Commentary: In Singapore, a Vision for a New Asian Order

The third annual Caixin Asia New Vision Forum, held in Singapore, featured three days of public and closed-door events, with 130 speakers, including a record number of entrepreneurs and at least 50 senior executives. The forum’s prominence—drawing companies and investors from China, Southeast Asia, and beyond—underscored Singapore’s crucial role as a hub for Chinese enterprises expanding globally and for capital flows between the yuan and the dollar. Key discussion themes included the challenges and opportunities of international expansion (“going out”) and the growing importance of artificial intelligence (AI) in the Asian business landscape [para. 1][para. 2][para. 3].

The forum’s 2024 theme, “Asian Opportunities in an Era of Change,” highlighted the need for regional solutions to global challenges. China’s ambassador to Singapore, Cao Zhongming, emphasized that regional consensus on development and cooperation—founded on mutual respect, equality, and mutual benefit—has been vital to Asia’s development and prosperity despite historical and contemporary differences [para. 4][para. 5].

A major focal point was the urgency for Chinese businesses to “go out” amid a hyper-competitive domestic environment. Sun Lihui, vice president of Huayou Cobalt, humorously described the choice as “Go abroad or go out of business, and Staying is a slow death, going out is a gamble.” For many firms, international expansion has shifted from a growth strategy to a survival imperative. Companies like Huayou Cobalt have adopted integrated global supply chains, securing key resources (nickel, lithium, cobalt) in Africa and Southeast Asia, and building localized talent pools and community projects to obtain “social licenses” and mitigate risks, especially in unstable regions like the Democratic Republic of Congo [para. 6][para. 7][para. 8][para. 9][para. 10].

Other companies, such as J&T Express and sporting goods giant ANTA, shared their experiences of adapting to diverse local cultures and regulations. J&T stressed the complexity of operating in Brazil’s tax environment and the necessity of respecting local work culture. ANTA’s Southeast Asia strategy involved hiring a mostly local workforce and modifying business models to accommodate local consumer practices, highlighting the limits of directly transplanting the “China model” abroad [para. 11][para. 12][para. 13][para. 14][para. 15][para. 16][para. 17][para. 18].

Cultural industries like film and music were also discussed as key players in Southeast Asia’s market, leveraging cultural proximity and mature consumer markets. Event organizer Zhang Chongshuo noted the maturity of Singapore’s music scene and its appeal for international festivals. However, the increased presence of Chinese firms overseas has heightened local competition and host market expectations for partnerships, with governments encouraging deeper investments (such as manufacturing rather than just sales) [para. 19][para. 20][para. 21].

Artificial intelligence was another major topic, with over 20 forum speakers exploring AI infrastructure, applications, and regulatory concerns. Asia stands at a technological crossroads, as U.S. measures to restrict China’s access to advanced chips have affected the region, including Southeast Asia and the Middle East. Companies like Dubai-based Robo.ai have responded by basing operations in neutral locations to access global markets and talent [para. 22][para. 23][para. 24][para. 25][para. 26].

AI infrastructure in Asia is evolving, with Singapore exploring alternative computing models suitable for regional needs. Experts stressed the importance of diversifying technological pathways beyond U.S.-dominated GPU architectures, highlighting risks of overreliance and the need for original research and independent development [para. 27][para. 28][para. 29][para. 30].

AI’s societal impacts, including privacy and regulation, were widely discussed. While the U.S. and China have advanced AI partly due to easier data access, stringent privacy protections in Europe present barriers. Some suggested hybrid models in Asia, where governments procure technology to balance innovation and privacy. Ultimately, the forum reflected a pragmatic optimism about Asia’s role in global AI and business transformations [para. 31][para. 32][para. 33][para. 34][para. 35][para. 36][para. 37][para. 38][para. 39][para. 40][para. 41][para. 42][para. 43].