The Prime Minister-favourite also boasted that Singapore can “help” advise the legal and financial regulations needed for the Belt and Road Initiative which Singapore is not a participant of. However, China has already earlier announced that they will be setting up their own international courts in Beijing, Xi’an and Shenzhen. According to Chinese state media, China has already prepared their legal and financial framework without needing Singapore’s consultation:
“The one in Xi’an aims to cover commercial disputes along the land-based Silk Road Economic Belt. While the one in Shenzhen will mainly deal with litigations from the oceangoing Maritime Silk Road. The headquarters will be set up in Beijing.”
The biggest blunder of Minister Chan Chun Sing is mentioning Suzhou Industrial Park. The joint venture started in 1990s made over US$90 million in losses between 1995 and 2000, resulting in Singapore pulling out and lowering it’s stakes in the project by half. After China officials took over Suzhou Industrial Park, the project became profitable exactly one year after Singapore withdrew.