"President Rajapaksa's regime tried to play China against India and India against China but it came a cropper," said Mr Wickramasinghe.
During the Rajapaksa years, China invested an estimated $6 billion in Sri Lanka, some of it in strategic infrastructure projects like ports and airports, irking India.
But Mr Wickremasinghe told NDTV, "We are looking into all foreign contracts and local ones, and where there is corruption we will certainly ensure we take action whether it be Chinese or any other country.
In particular, he turned his guns on a $1.5 billion Port City complex, being built by the Chinese on the Colombo seafront.
Sri Lanka's economic dependence on China has left it heavily in debt, with almost $6-7 billion owed to the latter.
But the country's Foreign Minister, Mangala Samaraweera is confident of a solution. "I'm sure being old friends we can work things out together," he said.