section_path: Ideology/Economic policies
section_name: Economic policies
paragraph_text: Economic policies
  
  The party economic ideology has always accepted the need for some welfare spending and for pragmatic economic interventionism. However, free-market policies have been popular since the 1980s as part of the wider implementation of a meritocracy in civil society, and Singapore frequently ranks extremely highly on indices of economic freedom published by economically liberal organisations such as the World Bank and the International Monetary Fund. Singapore is also the only Asian country with the top AAA sovereign rating from the "Big Three" credit rating agencies of S&P, Moody's and Fitch.
  
  Lee Kuan Yew said in 1992: "Through Hong Kong watching, I concluded that state welfare and subsidies blunted the individual's drive to succeed. I watched with amazement the ease with which Hong Kong workers adjusted their salaries upwards in boom times and downwards in recessions. I resolved to reverse course on the welfare policies which my party had inherited or copied from British Labour Party policies".
  
  Notably, since Singapore's independence in 1965, the party has also supported the creation of state-owned enterprises, known within Singapore as Government-linked Corporations (GLCs), in order to jumpstart industrialisation, spearhead economic development and lead to economic growth (primarily job creation) in various sectors of the Singaporean economy as there was a lack of private sector funds and expertise, particularly in the early years of nationhood. Various GLCs were formed to pursue strategic sectors such as in ship building and repair (Sembcorp Marine, Keppel Corporation), aviation and defence (Singapore Airlines, ST Engineering), telecommunications (Singtel), real estate (CapitaLand) and development finance (DBS Bank) amongst others. In addition, various GLCs were set up as private-public partnerships, notable as joint ventures or strategic alliances with foreign companies or investors with relevant expertise, particularly in the petrochemicals and oil refining industries.