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Friday, May 24, 2024
Home » US Investment Ban to Endanger Stability of Global Industrial Chain, Warns China

US Investment Ban to Endanger Stability of Global Industrial Chain, Warns China

by Camren Potter
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The US investment ban on Chinese entities will endanger the security and stability of the global industrial chain, Beijing’s international business councils said Friday.

Urging Washington to respect the laws of the market economy and the principles of fair competition, the China Council for the Promotion of International Trade (CCPIT) and China Chamber of International Commerce said the US move will also “endanger normal commercial exchanges between the two countries.”

US President Joe Biden last month signed an executive order to curb some US investments in Chinese entities involved in semiconductors, microelectronics, quantum information technologies, and certain artificial intelligence systems.

“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.

The statement came as a 45-day window for public comment on corresponding rules is scheduled to close on Friday, according to Chinese broadcaster CGTN.

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,” the spokesperson added.

Source : AA

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