World system moves towards new order: Singapore official

09-12-2009 • Xinhua

The global economic situation appears to be no longer so dire, as with any major shock to the system, there will be profound structural changes that will shift the equilibrium towards a "new world order," a Singapore official said on Thursday. The economic situation has somewhat stabilized these two quarters, which thanks to the concerted and decisive efforts of many governments and central banks, said Lim Hwee Hua, Singapore's Minister in Prime Minister's Office, Second Minister for Finance and Transport. Speaking here at a forum dinner, She said that three trends have already begun to take shape towards a new world order, namely rebalancing of the global economy, increased domestic protectionist pressure in many countries, and "global green new deal."