Just my two-cents worth.
The dragon boat tragedy could have been avoided with the existence of life guards with speed boats. Organisers should have paid attention to venue of the race. They should have come up with worst case scenarios and a plan to mitigate the problem.
Life vest may dampened the performance of the boaters. I agree. They should have employed the locals who are more offay with the area and to adhere to any warnings given. Even if the warnings are mild, the organisers ought to make a quick decision to post-pone the race to a safer venue.
Lifeguards with contigency plans is a must to achieve zero probability of drowning cases. Yes, boaters are professional swimmers but mishaps are unpredictable. Drowning in a 1.2m deep pool is possible.
In summary, lifeguards should be made a mandatory for all swimming pool and beaches. For open seas, at least two-man speed boats should be made available. Public are to be warned consistently of the unseen dangers. Safety is a everyone's concern. Let's make it a point to avoid such accidents.