China is assessing impact of US high-tech investment restrictions, may take countermeasures: Commerce Ministry

Global Times

By Global Times Published: Aug 17, 2023 05:20 PM

China is conducting comprehensive assessment of the impact of the US investment restrictions on high-tech sectors in China, the Ministry of Commerce (MOFCOM) told a press conference on Thursday, noting that it will take necessary measures based on the result of the appraisal.

Shu Jueting, a MOFCOM spokesperson, said that the ministry recently held talks with Chinese high-tech enterprises to get to know the actual impact of the US executive order signed by US President Joe Biden.

Shu noted that the MOFCOM is evaluating the impact based on the talks with Chinese companies and it will take necessary measures to response to the US executive order.

Shu's remarks came after Biden signed the order on August 9, banning new US investment spanning key technology sectors in China, including semiconductors and other microelectronics, quantum computing systems and artificial intelligence.

On August 10, the MOFCOM said in a statement on its website that the US' move seriously violates the principles of market economics and fair competition, which will affect business operations and decision-making, in addition to damaging international trade rules and disrupting global industrial and supply chains.

"It is hoped that the US can respect the rules of the market economics and principles of fair competition, and refrain from purposely hindering global economic and trade exchange and cooperation by setting barriers for the global economic recovery," the statement noted.

In addition to suppressing investment in China's high-tech sector, some US politicians continue to ramp up their smearing campaign against China.

According to media reports, at a recent hearing held by the US House of Representatives, some US politicians alleged that China is acquiring US tech data and intellectual property "by force" or through mergers and acquisitions so as to help Chinese firms replace US firms.

In response, Shu said the allegations made by US officials are falsified. The essence of economic and trade cooperation between China and the US is of mutual benefit and win-win, and China welcomes enterprises from all countries, including US companies, to succeed in their development in China, and strives to create a market-oriented, law-based and internationalized business environment for all kinds of enterprises.

"The acquisition of technology and intellectual property rights through mergers and acquisitions among enterprises is a normal act of commercial cooperation. China always opposes forced transfer of technology, let alone the forced acquisition of technology to help Chinese enterprises replace American firms," Shu said.

Meanwhile, China is highly concerned that the US is forcing enterprises to sell assets and transfer technology to the US, which is typical forced technology transfer. The US should treat Chinese enterprises fairly and equitably and provide them with equal treatment in trade and investment cooperation in the US, Shu noted.

In terms of the reported visit of US Commerce Secretary Gina Raimondo, Shu said that China and the US is maintaining close communication on the issue.

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