China contemplates ‘countermeasures’ after US takes steps to curb outbound tech, AI investment
- After the US Treasury Department announced further restrictions on tech investment into China, the latter country’s Ministry of Commerce expressed ‘resolute opposition’
China’s Ministry of Commerce had harsh words for the United States on Monday after the latter country announced it would proceed with curbs against hi-tech investments destined for the East Asian powerhouse, complete with an affirmation it reserves “the right to take countermeasures” in response.
The rules, currently in draft form, stand to deepen a six-year-old trade dispute and US curbs against Chinese tech firms. Beijing has frequently accused Washington of trying to slow China’s economic development.
The ministry expressed “severe concern and resolute opposition” in a statement on Monday, adding the US “should respect the rules of a market economy and the principle of fair competition by stopping the politicisation or weaponisation of trade and commerce issues.”
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The statement urges the US to cancel its proposed rules and improve economic relations with China.
US pursuit of the rules “pressures the normal development of China’s industry” while impacting cooperation between companies on both sides, “undermining” international trade and “disrupting the security and stability” of world supply chains, the ministry said.
