Singapore's Wong warns of unintended 'de-risking' consequences

TOKYO -- Singapore's Deputy Prime Minister Lawrence Wong on Thursday said that if "de-risking" from geopolitical tensions is taken too far, "we will end up with a more fragmented and decoupled global economy."

Wong, the heir apparent to become Singapore's next leader, was speaking at Nikkei's two-day Future of Asia forum in Tokyo. He said he understands why countries and companies want to shield themselves from risks, amid "deep mutual suspicion and fundamental mistrust" between the U.S. and China. "No one wants to be overly reliant on a single supplier for raw materials, key components, or technology," he said.