Chairman, you asked earlier how countries like Singapore view China's rise and its relationship with the United States (US). I would say we view it from a very deep, historical context. And I would first say that China's integration, rise and involvement in the global international order should be seen as one of the great advances of the past century. It was a triumph of the many visionaries and architects sitting here, who sought to fight against a bipolar world.

I want to share one anecdote which gives you an understanding of how Singapore views China today. It was not very long ago that Mr Deng Xiaoping visited Singapore in 1978. And when he met Lee Kuan Yew, Lee Kuan Yew told Deng Xiaoping that if China wanted the region's and ASEAN's (Association of Southeast Asian Nations’) backing, China had to cease support for Communist movements in the region. For those of you who know history, Deng Xiaoping delivered, and by 1981, the Malayan Communist Party's radio broadcasts from China stopped. After that, China's "Socialism with Chinese characteristics" began in earnest. I think even Deng Xiaoping could not have envisioned the rapid development that we have seen in China today.

Let me provide some statistics. There are over 150 billionaires in China, more than any other nation except the US. China's GDP (gross domestic product) has risen by more than 25 fold since Deng Xiaoping's visit - now it's over US$8 trillion. In the last three decades, nearly 700 million Chinese were lifted from extreme poverty. I will give you a comparison with another country - India, in that same period, the figure is 30 million. By 2030, we expect 1.4 billion middle class Chinese with an appetite for modern rates, modern services.

Singapore views the Chinese linkage to the global order as inextricable. Over half of China's exports today are produced by foreign-invested firms from countries including Japan, South Korea and Singapore. And as you mentioned, Senator (Robert) Corker, China is now the largest trading partner for all of ASEAN and Australasia. US$1.3 trillion in US Treasuries belong to the Chinese. I think the Chinese leadership has looked ahead and the "One Belt, One Road" initiative with the Asian Infrastructure Investment Bank is a substantive movement that will open up Central Asia.

My second point is that, by virtue of its economic and military heft, Singapore views China's leadership role in international affairs a given. We cannot pretend that China is just like any other major economy. By its actions or lack thereof, China de facto sets norms and even rules for the global system.

And let me conclude with this third point. I think China's role in setting norms and new rules is critical. President Xi Jinping said he wanted a new "historical start point". But China too, must now articulate its vision for its desired global order. In other words, what rules does China envisage that will govern and protect the global commons? On what basis should the international order facilitate progress for all countries? I think China needs to do that because its own stability is now dependent on the stability of the overall system.

My final point is, in this context, how then can strategic rivalry be resolved with co-dependence? I will give an example, a practical one - the Trans-Pacific Partnership (TPP), if it is passed by both houses (of the US Congress). If the TPP is perceived or positioned as an anti-China trade bloc, I think it would be counter-productive. But if China joins it, and China is not precluded joining it, it would complement other initiatives. And Singapore, being the ASEAN-China coordinator this year, actively pursues that trajectory.

In sum, we see China's rise as virtuous and its integration in the global order as inextricable, but we also see China having to articulate what it thinks are the common rules that govern the world.