IPS Update Issue May 2024

On 7th May 2024, Mr Tan Chong Meng, IPS’ 14th S R Nathan Fellow for the Study of Singapore delivered his third and final lecture titled “Sustainable & Resilient Trade: The Next Frontier?”

Mr Tan dove into how recent developments have affected global trade dynamics and examined strategies for future-proofing supply chains. He then reflected on what each stakeholder could do to move towards a better collective future. 

The post-lecture Q&A session, moderated by Mr Kerry Mok, President and Chief Executive Officer of SATS, further discussed Singapore’s current competitive edge compared to other international maritime centres, and how to accelerate the creation of digital commons and sustainability in maritime trade.

Dive deeper into the insights by watching the lecture here.

Commentary — The curious case of Singapore’s ‘Eastie’ identity
(The Straits Times)
By Melvin Tay and Mathew Mathews
• 7-min read

At a Marine Parade grassroots event in April, residents passionately shared their love for their neighbourhood, making it clear why they would never dream of living elsewhere.

In this article for The Straits Times, Melvin Tay and Mathew Mathews discuss the emergence and significance of regional identities. They highlight several factors that have contributed to the development of the “Eastie” identity.

While celebrating these identities as a source of belonging and pride, they emphasise the importance of inclusivity across Singapore, recognising the diverse benefits of living in different parts of the island.

Commentary — Both the US and China have fallen short in their quest to win over SE Asia
(The Straits Times)
By Tommy Koh
• 7-min read

Which country has greater influence in Southeast Asia – China or the US?

In this article for The Straits Times, IPS Special Adviser Professor Tommy Koh discusses the findings from ISEAS–Yusof Ishak Institute’s annual survey in the 10 ASEAN countries.

While China came out as a clear winner in the influence contest, it is less trusted by the region, topping the rankings for distrust.

He also highlights the decline in American popularity due to its stance on the Israel-Hamas conflict. He concludes by sending a message to both superpowers to “walk the talk”, where their actions must match their words.

Commentary — The US-China tech ‘war’ in perspective
(The Business Times)
By Tommy Koh
• 5-min read

Countries have no permanent friends and no permanent enemies, only permanent interests.

In this article for The Business Times, Professor Tommy Koh discusses the four historical phases of US-China relations.

The current phase began with the Trump administration in 2017. It is characterised by intense rivalry, with competition in all areas, including trade, investment, military, ideology, soft power, diplomacy and technology. Prof Koh suggests that whoever wins the technological race will likely become the top superpower of the 21st century.

Event Summary — 14th IPS-Nathan Lecture Series: Lecture II “Mega Maritime Movements: Adjustments in Orbit” by Mr Tan Chong Meng
(IPS Commons)
• 7-min read

On 12th April 2024, Mr Tan Chong Meng, IPS’ 14th S R Nathan Fellow for the Study of Singapore, delivered his second lecture titled “Mega Maritime Movements: Adjustments in Orbit”.

Mr Tan explores the responses and reactions of players within the shipping industry after the Global Financial Crisis. He highlights the transformation that was undertaken by both public and private players — namely PSA’s evolution to becoming a supply chain orchestrator, and the commitment to innovation by the Maritime and Port Authority of Singapore (MPA).   

The post-lecture Q&A, moderated by Mr Marcus Lam, Executive Chairman at PwC Singapore, further discussed PSA’s adaptability, innovation focus, and diversity efforts, stressing Tuas port's future-proofing, technology's role in sustainability and geopolitical shifts, and PSA's strategy for competition and price competitiveness.

IPS Working Paper No. 55 — Not Quite Impulsive Spenders: Key Findings from the IPS-CNA Survey on Financial Behaviours

The IPS-CNA Survey on Financial Behaviours Among Younger Singaporeans 2022 investigated attitudes and behaviours related to debt, savings, coping with the cost of living, as well as planning for the future, among younger Singaporeans aged 21 to 39.

This working paper revealed that this group of Singaporeans were generally prudent with their finances, showing caution towards loans, credit cards, and Buy Now, Pay Later plans. However, younger respondents within this group are less likely to plan for the longer term, with larger proportions preferring to spend on things that make them happy. The data suggests that some prevailing social perceptions of young adults being impulsive spenders were misplaced, with many showing financial caution and a willingness to learn.