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Prime Minister Lawrence Wong: U.S.–China Relations Remain Challenging; Global Supply Chain Adjustments to Persist
Published Time：
2025-10-30 11:01
Source：
(Singapore) — Prime Minister and Minister for Finance Lawrence Wong stated, following his participation in the APEC Economic Leaders’ Meeting, that while the meeting between Chinese President Xi Jinping and U.S. President Donald Trump proceeded smoothly, structural tensions and mutual mistrust between the two major powers remain. He noted that the ongoing trend among developed economies to pursue manufacturing reshoring and global supply chain rebalancing is expected to continue.
Prime Minister Wong pointed out that the Xi–Trump meeting has brought a measure of stability and predictability to the global landscape, and that economies around the world welcome the progress made in U.S.–China dialogue. However, he emphasized that the current state of U.S.–China relations resembles more of a “temporary truce,” as fundamental differences between the two sides have yet to be resolved. Competition in trade and technology will persist, prompting governments to increasingly focus on economic security and supply chain resilience, as they seek to strike a balance between openness and self-sufficiency.
He added that while the United States remains keen to participate in global trade, it also seeks to achieve a more balanced trading relationship. Meanwhile, countries worldwide are reassessing their supply chain configurations, paying close attention to the security and stability of key industries. Developed economies aim to bring certain manufacturing operations back home, while regional economies have an opportunity to emerge as new growth engines. Prime Minister Wong believes these trends will continue for some time and will drive economies to accelerate structural reforms and strengthen regional cooperation.
This year’s APEC Economic Leaders’ Meeting concluded with three key agreements, including a joint declaration underscoring that the Asia-Pacific region stands at a critical turning point. Member economies pledged to work together to safeguard the stability of the trading system and enhance supply chain resilience. The meeting was hosted by South Korean President Lee Jae-myung, and during the handover ceremony, President Xi Jinping announced that China will host the next APEC Economic Leaders’ Informal Meeting in Shenzhen in 2026.
Amid global supply chain restructuring and shifts in the economic landscape, Singapore continues to play its role as an open, stable, and neutral bridge—providing a solid foundation for regional cooperation and enterprise development. Singaporean companies are actively navigating challenges while seeking new growth opportunities through digital transformation, sustainability, and market diversification.
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