Singapore: ‘The golden age of globalisation that we have known for the past 30 years since the end of the Cold War is clearly over, and we are entering a new era, a new era that will be marked by greater geopolitical contestation,’ Singapore’s Finance Minister Lawrence Wong warned. At the ‘Forbes Global CEO Conference’ held in Singapore, Wang drew attention to the growing tension between the US and China.
A few years ago, the then President of the United States, Donald Trump, declared a trade war against China and took several decisions imposing sanctions and fines. Following the US, European countries also initiated steps against China. Although it has slowed down after the US’s change of power due to Coronavirus and other reasons, tension has arisen in the relationship between the West and China. Two weeks ago, Germany, Europe’s leading economy, also announced the restructuring of trade relations with China.
Russia and China have been making moves to challenge the current global system and create alternatives, for which they are also getting good support. 
Against this background, the warning given by the Finance Minister of Singapore, one of the major economies in Asia, becomes noteworthy.
‘Where previously the logic was, countries do not have to be friends to do business with one another. In fact, the hope was that the more we trade and invest in each other, we will tamp down geopolitical rivalry,’ said the Minister of Finance of Singapore. At this time, he also mentioned the American company ‘McDonald’ theory.
It was said in the ‘McDonald’s theory’ that there would be no war if McDonald’s stores were opened in all countries. But this is now history, and it has ended; saying this, Wang made aware that the current situation has changed. The Finance Minister of Singapore also warned that the world would look more dangerous and fractured if the current changes become permanent. Pointing to the growing tension between the US and China at this time, he also warned that the world is big enough to accommodate both countries, and they need not view the relations between each other as rivals.
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