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[Global Times special correspondent in Singapore Xin Bin] Singapore Prime Minister Lawrence Wong delivered his first National Day rally speech on the 18th. He said that geopolitics, technological impact and climate change are the three major challenges at present. Lawrence Wong warned that the escalation of tensions between the United States and China will have an impact on Singapore's economy and the entire region.

Singapore Prime Minister Lawrence Wong (Visual China)

According to Singapore's Lianhe Zaobao, Lawrence Wong said that Singapore will write the next chapter in an environment full of unknowns, "there are powerful uncontrollable forces that are changing the environment". In terms of geopolitics, Lawrence Wong believes that the growing competition between China and the United States is Singapore's biggest concern. "Everyone is paying close attention to the upcoming US presidential election. But no matter which candidate is elected, it is clear that the United States is getting tougher on China. At the same time, China is convinced that the United States is trying to contain China and suppress its rise."

Mr Wong said the mutual suspicion and distrust between China and the US is bound to continue, which will not only affect bilateral relations, but also international trade, security and cooperation. As a small country that relies entirely on trade and a stable international environment, Singapore will definitely be affected.

The Financial Times reported that according to World Bank data, Singapore's total trade will account for 311% of its GDP in 2023, one of the highest figures in the world. The Nikkei Asian Review said that data from the Singapore Statistics Bureau showed that by 2023, the United States would be Singapore's second largest trading partner, second only to China.

The Financial Times said that Singapore is the world's largest transshipment hub, and although its role in trade has not yet been affected, the country may be vulnerable to the re-adjustment of the supply chain. Lawrence Wong warned that the global manufacturing landscape is changing. He said that developed countries once outsourced production to cheaper areas in Asia, but "that era is over" and the United States, China and European countries hope to reshape the supply chain in their favor. British media said that both former US President Trump and current President Biden have raised tariffs on Chinese products, and Beijing has taken countermeasures.

Lawrence Wong has made several statements on Sino-US relations. When he was sworn in on May 15 this year, he expressed his hope that Sino-US relations would be stable and promised that Singapore would continue to engage with the two major powers. In his National Day speech on August 8, Lawrence Wong said that tensions between the United States and China continue to escalate. At present, the two countries do not want to confront each other head-on, but the strategic competition between them may affect world peace and stability, which is particularly detrimental to the region. The Financial Times mentioned on the 19th that the United States provides military strength for Singapore, while China is Singapore's largest trading partner. Maintaining good relations with the two countries is Singapore's top priority, but it is also an increasingly severe challenge.