Paul CHEUNG is a professor (practice) at the Lee Kuan Yew School of Public Policy, National University of Singapore.LIU Jingting is a research fellow at the Asia Competitiveness Institute, Lee Kuan Yew School of Public Policy, National University of Singapore.Ulrike SENGSTSCHMID is a research analyst at the Asia Competitiveness Institute, Lee Kuan Yew School of Public Policy, National University of Singapore.