TRANSCRIPT of SENIOR MINISTER GOH CHOK TONG's WRAP-UP INTERVIEW with SINGAPORE MEDIA on 18 APRIL 2011 in BEIJING Q: “Mr Goh
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TRANSCRIPT OF SENIOR MINISTER GOH CHOK TONG’S WRAP-UP INTERVIEW WITH SINGAPORE MEDIA ON 18 APRIL 2011 IN BEIJING Q: “Mr Goh, could you just give us an overview of the highlights of your trip and specifically, you can talk about today’s meetings with Zhou Xiaochuan and Wen Jiabao. You mentioned the three old things and then one new thing. Could you maybe elaborate more on that?” Mr Goh: “Well, I think let me start with Boao Forum. There, the theme, as you know, was inclusive growth and that's a very important topic because that’s a topic which Singapore is also talking about for some years now and as I met people in Boao and went through Eco-City and meeting Zhou Xiaochuan, the Governor of the People’s Bank of China, and Premier Wen, the theme which came across was the need to generate economic growth and sustain economic growth and how to share the fruits of economic growth. So, that was clear in Boao, but Tianjin, I could see the discussion with Zhang Gaoli, the Party Secretary, with the Mayor and also the Deputy Secretary, was all about investments into Tianjin Eco-City and about other cities being developed along the Binhai New District. So, the emphasis is always on growth, giving some jobs and raising the standard of living of the people. In other words, sustainable livelihood of the people becomes a very important issue. So, that is my take from my visits to the various places. “For my meeting with Governor Zhou and Premier Wen, we discussed the area of financial cooperation. Now, China would like, I believe China has to, over time, internationalize the renminbi. So, we see a role for financial cooperation over here, how could Singapore play a role in helping China as China internationalizes its renminbi at its own pace. We agreed that Singapore could provide clearing-bank status for one of the Chinese banks, I mean, we would be happy to do so, look at the necessary regulations and the necessary facilities and I am glad to say that the Chinese authorities have decided to designate one of the two banks in Singapore to be a renminbi clearing bank. “The other areas of cooperation would be in MAS setting up a representative office in China, probably in Beijing, and China likewise would also set up one in Singapore. Then China would be happy to give QFII status to MAS - that’s Qualified Foreign Institutional Investor, QFII, to MAS - which means MAS can now invest in China, in the products in China as the central bank. Then the other area would be in the study of subjects concerning crisis management. That means if there is a crisis in future, both sides would contact the other to discuss how we can manage the crisis. But, of course, before that, we would be doing research papers which are of interest to both sides and this is the way for us to get to know one another so that when there is a problem in future, we can meet very quickly to avert a crisis for us or to manage a crisis which will be hitting us. “So, all in all, very positive meetings with Premier Wen and Governor Zhou. So, I picked up the Chinese habit of using three this, one this or two no’s and one yes and all that. So, I said ‘three olds and one new’. Three olds included reviewing subjects which we discussed earlier. One concerns the high-level discussion of economic subjects. That means officials on both sides met together once and they found the discussion useful, they will be having more meetings in future. My idea was a one- off meeting after the financial crisis, but they found it useful, they decided to have another meeting to discuss subjects of mutual interest - financial stability, financial reforms and so on. “The other was the university which I briefed Premier Wen when I last saw him, a three-way tie -- Singapore university, Chinese university and American university. So, the discussion took place in 2009. Now we have set up the Singapore University of Technology and Design involving a Singapore partner, MIT -- that’s Massachusetts Institute of Technology -- and Zhejiang University. But China has, of course, done cooperation with other universities, other foreign universities, but this is the first time we are having a three-way tie for universities. So, that’s rather unique. So, that is the second old. The third old, of course, was the Tianjin Eco-City. That’s an old subject which is ongoing. So, I gave him a progress report of my latest visit to Tianjin. So, one new was financial cooperation.” Q: “Is there a timeline for the QFII as well as the definition to include Singapore banks for clearing renminbi?” Mr Goh: “No, we didn’t discuss a date. The MAS would want to set up the rep office in Beijing and, of course, they will also invest in China as soon as they can. But I think, pending some interpretation, I believe, the Chinese would approve it. It depends on us.” Q: “So, the next step would be MAS to submit...?” Mr Goh: “It’s for us to submit an application for QFII status.” Q: “And what about the two Chinese banks?” Mr Goh: “That’s for the Chinese to decide. We would, of course, go back and study how we can facilitate this. There could be certain regulations, there could be certain, shall we say, mechanisms which are required to activate this. So, we would begin to study that and wait for the Chinese to set it up when they are ready.” Q: “Can we move on to the GE?” Mr Goh: “Can I say no? Okay.” Q: “Can I go first?” Mr Goh: “Yeah, okay, please.” Q: “Yeah, because there have been some misgivings about the quality of PAP candidates because in the past when PAP candidates were introduced, there seemed to be the ‘wow factor, but that ‘wow’ factor seems to have gone out in this election and there is talk saying that the opposition candidates are pretty, some, credible. So, what is your take on that?” 3 Mr Goh: “Well, first, I beg to disagree about the quality of the PAP candidates. Have we put up all scholars and state ones, as we had, indeed, interviewed many people with very good academic results - cardiologists, doctors, lawyers and so on - very good qualifications, we would be accused of being elitist, that how can you understand us when you are all high-flyers in your professions? So, this time, the party has decided to select people who comprise a range of Singaporeans who can serve our future better. So, in this slate of 24 candidates, we would have some people who would become office-holders. Then, amongst them, some, of course, will become ministers and hopefully, amongst the new ministers will be a core team which can lead Singapore into the future. “So, we have such people and very interestingly this time, we have a large number of people very familiar with grassroots activities. They have served for many years in grassroots, they are known to the PAP MPs and they are fielded for that reason. The key is have they got the dedication, the commitment, the conviction and the sincerity to serve the people? So, that’s the test for us, the character issue, the ability to serve the people and then you have some younger candidates and one over 50. So, it ranges from 27 years’ old to, I think, somebody around 50, David Ong, about 50 years. So, it is, I would say, representative of Singapore. It’s a good range. “If you are looking for a ‘wow’ factor, meaning two or three very outstanding stars, I would say, look for them in the top few people who can become your core team in the future. The opposition, of course, has got the ‘wow’ factor because they never had good candidates in the past. So, suddenly, they discover a few and then the ‘wow’ is there. But good for them, good for them, but the PAP team is a strong team.” Q: “Turning to Marine Parade GRC, I don’t know whether the team has already been firmed up and could you assess your team members and I am curious, if you don’t mind, I would like to ask you, do you think Tin Pei Ling is an asset or a liability to you and your team?” Mr Goh: “Well, Tin Pei Ling was offered to me by PM as a candidate for Marine Parade GRC. I took her in quite happily, knowing that she is young because I was actually thinking of her serving in MacPherson. MacPherson is an estate with a very large number of old people. So, I believe that she can reach out to the young, to the not-so-young in MacPherson, but in particular, I would like her to do more to help the old people in MacPherson. I believe that when a young person visits the rental blocks, the very old woman stuck in her home, I think a rapport can be forged between them. So, that was my interest. So, I have no difficulty in accepting Tin Pei Ling into Marine Parade GRC and there is no reason for me to change my mind, having watched her. “So, the team in Marine Parade GRC will comprise of myself, Fatimah, Seah Kian Peng, Tan Chuan Jin and Tin Pei Ling.