market has been badly hit and only an unprecedented injection of 4 trillion yuan ($828 billion) has sustained its economic growth. China's pockets, although deep, are not infinite. A new driving force is needed if the economy is to grow.

The good news is that the next catalyst for growth may already be emerging. Two forces - domestic consumption and higher productivity - combined have the ability to be every bit as powerful as the export-driven model before it.

The rise of the middle class

China's workers are aspiring to middle-class comforts and increasingly have the means to gain them. Over the next 15 years, it is estimated that the proportion of the Chinese population with incomes over US$3,000 ($4,238) pa will rise from less than 20 to almost 80 per cent. This dollar figure is crucial - evidence suggests that above US$3,500 pa spending on the discretionary comforts of middle-class life - a washing machine, an air conditioner, a small car - really takes off. Significantly, this rate of growth is predicted to be faster than that of Brazil, Russia or India, its "Bric" peers.

Moving up the value chain

Research and development budgets in China have doubled between 1996 and 2005. The establishment of high quality medical research centres in China in recent years shows increasing sophistication. China's government has recognised that an emerging market can easily replicate a low-cost export model. It has the ability to build some intellectual capital and move into more sophisticated areas. This is harder to replicate and ultimately leads to more stable growth.

As always, reward is accompanied by risk and China's move to continued growth with more stability must be careful and controlled.

A delicate balancing act

In the short-term, the government is attempting a delicate balancing act. It aims to achieve annual economic growth near 8 per cent to absorb 20 million new workers each year and maintain social stability. It has only maintained this rate in the past three quarters via a flood of cheap credit.

However, much of this credit is funding speculation in stocks and property, raising the possibility of short-term assets bubbles. Economic overheating is also a concern as inflationary pressures build. The government is wary of both and has begun to "talk down" the market in recent weeks with some signs of success.

The demographic sweet spot ends

China needs to contend with an ageing population and the burden it places on those working. The government's major challenge is to establish adequate social security systems over the next 30 years to ensure that an aging population is cared for without stymieing growth.

The next Big Thing

The government's commitment to this new growth path can been seen in the 4 trillion yuan stimulus package that pulled China through the global recession. While the spending on rail, housing, roads and other hard infrastructure was well publicised, the soft elements attracted fewer headlines. These elements, such as investment in medical, education, ecology, technical innovation and regulation yield less now, but are arguably more important to sustainable growth in the long-run. The inclusion of these in the package demonstrates that, even as China's government was scrambling to avert a short-term crisis, it still had one eye fixed on the new path for China's growth.

We believe that the combination of consumption and productivity can be every bit as powerful as the export-led boom of the past three decades. Domestic consumption only contributed 35 per cent to GDP last year - the potential for expansion is huge. Where the investment opportunities in the past few decades were in exporting manufacturers, going forward it could be the high-end clothing, the domestic automobile and the private education sectors which deliver huge gains. The technology and healthcare sectors are still in the early stages of infancy - the gains in these sectors still lie in the future.

From TODAY, Business – Thursday, 17-Sep-2009

Related articles by Zemanta

• China's exports see sharp decline (news.bbc.co.uk)
• Is China finally cooling off? (money.cnn.com)
• China foreign investment, power use rise (seattletimes.nwsource.com)
• Emerging markets lead the way to global recovery (telegraph.co.uk)
• Chinese bear leaves investors on edge (financialpost.com)
• To early to hail China's stimulus success (guardian.co.uk)
• Chinese trade figures bolster case for recovery (financialpost.com)
• Global economy set to recover (cbc.ca)
• Is this rally for real? (money.cnn.com)
• China Moves to Forefront in IPOs (online.wsj.com)

What weight do academic qualifications carry in PR applications?

Image via Wikipedia

Ong Dai Lin

dailin@mediacorp.com.sg

FOR a skilled worker, how much weight does the Immigration and Checkpoints Authority (ICA) place on his educational qualifications when approving his permanent resident application?

This was the question raised by Judge of Appeal V K Rajah during an appeal hearing involving China national Lin Shuliang. The latter is appealing against his two weeks' jail sentence after he pleaded guilty to lying to the ICA.

Lin, 38, submitted a permanent residency application form to ICA in July last year, claiming that he had graduated from the Fuqing San Shan Middle School in Fujian province and also attached a school-leaving certificate with his application.

ICA found the information to be false. Lin had only completed half of his studies in the school and did not graduate from it.

Lin came to Singapore in 1993 and was employed as a construction worker. He later rose to become the boss of two building firms.

During yesterday's hearing, Justice Rajah said in Lin's case, it is "quite clear that the basis for any approval of his status will be based on his skills more than the educational qualifications".

Justice Rajah said that for him to assess the severity of Lin's offence, he needs to know how much weight the ICA places on education qualifications when assessing a person's permanent resident application.

"The more material it is, the bigger is the sin."

Justice Rajah has instructed the prosecution to get more information from ICA on the criteria it uses to approve a person's permanent resident status.

The case will be heard again in the Court of Appeal on Friday.

From TODAY, News – Wednesday, 16-Sep-2009

Related articles by Zemanta

• America's First Brain Drain (andrewsullivan.theatlantic.com)
• Singapore Extends Job-Subsidy Plan (online.wsj.com)

Why divergent views are necessary

Image via Wikipedia

A late post, but this is something to be remembered… where are we headed in Singapore?

----------

NEWS COMMENT

Nazry Bahrawi

ONE thing is likely to stick in the minds of many for some time to come about the Prime Minister's National Day Rally speech: His reference to Singapore being in a "Garden of Eden state".

But the biblical imagery came with a warning - that race and religion remain "the most visceral and dangerous fault line" in this little red dot of a nation.

