China does not seek regional or international hegemony

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‍Chinese Premier Li Keqiang said Tuesday that it is not China's contention to seek regional or international hegemony and that the country is committed to trade that is not just free, but also fair.

He was speaking at the 44th Singapore Lecture hosted by ISEAS Yusof Ishak Institute, which takes place a few times a year. Notable speakers who delivered past lectures include Myanmar's leader Aung San Suu Kyi, President of the Republic of Korea Moon Jae-in and Chinese President Xi Jinping.

“China is ready to work with all parties to make globalization healthier and make trade fairer so that free trade will receive a stronger boost and grow at a higher level. We need to send out a strong message internationally, and we also need to confront all new challenges,” Li said in his address.

Li said that multilateral cooperation and free trade underpin peace in the international community.

Chinese Premier Li Keqiang delivers a speech and answers questions at the 44th Singapore Lecture, Singapore, November 13, 2018. /Xinhua Photo

He was delivering the lecture as part of a five-day state visit to Singapore where he will also be attending the 33rd ASEAN Summit. This marks the first visit to Singapore by a Chinese premier in over a decade.

On Monday, Li and Singaporean Prime Minister Lee Hsien Loong witnessed the signing of a series of agreements on bilateral cooperation, including an upgrade of free trade agreement (FTA), with both sides pledging to push for progress on key regional issues.

Singapore was the first Asian country to ink a comprehensive bilateral free trade agreement with China more than 10 years ago. The beefed-up deal will enhance protection for Singapore businesses in areas of trade and investment, and grant them access into China's services sector.

“Yesterday we signed an FTA and agreed to cooperate on smart cities and training of human resources. All that makes me confident of what we have achieved, and I am confident of what we can continue to achieve in the future,” Li said.

His trip also comes at a time when trade ties between the United States and China are in flux.

Premier Li said that while the Sino-US relationship has been a rollercoaster ride, it is stable on the whole.

Chinese delegation led by Chinese Premier Li Keqiang at the Istana, Singapore, November 13, 2018. /Reuters Photo

"China and the US have much to offer each other. A stable development will benefit both countries and the larger world,” said Li, who added that frayed ties would affect the whole world.

Against this backdrop of an increased anti-globalization sentiment, China is also pushing for the conclusion of the Regional Comprehensive Economic Partnership (RCEP) agreement which covers over a third of global trade.

Premier Li said that a substantive progress in negotiation will be announced Wednesday, and hopes that the pact will be finalized by next year. The premier will be attending the RCEP Summit slated for Wednesday, which will take place alongside the 2018 ASEAN Summit.

“I think both the ASEAN dialogue partners and ASEAN recognize the importance of having all the countries on board at the end and this is important even more so in light of today's context where there's a lot of economic uncertainty internationally,” said Lye Liang Fook, a senior fellow at ISEAS Yusof Ishak Institute in Singapore.

Also happening this week are the ASEAN Plus Three and the East Asia Summit, both of which Li will be attending. China, who began talks with ASEAN in 1991, has over the years broadened and deepened ties with the regional organization.

“China-ASEAN relationship has progressed remarkably well. So when Premier Li meets his ASEAN counterparts in the next day or so, I expect that he would continue to reaffirm the messages of cooperation,” said Lye.