Strictly speaking, no. The term 'Chinese helicotter' originated in the SAF in the '70s when there were quite a sizeable number of Chinese-ed recruits in each intake. Most of them couldn't pronounce the word 'educated' and would mangle it into something sounding 'edicotted', 'elicotter', 'helicotter'. So platoon sergeants would mimic them and say: Wah, so many Chinese helicotter one.
Also, with reference to the whirring rotor blades of the helicopter, an offshoot use of this slang would be to refer to these Chinese-ed recruits as 'tau hong' (crazy, gila), twirling your index finger above your head as you say it. The 'craziness' stems largely from these Chinese-ed folks' inability to take instructions in English, often with comical boo-boos and cock-ups.