And one way to prevent the line being crossed is to keep politics and religion separate, Mr Lee Hsien Loong said.

But is it really possible to view politics and religion as mutually exclusive, even though that may be the most viable option for a multi-religious nation like Singapore?

In fact, several scholars have suggested that the nature of religious movements is inherently political.

Professor Linda Woodhead from Lancaster University's religious studies department posits that the Roman Emperor Constantine embraces Christianity because he believes that a church-state alliance could help unite the people of his diverse empire under the ambit of Christianity. Most noticeably, Constantine was known for propagating the Edict of Milan which preached tolerance of other faiths in his empire.

Meanwhile, scholars like James Piscatori suggests that Islam has been a political movement since its birth. He points to Prophet Muhammad's creation of the Medinan society, complete with its own constitution which outlined conditions on how Jewish and Muslim tribes should live together. Before the Prophet came to Medina, he preached the Islamic faith in Mecca where Muslims were persecuted.

As such, I don't think we can address the issue of growing religiosity in Singapore without acknowledging its political link - and finding ways to harness that link in a way that will not be inimical to national interests.

One way to ensure that religion and politics do not end up as a combustible mixture is to listen to all religious groups which want a say on political issues so that their voices are acknowledged. Such a move would also ensure that no one voice becomes dominant.

One could argue that divergent voices are exactly what a Singapore that aspires to be a Renaissance City needs. Views and counter-views contribute towards the making of better policies - and help to keep Singapore in tune with the times.

A failure to engage individuals and groups with divergent views may send them "underground" only to re-emerge as a force that could threaten social cohesion - the very thing that the Government wants to avoid by separating politics and religion in the first place.

The Aware saga serves as a good warning of how a religious grouping, feeling its views challenged, decides to organise itself to take over a secular organisation. Acting on good intentions, their move ended up dividing Singapore society.

Brain drain in 'Garden of Eden'

Race and religion apart, one suspects that Mr Lee's reference to the "Garden of Eden state" is also more than just about maintaining Singapore's religious and racial harmony. It could also be read as an effort to arrest the acute problem of the nation's brain drain.

Only two months ago, Senior Minister Goh Chok Tong, speaking at the 70th anniversary dinner of Chung Cheng High School, revealed that more than one in five of Singapore's top A-level graduates from the 1996-1999 batches are working overseas today. This group would be between 28 and 32 years old. In other words, they are talent in the prime of their lives - and careers.

This group could very well figure among the 1,200 overseas users who had caught the live streaming of Sunday's rally on Channel NewsAsia's microsite, or read about it later at the online portals of local newspapers.

In this light, Mr Lee's remarks that "if you leave the Garden of Eden, you cannot get back in again" could be aimed at reminding this group what they stand to lose if they decide to leave Singapore for good.

If one considers recent developments in Europe, Mr Lee's statement could not have come at a more appropriate time.

The European Union parliamentary elections in June suggested a shift towards the rhetoric of far-right politics as voters elected a slew of politicians from anti-immigration parties in the Netherlands, Austria, Denmark, Slovakia and Hungary. In the United Kingdom, the highly conservative British National Party, which opposes mass immigration, even clinched two seats for the first time.

And with European economies unlikely to experience boom time anytime soon, anti-immigration sentiments could be expected to rise and rise. If this comes to pass, then those Singaporeans who have left may decide that the grass is actually greener in this "Garden of Eden state".

The writer is pursuing a postgraduate degree at the University of Edinburgh under the British Chevening scholarship.

-----

Taken from TODAY, Comment – Tuesday, 25-Aug-2009

Singapore needs to develop new ideas, new products to continue thriving

Image via Wikipedia

How would you want to be in the generations to come? On a national level, what programs is your government creating to make sure that survival and competitiveness is ensured for the nation as a whole?

For Singapore, read that news story here.

Philippine leader pays last respects to Aquino

Image via Wikipedia

Corazon Aquino, after a long battle with cancer, dies.

Philippine leaders, including Gloria Arroyo, pays respect.

Read that story here.

Related articles by Zemanta

• Corazon Aquino, 76: Former president of Philippines (thestar.com)
• Philippines' People Power leader Aquino dies (ctv.ca)
• Political Overtones Surround Aquino Funeral (nytimes.com)
• Philippines mourns Corazon Aquino (guardian.co.uk)
• Filipinos Mourn 'People Power' President (nytimes.com)
• You: Aquino Laid to Rest, Hailed as Moral Leader (abcnews.go.com)
• Corazon Aquino Dies (slobokan.com)
• Philippine's Aquino remembered at funeral (cnn.com)
• Philippines mourns democracy icon Aquino (msnbc.msn.com)
• Thousands attend Aquino funeral (news.bbc.co.uk)

On President Corazon Aquino

Image via Wikipedia

When your earthly tenure has ended, and you are departed from the land of the living, what can be said of you, by those who know you, by those whom you love, by those who dislike you, and by those who esteem you with high regard?

Singapore govt describes late Corazon Aquino as remarkable woman

Related articles by Zemanta

• Corazon Aquino Dies (slobokan.com)
• Day in pictures (news.bbc.co.uk)
• Beloved Filipino President Aquino dies (nationalpost.com)
• Corazon "Cory" Aquino Dies. (manolith.com)
• Corazon Aquino (jamesfallows.theatlantic.com)
• Ex-Philippine president Corazon Aquino dies (myleadingleads.blogspot.com)
• Tearful Filipinos Flock To 'Cory' Farewell (news.sky.com)
• This Week: In Memoriam (crooksandliars.com)
• Thousands attend Aquino funeral (news.bbc.co.uk)
• People - Remembering Corazon Aquino (laf.ee)