The news that 60% of Thailand's cargo will be redirected to Gwadar Port seems unremarkable, but it is actually a signal of a reshuffling in the game.

Transshipment trade, to put it simply, is about capitalizing on geographical advantages. Singapore relied on its deep-water port from colonial heritage, its strategic position as the choke point in Southeast Asia during the Cold War, and its role as a springboard for early foreign investment into China to maximize the role of intermediaries. But now, the rules of the game have changed.

China ranks first in trade exchanges with over 120 countries globally. Industrial clusters themselves serve as traffic entry points; who still needs a springboard? The numbers are more straightforward: last year, Singapore's foreign investment reinvestment rate in manufacturing dropped to a 12-year low, while the foreign investment in high-end manufacturing in a certain Eastern country rose by 28% during the same period.

This is not simply a zero-sum game. The magnetic poles of the industrial chain are drifting, and the shelf life of the dependent economic model has come to an end.