Attempts at a second economy in China

Abstract

Since the mid 1960s, Singapore's economic strategy of industrialization has been a success, attracting massive influx of investments from foreign MNCs. Singapore's economy soon took off to become one of the fastest growing in the world. However, Singaporeans soon realized that MNCs cannot be relied upon for long-term growth. Since early 1986, the economic strategy changed to one of globalization. As our Senior Minister puts it, "all successful mature economies have this external dimension which broadens their domestic operations and helps to upgrade their economy".