Lee Kuan Yew states the obvious.  But what does China have if it’s not the rule of law?  CNA:

Singapore’s Minister Mentor, Lee Kuan Yew, has said Shanghai must groom a huge pool of English-speaking talent if it wants to become Asia’s financial hub.

Speaking at a forum on the sidelines of the Shanghai World Expo just over a week ago, Mr Lee said it is not enough for Shanghai to produce financial experts if they are not fluent in English, the international language of finance. …

He said: “Any contractual disputes are now resolved in Hong Kong and not Shanghai because Hong Kong recognises the rule of law. It can play the role of the arbitrator. Shanghai must achieve such a system one day.

“If you cannot achieve the rule of law across the country, in Shanghai, when there are any contractual conflicts, you can get arbitrators to resolve these conflicts. These arbitrators must be an external party, and neutral.”