How to explain Singapore’s growth despite lack of stimulus? The simplest explanation is its proximity to and focus on Chinese market. China's growth is not cy

How to explain Singapore’s growth despite lack of stimulus? The simplest explanation is its proximity to and focus on Chinese market. China's growth is not cyclical. It is driven by demographics mostly and it can be described as a secular trend. Rural population migrates to cities, they become consumers and bring down their abnormally high savings rate to the levels common for developed consumer societies. China today is what Japan used to be in the 60s. Its growth will continue for a while, crisis or no crisis.