The technology-heavy Nasdaq Composite index in New York closed at its lowest level since late 2020.
That has raised concerns about the prospects for growth in the world's second largest economy and the potential knock-on effect globally.That followed stock market falls in New York, with the Dow Jones Industrial Average closing 2.4% lower and the Nasdaq losing almost 4% on Tuesday.
"The extended lockdown in Shanghai and other parts of the country has seriously damaged economic activity and consumer sentiment," Mr Tan said. However, shares in mainland China rose after losses earlier in the week. On Wednesday, the Shanghai Composite added 2.5% and the CSI 300 gained 2.9%.
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