Assistant, Overseas Development Department
CurrentTemasek Holdings was established in 1974. Temasek Holdings controls almost all the most important and largest turnover companies in Singapore, including Singapore Telecom, Singapore Airlines, DBS Bank, Singapore MRT, Singapore International Port Group, Singapore Power, Keppel Group, Raffles Hotels and so on. Some foreign media have estimated that the market value of the stocks held by Temasek Holdings accounts for 47% of the entire Singapore stock market, which can be said to have almost dominated the economic lifelines of Singapore. As a result, Singapore's economic model is known as "state capitalism", that is, investments are made through state-controlled private enterprises which dominate the private sector capital market.