BEIJING: Beijing on Thursday (Aug 10) mentioned a new US policy to restrict investment in Chinese technology “severely disrupts the safety of world industrial and provide chains”.
An unnamed Ministry of Commerce spokesperson mentioned President Joe Biden’s government order “severely deviates from the market financial system and truthful competitors rules the US has all the time promoted, and impacts firms’ regular operation selections, damages the worldwide commerce order, and severely disrupts the safety of world industrial and provide chains”.
“China expresses critical concern about this and reserves the fitting to take measures,” the spokesperson mentioned in a press release revealed by the ministry, with out mentioning particular countermeasures.
The transfer might gas tensions between the world’s two largest economies.
In the meantime, the Chinese language embassy in Washington mentioned it was “very disenchanted” by the measure. A spokesman for the Chinese language embassy in Washington mentioned the White Home had not heeded “China’s repeated expression of deep considerations” in regards to the plan.
The spokesman mentioned greater than 70,000 US firms do enterprise in China.
The restrictions will harm each Chinese language and American companies, intrude with regular cooperation and cut back investor confidence within the US, he mentioned.
Biden’s government order directs the Treasury Division to limit sure US investments in China in delicate high-tech sectors, together with semiconductors, quantum computing and synthetic intelligence.
The restrictions, that are anticipated to take impact subsequent 12 months, come as Biden’s administration seems to bolster its place vis-a-vis China on a mess of fronts: Army, financial and technological.
China hopes the US will “keep away from artificially obstructing international financial and commerce exchanges and cooperation, and keep away from organising obstacles for the restoration of the world financial system”, the Chinese language commerce ministry spokesperson mentioned Thursday.