Singapore needs a Li Keqiang?

December 22, 2012

I refer to the article “Li Keqiang: Growing GDP without growing personal incomes is useless” (TR Emeritus, Dec 22).

It states that “Vice Premier Li Keqiang again emphasized on Dec. 19 that only by reform can China realize real development. Vice Premier Li reiterated that the government should benefit the people through reform, which is the largest dividend for China. If the growth of GDP cannot drive up people’s income, then even if GDP is at its highest, it will be useless.”

7.1% annual GDP growth

According to the Department of Statistics, Singapore’s annual GDP at current market prices grew from $143.9 to $326.8 billion, from 1999 to 2011.

This is an annual growth rate of 7.1 per cent over the last 12 years.

12 years of near negative real basic wage growth for almost all workers?

Against this, in the last 12 years or so, there has been near negative real basic wage growth for almost all workers. (“Workers’ rights: 12 years of near negative wage growth for almost all workers?”, Dec 9)

We urgently need to reexamine our policies which have delivered good economic growth, but almost no increase in personal incomes.

Li Keqiang’s remarks underscores the reality that such an outcome is “useless”.

So, unless we start to do what Li Keqiang is saying, the future of Singaporeans may be a bleak one.

Leong Sze Hian

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About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.