There's scope for more aggressive liberalization.
Singapore being very open tends to be more sensitive.
It's not really a broad-based slowdown, ... I find it difficult to be too alarmist.
A strong tech recovery is lifting fourth-quarter manufacturing and GDP growth. Pharmaceuticals have also come back with a vengeance in the second half, after languishing in the first half.
It's saturated ... there is really not much more scope to invest in Singapore.
It's the relative-competitiveness angle. If China has a currency that is going to appreciate, then your currency becomes more competitive relative to China and your exports should do better.