China travels for Although the oil shocks of the early 1970s slowed Singapore’s growth, it continued to enjoy annual growth rates of 8.7 percent between 1973 79. Realizing that much of Singapore’s comparative advantage rested with its well-educated and relatively inexpensive labor force, Lee Kuan Yew’s government resisted labor union demands for higher wages. In return, the government tried to appease labor by looking out for the workers’ welfare with paternalistic policies in housing, healthcare, and education. Between 1960 and 1985, the Housing and Development Board built 500,000 apartments and housed 88 percent of Singapore’s population. The government also promoted the growth of Singapore’s financial services industry. The Monetary Authority of Singapore established a system for offshore banking that encouraged nonresidents to deposit funds in Singapore to be invested in southeast Asia. China travels 2016.