China tourism board for 9 percent of GNP in 1960 and 94 percent of Singapore’s exports were re-export of goods not produced in Singapore. In the 1960s, Singapore’s economy was cut off from the Malaysian market after independence, and hard hit by a1968 British announcement of military withdrawal resulting in the loss of 38,000 jobs in related industries. Lee Kuan Yew’s PAP government addressed these economic crises with a series of policies designed to attract multinational corporations and reduce Singapore’s regional dependence. In a pattern similar to other highgrowth Asian economies, the government of Singapore actively promoted the growth of technologically sophisticated export industries. The government gave tax incentives and access to inexpensive capital to favored industries, and kept labor costs low by shifting a large share of the responsibility for worker welfare to the state. These policies apparently worked and Singapore enjoyed an average annual real GROSS DOMESTIC PRODUCT (GDP) growth of 12.7 percent between 1965 and 1973. China tourism board 2016.