Word: asianized
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...point of this real estate renaissance: change Singapore's image as a prosperous but rather dull commercial hub into that of a vibrant, fun destination-a place people will want to live in or at least visit on holiday, not merely transit on their way to more exotic Southeast Asian locales such as Bangkok and Bali. "Our entire nation is focused on a self-transformation," says Lim Neo Chian, CEO of the Singapore Tourism Board. "Singapore is changing its image in the eyes of the world...
...Faced with challenging long-term economic prospects and a flagging birth rate, Singapore's leaders have determined that the future of its 4.4 million citizens depends upon attracting multinational corporations along with hundreds of thousands of ambitious, educated (and preferably wealthy) foreigners to work and live there. Like other Asian tigers such as Taiwan, Singapore is losing high-tech manufacturing jobs-once crucial to economic growth-to lower-cost countries such as China. Manufacturing now provides work for just 20% of the island's 2.5 million workforce, down from 33% a decade ago, a decline reflected in people's paychecks...
...fact, the government effort to revamp Singapore goes beyond property development. After the 1997 Asian financial crisis, bureaucrats realized the city could no longer rely upon manufacturing to fuel its economy, and began setting policies designed to create higher-paying, white-collar jobs in specific sectors: biotechnology, education, and private banking and finance. Singapore aspires to be a regional or even global center in those areas by offering incentives to corporations such as tax breaks, reasonably priced premium office space and Singapore's corruption-free business climate...
...Citigroup have been rising 20% annually since 2003. More than 100 hedge funds have relocated to the island, up from 20 in 2004, according to the Singapore Monetary Authority. The Boston Consulting Group reckons Singapore now has more millionaire households as a percentage of total households than any other Asian economy...
This is the flip side of the gargantuan trade deficits ($765 billion last year) that the U.S. is running, the result of high oil prices, Asian manufacturing prowess and our spend-and-borrow mentality. That leaves exporters like China the task of figuring out what to do with all those dollars. It's tougher than it sounds...