Last week, the US Commerce Department placed sweeping restrictions on technology exports to China, including semi-conductors and chip-making equipment – a move which will hamper Beijing’s domestic research and technology industry. The Chinese government slammed the move, describing the curbs as political and arbitrary and warning they would “further weaken” the global economy.
Singapore’s Prime Minister Lee Hsien Loong warned the US decision to curb the supply of microchips to Chinese companies could have widespread consequences and greater decoupling between the top two economies may create a “less stable world.”
“The Biden administration’s latest move is a very serious one, I’m sure they have considered it carefully,” Lee said at a press conference in Canberra where he is meeting with his Australian counterpart. “It can have very wide ramifications.”
