China has critical role in shaping resilient global order, says PM Wong at Boao Forum

“When rules give way to raw power, order breaks down, and no country – big or small – is truly secure,” he added.

PM Wong said these geopolitical shifts were also reshaping the global economy, with countries placing greater emphasis on resilience and security. Countries are moving to reduce dependencies and reconfigure how they engage with the global economy.

In such an environment, traditional multilateral agreements are harder to achieve, and countries would need more flexible ways to work together, he said.

“One practical way is for smaller groups of like-minded partners to create plurilateral arrangements. These can move faster – to test ideas, set standards and deliver results.”

He cited trade agreements such as the Regional Comprehensive Economic Partnership, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) as examples of such cooperation.

He described these groupings as a practical way to move forward and sustain momentum. “If designed well, these coalitions can complement and reinforce one another, and serve as building blocks for a more resilient global architecture over time,” he said.

PM Wong added that Singapore supported China’s interest in joining high-standard trade agreements such as CPTPP and DEPA, although integrating an economy of China’s scale would not be straightforward.

“But doing so will bring significant benefits to the region, and strengthen the relevance of these high-standard arrangements,” he said.

PM Wong said China’s growing capabilities meant it would have an important role in shaping the next phase of global growth.

He noted that China had placed science, technology and innovation at the centre of its development strategy and was already at the forefront in areas such as digital and green technologies.

“China is therefore well positioned not just to participate in the next wave of technological change, but to shape and lead it,” he said.

The country can also help shape the region’s evolving economic architecture. “At a time of growing fragmentation, the world needs strong advocates for open and rules-based trade,” he said.

“Here in Hainan, the free trade port stands as a concrete example of China’s commitment to openness. We hope China will continue in this direction – supporting open markets and strengthening confidence in a predictable and stable global trading system.”

The southern province of Hainan is home to China’s free trade port, a flagship reform project launched in 2020 to deepen opening up. The island now has “independent Customs operations”, allowing most international goods to enter tariff-free while maintaining a separate Customs boundary from the rest of the Chinese mainland.

The Boao Forum for Asia, held annually in Hainan, brings together 2,000 representatives from government, business and academic sectors to discuss regional economic cooperation. This is the 25th anniversary of the event.

Ending his speech with a call to action, PM Wong said: “We can drift towards rivalry and fragmentation. Or we can choose cooperation and openness. If we choose well, Asia can continue to be a source of stability, dynamism and hope for the world.”