Singaporeans today are more educated, better informed, and keen to take part in the national debate. The government is adapting its style and approach to fit these aspirations of a new generation of citizens. Our strategic challenges have not fundamentally changed. We still have to make a living for ourselves, ensure the security of our homes and families, and build a better future for our children in an uncertain world. But the way Singaporeans mobilise themselves to respond creatively to these challenges has changed. The government will still play an active role, defining the issues, setting the agenda, and influencing opinions. But we also actively solicit opinions and proposals from outside the government. We are involving people much more in discussing and tackling national and community issues, whether it is managing their housing estates or reforming the financial industry. This will help strengthen Singaporeans’ sense of ownership and commitment to Singapore. Conclusion I have focussed on what Singapore and the other Asian countries are doing to get themselves back on track. But the region’s prospects also depend on the strategic backdrop – the relations among the major powers, namely the US, China and Japan, and particularly the role of the US. We have reasons to hope that US-China relations will remain stable. The US will not want a new version of the Cold War against China. And China’s over-riding priority for some decades to come will be to modernise and develop its economy and society, for which it needs peace and the cooperation of other countries.
It would not opt out of the region. Other investors may not have such a long history in Asia, but for you too, taking a long and informed view will be worth your while. 5  BIS Review 117/1999