Deputy Prime Minister Heng Swee Keat emphasized the necessity for the US and China to coexist peacefully despite a prevailing trust deficit during his address at the FutureChina Global Forum on Friday (Oct 27). He acknowledged that while competition between the two largest economies is unavoidable, conflict should not be an option. Heng stated that both countries must strive to find common ground, viewing their relationship as the “single most important and consequential bilateral relationship in the world.”

At the event held at Marina Bay Sands, Heng outlined three priorities for nations to address long-term economic and geopolitical challenges: prioritizing long-term interests over short-term gains, recognizing the need for collective action on critical global issues, and implementing structural reforms alongside economic integration to improve citizens’ lives. He underscored the global implications of a great power confrontation, particularly given both nations’ nuclear capabilities.

Heng, who served as principal private secretary to Singapore’s founding Prime Minister Lee Kuan Yew, noted that it is in neither the US nor China’s interest to engage in conflict. He stressed the importance of establishing “sufficient guardrails” to prevent tensions from escalating and emphasized cooperation in areas of shared long-term interests.

The FutureChina Global Forum attracted over 800 participants, including government officials, business leaders, and academics, who engaged in discussions on topics such as international trade, artificial intelligence, and investment opportunities in China. The event also featured discussions on the changing international order and the role of ASEAN in global relations.

Former Philippines Secretary of Finance Cesar Purisima highlighted the need for peace and stability in the South China Sea, stressing that despite geopolitical tensions, both countries share numerous common interests. He asserted that ASEAN could play a pivotal role in fostering regional cooperation, serving as a “convenor of great powers.”

Jia Qingguo, the former dean of the School of International Studies at Peking University, predicted that while the current international order would persist, it would undergo significant changes as rising economies like China and India gain influence. He suggested that the West’s ability to maintain its perspective on international relations is waning in favor of a more pragmatic approach focused on sovereignty and integrity.

Heng’s remarks underline the critical need for diplomatic engagement and cooperation between the US and China to ensure global stability and prosperity.