Connect with us

Hi, what are you looking for?

US-China

US Investment Restrictions in China: Condemned as ‘Economic Coercion and Tech Bullying

US Investment Restrictions in China: Condemned as 'Economic Coercion and Tech Bullying (Photo: Fortune)
US Investment Restrictions in China: Condemned as 'Economic Coercion and Tech Bullying (Photo: Fortune)

Early on August 10, Beijing time, United States President Joe Biden inked an executive order that establishes a screening mechanism for outbound investments and imposes US investment restrictions in China’s semiconductors and microelectronics, quantum information technologies, and artificial intelligence sectors. The move has garnered attention worldwide, prompting questions about China’s stance on the matter.

The US investment restrictions in China have been labeled as economic coercion and technology bullying, undermining the principles of fair competition and market-driven economies. (Photo: Development Morning Star)

The US investment restrictions in China have been labeled as economic coercion and technology bullying, undermining the principles of fair competition and market-driven economies. (Photo: Development Morning Star)

China’s Statement on US Investment Restrictions in China

In response to this action, a spokesperson from the Chinese Foreign Ministry expressed strong disapproval and unwavering opposition to the United States’ unilateral decision to impose US investment restrictions in China.

The Chinese authorities have conveyed their concerns to the US through diplomatic channels.

Critics argue that the US’s invocation of national security concerns to justify curbing American companies’ investments in China is a notable instance of expanding the boundaries of security matters while simultaneously politicizing business interactions.

According to the Ministry of Foreign Affairs of the People’s Republic of China, the spokesperson stated that the actual intention behind these US investment restrictions in China is to hinder China’s legitimate right to technological advancement, favoring US dominance even if it comes at the cost of others.

The US investment restrictions in China have been labeled as economic coercion and technology bullying, undermining the principles of fair competition and market-driven economies.

Moreover, it is seen as a disruption to the international economic and trading order, with potential ramifications for global industrial and supply chains. This, according to the Chinese side, not only negatively impacts both China and the US but also the broader global business community, painting a picture of de-globalization and a step towards sidelining China.

READ ALSO: US vs. China: Biden’s Executive Order to Safeguard Military Technological Edge 

China Calls on US to Adhere Intentions Despite US Investment Restrictions in China

Importantly, President Biden has previously emphasized his administration’s commitment to avoiding a complete “decoupling” from China and not obstructing China’s economic progress.

China calls on the US to adhere to these stated intentions, urging them to desist from politicizing and weaponizing technology and trade issues.

The Foreign Ministry spokesperson appealed for the immediate reversal of the aforementioned US investment restrictions in China, advocating for an environment that fosters cooperative business endeavors between China and the US.

China asserts its intent to closely monitor the unfolding developments and steadfastly protect its rights and interests throughout this process. The spokesperson’s statement signifies the high stakes involved in these economic and technological maneuvers, with potential implications for the global economic landscape.

READ ALSO: Biden Announces Initiatives To Scrutinise Investments From The United States In China 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Crime

Texas man Eduardo Arevalo confessed of strangling his pregnant sister for being an “embarrassment” to the family in 2019. Texas Man’s 8 Months Pregnant...

Finance

Even though the last wave of the federal government stimulus checks was distributed over two years ago, at least three distinct states are still...

Finance

The US is expected to distribute further stimulus funds through a variety of initiatives. Direct cash, tax refund, or some other kind of assistance...

Crime

Cameron Wright, a 22-year-old was sentenced with 55 years in prison for killing, dismembering and throwing girlfriend’s body at separate locations according to his...