1.          The Ministry of Trade and Industry has not observed a rising trend of “business failures”.  For business entities registered under the Companies Act, the Insolvency & Public Trustee’s Office’s (IPTO) statistics show that the number of companies in compulsory liquidation was 135 in 2009, 142 in 2010 and 113 in 2011. 2.          On a different benchmark, ACRA data shows that new firm formation has been rising over the years. In 2006, there were 45,714 firms formed. The same number reached 55,801 in 2011. Even taking into account of existing firms that ceased operations, there was still a net increase of new firms formed per year. In 2011, net new firm formation stood at 13,784, 39 per cent more than in 2006. These numbers, we believe, broadly reflect the active entrepreneurship scene in Singapore, and that our environment remains conducive for new firm formation.   3.          On the question of international comparison, we do not have very good data on overseas “business failure rates” for meaningful comparison. What we know, for instance is that in the United States, for 10 new businesses formed, about 8 to 9 businesses would cease operations in the same year.  Our comparable numbers are between 7 and 8.  I think we are slightly better off.   4.          We do not pre-determine a tolerable range of business “failure rates”.  We believe however, in a vibrant economy, a certain degree of renewal is healthy and necessary. New firms will be created to take advantage of emerging opportunities while uncompetitive ones wind up and make way for new entries.  In this way, our economic resources will be more efficiently utilised.