https://sputnikglobe.com/20230814/singapore-blasts-us-for-extreme-competition-with-china-warns-disastrous-for-global-economy-1112595823.html
Singapore Blasts US for ‘Extreme Competition’ With China, Warns ‘Disastrous for Global Economy’
Singapore Blasts US for ‘Extreme Competition’ With China, Warns ‘Disastrous for Global Economy’
Sputnik International
Singapore Deputy Prime Minister Lawrence Wong warned of the potential for disaster ranging far beyond the US and China thanks to their heavy-handed use of trade restrictions such as economic sanctions.
2023-08-14T21:33+0000
2023-08-14T21:33+0000
2023-08-14T21:32+0000
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regional comprehensive economic partnership (rcep)
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Speaking at an event marking the 100th birthday of the late Singaporean independence leader Lee Kuan Yew, Wong warned the “collateral damage” in US-China competition could not be foreseen, making it “the biggest issue in the world.”“There will be a trade-off in terms of performance, in terms of power consumption, in terms of reliability – but you can design a workaround solution,” Wong said about the impact of US sanctions on China’s tech sector. “Yes, it will slow down China’s access to high-end capabilities to some extent, but it’s not going to keep China down forever.”Among the measures Washington has adopted to curb the advance of Chinese tech industry include blacklisting major firms from US markets, banning US companies from investing in Chinese companies tied to the government or military - which is most in the socialist state - and pressuring other nations to adopt similar policies, particularly with regards to 5G internet networks and selling advanced microchips to Chinese firms.Wong’s words come just days after the Southeast Asian city-state was paid a visit by Chinese Foreign Minister Wang Yi, who called the US “the biggest destabilizing factor in the world.”“On the one hand, it condones and supports the Taiwan independence forces relying on the United States to seek independence, trying to cross China’s red lines,” he said. “On the other hand, it tears away the pretense of fair competition and coerces other countries into unilateral protectionism against China. These perverse practices will only damage its own credibility, laying bare the fact that the United States has become the biggest destabilizing factor in the world.”During Wang’s visit, he and Singaporean officials also discussed their close economic relationship, which has expanded in recent years with the ratification of the Regional Comprehensive Economic Partnership (RCEP) trade bloc and other similar agreements. China was already Singapore’s biggest trading partner and ethnic Chinese form nearly 75% of Singapore’s population.Singapore also has a strong relationship with the US, however, including trade and military ties.
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singapore; extreme competition; us-china competition; southeast asia
singapore; extreme competition; us-china competition; southeast asia
Singapore Blasts US for ‘Extreme Competition’ With China, Warns ‘Disastrous for Global Economy’
Singaporean Deputy Prime Minister Lawrence Wong warned of the potential for disaster ranging far beyond the two states, accusing the US and China alike of waging war with weapons humanity doesn’t have a firm understanding on the limitations of: economic sanctions.
Speaking at an event marking the 100th birthday of the late Singaporean independence leader Lee Kuan Yew, Wong warned the “collateral damage” in US-China competition could not be foreseen, making it “the biggest issue in the world.”
“The dynamic that’s now being created because of the US-China extreme competition will lead us down a path that will be disastrous for the global economy,” Wong said, adding that US efforts to undermine and restrict China’s development of advanced electronics were unlikely to “keep China down.”
“There will be a trade-off in terms of performance, in terms of power consumption, in terms of reliability – but you can design a workaround solution,” Wong said about the impact of US sanctions on China’s tech sector. “Yes, it will slow down China’s access to high-end capabilities to some extent, but it’s not going to keep China down forever.”
14 August 2023, 16:00 GMT
Among the measures Washington has adopted to curb the advance of Chinese tech industry include blacklisting major firms from US markets, banning US companies from investing in Chinese companies tied to the government or military - which is most in the socialist state - and pressuring other nations to adopt similar policies, particularly with regards to 5G internet networks and selling advanced microchips to Chinese firms.
Wong’s words come just days after the Southeast Asian city-state
was paid a visit by Chinese Foreign Minister Wang Yi, who called the US “the biggest destabilizing factor in the world.”
“The United States, out of its motive to maintain unipolar hegemony, is unwilling to see the development and revitalization of China and other emerging countries,”
Wang told Singaporean Prime Minister Lee Hsien Loong.
“On the one hand, it condones and supports the Taiwan independence forces relying on the United States to seek independence, trying to cross China’s red lines,” he said. “On the other hand, it tears away the pretense of fair competition and coerces other countries into unilateral protectionism against China. These perverse practices will only damage its own credibility, laying bare the fact that the United States has become the biggest destabilizing factor in the world.”
During Wang’s visit, he and Singaporean officials also discussed their close economic relationship, which has expanded in recent years with the ratification of the Regional Comprehensive Economic Partnership (RCEP) trade bloc and other similar agreements. China was already Singapore’s biggest trading partner and ethnic Chinese form nearly 75% of
Singapore’s population.
Singapore also has a strong relationship with the US, however, including trade and military ties.
