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.
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.
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.