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China's international commerce councils have called on the United States to respect the laws of the market economy and the principles of fair competition, and to carefully consider relevant rules as the U.S. government plans to restrict new investments in China in sensitive technologies.
The China Council for the Promotion of International Trade (CCPIT) and the China Chamber of International Commerce (CCOIC) have warned that the investment ban will endanger normal commercial exchanges between the two countries, as well as the security and stability of the global industrial chain.
The investment ban has blurred and broadened the subjects, objects, and transaction types of restricted investment and implemented indiscriminate supervision on investments for both civilian and military purposes," said a CCPIT spokesperson, adding that this approach will increase risks and compliance costs, create tremendous uncertainty, and damage the current industrial chain that is highly dependent on the global division of labor and cooperation.
U.S. President Joe Biden signed an executive order on August 9 that prohibits U.S. investments in Chinese entities involved in semiconductors, microelectronics, quantum information technologies, and certain artificial intelligence systems.
A 45-day window for public comment on corresponding rules was scheduled to close on Friday.
(Cover: An aerial view of a shipping container guided into the Port of Oakland in California, U.S., August 7, 2023. /CFP)
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Disinformation report hotline: 010-85061466