Beijing on Thursday criticized new United States restrictions on investments within the nation as a transfer in the direction of “de-globalization and a move to phase China out.”
China firmly opposes the U.S.’ “single-minded rollout of restrictions on investments in China,” stated a Foreign Ministry assertion, including that Beijing has filed a “serious” protest with the U.S.
The assertion adopted U.S. President Joe Biden signing an government order on Wednesday to curb some U.S. investments in China’s know-how sector.
Washington’s new transfer is narrowly tailor-made to ban U.S. corporations from funding funding in Chinese corporations that develop superior applied sciences “sensitive” to nationwide safety. That contains “technologies that are critical to the next generation of military innovation,” in response to one U.S. official, who spoke to reporters on situation of anonymity as a result of the order had not but been issued.
Specifically, it can prohibit U.S. funding in Chinese corporations that develop semiconductors and microelectronics, quantum data applied sciences, and sure synthetic intelligence techniques.
However, Beijing stated, “Restricting U.S. companies’ investments in China with national security as a front is a clear act of overstretching the concept of security and politicizing business engagement.”
“The transfer’s actual intention is to deprive China of its proper to develop, and selfishly pursue U.S. supremacy on the expense of others.
“This is blatant economic coercion and tech bullying, an act that seriously violates principles of market economy and fair competition, undermines international economic and trade order, destabilizes global industrial and supply chains, and hurts interests of both China and the U.S. besides the global business community,” stated the ministry.
Mentioning how Biden earlier dedicated to not search to “decouple” from China or stymie China’s financial improvement, Beijing addede, “We urge the U.S. to follow through on that commitment; stop politicizing, instrumentalizing and weaponizing technology and trade issues; immediately cancel wrong decisions; remove restrictions on investments in China; and create a conducive environment for China-U.S. business cooperation.”
“China will follow developments closely and resolutely safeguard our rights and interests,” the assertion famous.
Source: www.dailysabah.com
