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opethatwhenthetwopresidentsmeetinbeijinginoctober,andseeeachother''sfacialexpreio,theywillfindthattheycandobusinewitheachother.

eastasia
   withineastasia,thereareotherflashpoints.cro-straitrelatiobetweenchinaandtaiwanaretroubled.themomentumofreconciliationbetweenthetwokoreashavesloweddown.inthesouthchinasea,severalcountriesclaimtheatollsandreefsthere.ifthisleadstoconflict,sealanesofcommunicatioandinternationaltradewillbedisrupted,affectingus.

theoutlookforourimmediateneighbourhoodalsoremaiuncertain.

indonesiahasjustelectedanewpresident,thethirdinthreeyearssincesuhartosteeddownin1998.

presidentmegawattiinheritsacountryinwhichpartsarethreateningtobreakaway,andtheeconomyisinagravestate.indonesiawilltakemanyyearstorecover.

themalaysianeconomybouncedbackbrieflyafterthe1997asianfinancialcrisis.however,internationalinvestorsremainwary.

othercountriesinaseanarealsofacingvariousdifficulties.

asaresult,aseanisatalowpoint.investorsarenegativeabouttheregion''sproects.

singaporewillfeelkeenlytheeffectofthisuncertaintyintheregion.

thechinachallenge
   moreover,oureconomyisuncomfortablysandwichedbetweenthedevelopinganddevelopedeconomies.

manydevelopingeconomiesarefastcatchingupwithusintechnologicalcapability.what''smore,theyhavemuchlowercostsofproduction.forexample,ourwagesformanufacturingworkersaremorethan12timesthatinchinaandindia.ourindustriallandcostsaboutus$300persquaremetre.inshenzhen,itcostsbelowus$10.fortunately,wearenolongercompetinginlow-endmanufacturing,wherelowwagesandlowlandpricesarecritical.

butstill,chinaposesabigeconomicchallenge.someeconomistsdescribechinaasan"800-poundtradinggorilla".ahongkongnewaperaddedthatthisgorillawas"veryhungry".

intheearly90s,chinatook20ofthetotalforeigndirectinvestmentintoeastasia(excludingjapan),whileaseanaorbed50.today,thenumbersarereversed:chinatakesin50andasean20.chinaisnowduedthe"subcontractoroftheworld".

evenindiaisbein

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