The ruling People's Action Party (PAP) held its annual convention on Sunday, Nov. 19.

Party secretary-general, Prime Minister Lee Hsien Loong spoke at length about key domestic issues and international developments, as he prepares the party to enter the second half of the government's term in office.

Here are some interesting ways to think about the speech.

1. We may see a shifting of gears for leadership renewal

PM Lee had announced that Parliament will take a mid-term break or prorogation next year after the Budget.

The prorogue will not only give the government a chance to map out a fresh legislative agenda, it will also be an opportunity for PM Lee to shift gears in terms of leadership renewal, and also tee up for the next GE, which is due by early 2021.

During the last prorogue between April 15 to May 16 in 2014, PM Lee announced a round of Cabinet and political appointment changes, which included promoting Tan Chuan-Jin and Lawrence Wong to full ministers.

If PM Lee follows the same playbook, all eyes will be on a potential Cabinet reshuffle in April or May next year.

Will we see some of the 3G old guards, such as Manpower Minister Lim Swee Say, Trade Minister Lim Hng Kiang and Communications & Information Minister Yaacob Ibrahim retiring to the backbenches?

Will we see a major reshuffle of portfolios or further promotions among the emerging 4G leaders or even a 4G Deputy Prime Minister?

That's something that Singaporeans will certainly look out for.

2. Public transport issues may well become PAP's Achilles heel

PM Lee also addressed the recent MRT incidents for the first time on Sunday.

He showed his empathy for commuters and demonstrated the government's resolve to solve the problems.

"These incidents should not have happened. But they have, and we must learn the right lessons from them, get to the root of the problems, and put things right."

The significance will not be lost for those who pay close attention to Singapore politics.

As the party's Secretary-General, PM Lee was speaking at a political forum, on a topic that many Singaporeans care deeply about as it impacts their daily lives.

And as the only ruling party since independence, PAP knows better than any party in Singapore that elections are won and lost on bread and butter issues, not highfalutin ideas or values.

It is closely tied to the performance legitimacy that it constantly reminds the electorate of, and it has since defined the years of PAP rule.

Public transport, or in recent times, the reliability and safety of our MRT system is one of those issues that the PAP has to keep a close eye on.

The signs of public discontent are clear.

You see it online, you hear it among friends and relatives and you feel the burning sense of frustration yourself when you take the MRT everyday.

The electoral setback in 2011 must be still fresh in the PAP's minds. A perfect storm of issues then that included an influx of immigrants, housing shortages and rocketing prices, as well as over-burdened infrastructure created a groundswell of anti-government sentiments that eventually exacted a heavy political price on the party.

Despite bouncing back in record fashion in GE2015, the PAP cannot afford to be complacent, even though the problems this time seem to be confined to the MRT system. Voters' sentiments can be unpredictable and negative attitudes toward the government can easily spread to other issues.

Against the backdrop of an impending handover to the new generation of leaders after the next GE, the party would want to be in the strongest possible position to execute the change in leadership.

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3. PAP's 4G leaders have to earn the trust of Singaporeans

PM Lee spoke about the trust that PAP has built with Singaporeans over the last 60 years and he cautioned that "this trust between the PAP and the people will be tested, but it will be more important than ever" in the coming years amidst social and economic disruptions.

"The people must support the PAP. Most of all, they must trust the PAP. They must know that the PAP cares about them, and is working to improve their lives."

"The PAP must always pursue policies that benefit the broad majority of Singaporeans. We must always hold the ground, stay close to Singaporeans, and maintain their trust and confidence."

"Voters must always know that the PAP is their party, the PAP will work with you and look after your interests."

This was the main message from the section of PM Lee's speech on trust. But one point that was not explicitly mentioned, but something he must surely be aware of, was that trust cannot bequeathed or inherited from generation to generation, it has to be earned.

Every Prime Minister and their team will have gone through experiences, be it crisis or periods of hardship that allowed them to forge deep bonds with the people.

Founding PM Lee Kuan Yew (LKY) and his team led Singapore through the difficult years of independence and nation-building. Our second PM Goh Chok Tong and the 2G leaders led Singapore during the Asian Financial Crisis, the September 11 period and the Severe Acute Respiratory Syndrome (SARS) crisis.

PM Lee and his team have risen to the challenge of the Global Financial Crisis, the setbacks of GE2011, and also defining moments like the passing of LKY and SG50.

The fourth generation of leaders waiting in the wings will have to step up to earn the trust of a new generation of Singaporeans, and forge strong connections with them in their own way.

And they have been seen doing that, whether it is the chairing of committees or explaining difficult and unpopular policies.

4. The PAP has to avoid repeating mistakes of the past

"People must know the PAP not as a remote and impersonal government “chenghu”, but as a team - their team, as a human, personal presence – your caring MP, your friendly branch secretary, people whom you know, people who have shown that they can get things done for you, people who have helped you through difficulties and improve your lives.

In this effort, every Party member has a role to play. You are wearing white, you are carrying the party badge. You may be in mufti, but you are still wearing white and carrying the party badge.

If you push your weight around, behave arrogantly, or take advantage of your position, you bring disrepute to yourself and do harm to the party.

But if you uphold the party’s ideals and serve residents conscientiously and selflessly, you will strengthen the trust between the party and the people, consolidate the party’s support base, and help to keep Singapore successful."

This part of the speech is worth quoting in full, mostly because it reflects a deep-seated self-awareness that may not be shared by all PAP members.

It's electoral dominance and record high vote share in the most recent elections may potentially allow party members to be lulled into a false sense of security, causing it to repeat the mistakes of the past.

In the run-up to GE2011, it was seen as an unresponsive party disconnected from ground realities, and its elitist approach to issues such as ministerial salaries further hurt its image in the eyes of voters.

Post-GE2011, there was a concerted effort to beef up political and policy communications, but the challenge of persuading people to understand policy trade-offs and yet being seen as open and responsive to feedback remains.

5. Is the PM post now a three-horse race?

Only the names of three 4G ministers were mentioned during PM Lee's speech.

No prizes for guessing though. They are Heng Swee Keat, Chan Chun Sing and Ong Ye Kung.

It was mentioned in the context of the work on economic transformation.

"We set up the Committee for the Future Economy (CFE) last year. Now that has done its work and we have the Future Economy Council to implement the recommendations, and they are doing so progressively. It is a major task, and we have comrades Heng Swee Keat, Chan Chun Sing, Ong Ye Kung and all the other younger ministers are all closely involved."

The mentioning of their names, and even the order in which they were highlighted may mean something, or it may not mean anything, but we do know that these three Ministers are widely seen as front-runners for the top job, and Singaporeans will know in time to come.

In PM Lee's own words in a recent CNBC interview: "It cannot be a very long time, because the clock ticks and waits for no man.”"

Top photo from PAP Facebook