Never underestimate the Chinese people, ex-Singapore prime minister Lee Hsien Loong says

Singapore’s former prime minister, Lee Hsien Loong, has warned it would be “short-sighted” to discount China, citing its ability to follow consistent policies over the long term and the people’s resolve to succeed.

He said the world’s second-largest economy was facing different challenges after almost five decades of rapid growth following its reform and opening up process, including a property crisis and shrinking population, as well as rising tensions with the United States.

But Lee, who is now senior minister, told a business event in Suzhou on Monday it would be “unwise” to write China off, according to Singaporean broadcaster CNA.

“China’s development is an enterprise that will take 100 years. It has shown that it can take a strategic perspective to maintain consistent policies and direction over the long term, riding through transient ups and downs in its development journey,” he said.

In particular, he said the country’s economy had “considerable capacity” to grow given its untapped potential in its workforce and higher productivity from an increasingly urbanised population.

“We must never underestimate the Chinese people’s determination for their nation to succeed and stand tall in the world. This is a driving ambition. Its impact cannot be captured in economic statistics, but it will make all the difference,” he said.