you don't compete with China in terms of low wages. ever. that
is a dumb plan. Instead, you employ PRC at low cost to enhance
profits.
That's another way to hoodwink the stupid. 
Must remember, it's the low wages that enhances the profits,
soon many companies will want to employ PRCs, therefore for
Singaporeans to get a job, they would have to reduce their
expectation on wages.
Think root cause.
If you are not employing PRCs because of lower wages,
whenceforth the "enhanced profits"?
You must be smart enough to see through the disguise and not be
easily tricked.
Our Ministers are good tricksters, ooops I meant magicians.