Leadership, because you're the only mover and shaker. Take China. She's the second-largest economy, but she hasn't got a worldwide interest. She only concentrates on thoese areas where she needs oil and other resources.
[ Last edited by 468259058 at 2011-4-10 08:05 PM ]
But you have said in the past that China's intent is to be the greatest power in the world?
There's no doubt about that. But it will take them more than 10 years. And that won't make them the world's technological power in 20 years. They are still behind U.S. They have to put up a stealth fighter, put a man into pace. That's a prodigious effort on their part.
Is there a face-off coming between China and the U.S.?
I don't think there will be a face-off in the sense of a conflict. A struggle for influence, yes. I think it will be subdued because the Chinese need the U.S. The chinese need U.S. markets, need U.S. technology, and need to have students go to the U.S. and study, then start doing business so that they can improve their lot. All that information and all the technological capabilities will be cut off from them.
China's aad a phenomenal run in terms of growth. Do you think state capitalsim could become the model for future?
State capitalsim is not as effective as private capitalism. Would you stay up until 2 or 3 in the morning if it's not your company at stake?
So you wake up tomorrow morning knowing your salary is intact. [In a private company,] it's about capital and your share in it. There are real stakes involved. And the other stakeholders also make sure you're on the ball. You've got to stay focused. So I believe very strongly that private capitalism easily outdoes state capitalism.
How would you characterize Singapore's current economy?
More and more, private capitalism. We started off with state capitalism because we did not have the entrepreneurs. Our entrepreneurs were traders, and traders have no capital and don't have the foresight or capability to sink in capital for many years before a return comes. So the state sent out its best officers, who were entrepreneurial, and started Neptune Orient Lines, Singapore Airlines. But we have privatized them.