Beijing slams ‘economic coercion’ as Biden bars funding in Chinese firms that develop advanced technologies
Beijing Thursday criticized new US restrictions on investments in the country as a move towards “de-globalization and a move to phase China out.”
China firmly opposes the US “single-minded rollout of restrictions on investments in China,” said a Foreign Ministry statement, adding that Beijing has filed a “serious” protest with the US.
The statement followed US President Joe Biden signing an executive order Wednesday to curb some US investments in China’s technology sector.
Washington’s new move is narrowly tailored to prohibit US firms from funding investment in Chinese firms that develop advanced technologies “sensitive” to national security.
That includes “technologies that are critical to the next generation of military innovation,” according to one US official, who spoke to reporters on condition of anonymity because the order had not yet been issued.
Specifically, it will prohibit US investment in Chinese firms that develop semiconductors and microelectronics, quantum information technologies, and certain artificial intelligence systems.
However, Beijing said: “Restricting US 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 move’s real aim is to deprive China of its right to develop and selfishly pursue US supremacy at the expense of others.
“This is blatant economic coercion and tech bullying, an act that seriously violates the principles of market economy and fair competition, undermines the international economic and trading order, destabilizes global industrial and supply chains, and hurts the interests of both China and the US and the global business community,” said the ministry.
Mentioning how Biden earlier committed to not seek to “decouple” from China or stymie China’s economic development, Beijing said: “We urge the US to follow through on that commitment, stop politicizing, instrumentalizing and weaponizing tech and trade issues, immediately cancel the wrong decisions, remove the restrictions on investments in China, and create an enabling environment for China-US business cooperation.”
“China will follow developments closely and resolutely safeguard our rights and interests,” it added.???????
