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Picture Singapore as a small boat crossing a vast ocean.
The vast ocean is the regional and global environment. Picture
unpredictable weather and mountainous waves.
In our region, there are swirling winds and seismic activity.
Several countries are in various degrees of difficulty. Many
investors now avoid the region.
Moreover, larger boats, like China, are creating big economic
waves. Cheap and good Chinese products are now flooding the
world markets. In a matter of years, many of the goods that
Singapore now produces, China will be able to make more cheaply
and possibly of a better quality.
Globalisation has also allowed big, strong companies to swallow
up or knock out weaker ones across national borders. Our banks
and telecommunications companies are at risk unless they become
bigger and stronger.
I know that many Singaporeans are more concerned about domestic
issues than external events. But we cannot solve domestic
issues without taking into account external developments.
As we are now heading into bad weather, we must find new
strength to cross the ocean. We must be united. If our boat
sinks, because we cannot agree among ourselves on how to cope
with the bad weather, domestic issues will become irrelevant.
We have to attract global talent to add to our strength.
I understand that some Singaporeans have reservations over
this policy. But let me assure you that our own talent will
always come first. We will help every Singaporean to blossom,
and to put his talent to good use.
But the reality is that we do not have enough people with
the right skills and experience for our expanding economy.
To make matters worse, some of our brightest young people
in overseas universities are being harvested by others as
soon as they graduate.
We, therefore, have to make Singapore a powerful magnet so
as to be able to retain our own talent as well as draw in
foreign talent. The more talent we have, the stronger our
economic capability. Our companies will prosper. We will create
more jobs and wealth for all our people.
I am revisiting the issue of foreign talent because in an
economic downturn, more people will feel that outside talent
is taking away their jobs. This is a natural reaction. But
you should also look at the issue from the perspective of
our long-term interests.
A few days ago, Zaobao carried an article recalling that
during the times of the Warring States in China, Prime Minister
Li Si advised the King of Qin (Ying Zhen) to reverse a command
to expel all the foreign talent that had gathered in Qin.
Li Si said: "Mount Tai becomes so big because it does
not reject any soil. Rivers and seas become so deep because
they do not reject any small tributaries".
The King of Qin, realizing his country's weakness, accepted
Li Si's advice. His wise use of foreign talent contributed
to Qin's strength.
I am aware that older Singaporeans have other worries. The
cost of healthcare is one of them. Unfortunately, good healthcare
costs money to provide. Some increase in healthcare charges
is therefore unavoidable. But the Government will ensure that
essential medical care is always within your reach.
We are now working out an insurance scheme to cover Singaporeans
aged 40 and above against serious long-term disabilities.
This scheme, called Eldershield, together with Medisave, Medishield,
Medifund and the Eldercare Fund, will help you meet the costs
of medical care and nursing home stay.
Singaporeans also worry about the widening income gap. This
is a global phenomenon. The Government cannot forcibly close
the income gap. If we try to pull down wages at the top and
push up wages at the bottom against the dictates of the market,
our talented people will leave us and our workers will cost
too much. Our economy will then become uncompetitive and eventually
collapse.
However, the Government will do more for lower-income Singaporeans
through our asset enhancement and other programmes.
We will introduce a new scheme to give every Singaporean,
"New Singapore" shares. When we have healthy budget
surpluses, we will give out such shares to Singaporeans. The
lower-income group will be given more. These shares will give
you an annual dividend for a fixed period. When the economy
does well, an extra bonus dividend will be added. You can
also trade in your shares for cash.
Two years ago, I asked Chan Soo Sen to lead a group of Chinese-speaking
MPs to visit Chinese community organisations to gather feedback
and exchange ideas. They have met with more than 100 clan
and other associations.
The Chinese community urged that we make a special effort
to retain our culture and traditions. I agree. We must never
become totally westernised. As it is, some English-educated
parents find difficulty giving their children Chinese names.
Hence, Chinese teachers, the Chinese mass media, the Chinese
Chamber of Commerce and clan associations should take the
lead in preserving our Chinese culture and traditions.
The Chinese language is an intrinsic part of our culture
and traditions. We must try to build up a core of effectively
bilingual Singaporeans with a high competence in Mandarin
and a love of Chinese culture. This may be difficult to do,
but we must try. These Singaporeans will help us keep up the
standard of Chinese language in our society.
Over the last 36 years, Singapore has survived and grown
stronger against great odds. We have done so by courageously
facing up to problems. In the current economic slowdown, let
us work together for a better tomorrow.
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